S. 509 (112th): Small Business Lending Enhancement Act of 2011

Introduced:
Mar 08, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
See Instead:

H.R. 1418 (same title)
Referred to Committee — Apr 07, 2011

Sponsor
Mark Udall
Senior Senator from Colorado
Party
Democrat
Text
Read Text »
Last Updated
Mar 08, 2011
Length
8 pages
Related Bills
S. 2919 (111th) was a previous version of this bill.

Referred to Committee
Last Action: Dec 21, 2009

S. 968 (113th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: May 16, 2013

 
Status

This bill was introduced on March 8, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 08, 2011
Referred to Committee Mar 08, 2011
 
Full Title

A bill to amend the Federal Credit Union Act, to advance the ability of credit unions to promote small business growth and economic development opportunities, and for other purposes.

Summary

No summaries available.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


3/8/2011--Introduced.
Small Business Lending Enhancement Act of 2011 - Amends the Federal Credit Union Act to prohibit an insured credit union from making any member business loan that would result in the total amount of such loans outstanding at that credit union at any one time exceeding either: (1) 1.75 times the actual net worth of the credit union, or (2) 12.25% of the total assets of the credit union.
Authorizes the National Credit Union Administration Board to approve an application by an insured credit union to make one or more member business loans that would result in a total amount of such loans outstanding at any one time of up to 27.5 % of the total assets of the credit union, if the credit union meets specified safety and soundness criteria.
Prohibits an insured credit union that has made such a member business loan but that is not well capitalized from making any new member business loans until it becomes well capitalized and obtains Board approval.
Directs the Board to develop a tiered approval process, including lending standards, under which an insured credit union gradually increases the amount of member business lending in a manner that is consistent with safe and sound operations.
Directs the Comptroller General to study the status of member business lending by insured credit unions.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

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