HR.4293 Restore Main Street's Credit Act of 2012
To amend the Federal Credit Union Act to exclude loans made to Main Street businesses from the definition of a member business loan, and for other purposes.
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- Outcome
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Summary:
3/28/2012--Introduced.Restore Main Street's Credit Act of 2012 - Amends the Federal Credit Union Act to exclude from the definition of"member business loan"(and related loan limits) an extension of credit made to a Main Street business (an organization, other than a nonprofit organization, with 20 or fewer full-time employees that possesses, occupies, or leases property other than a home for its business's operations). Instructs the National Credit Union Administration Board (NCUAB) to issue guidelines for extensions of credit made by an insured credit union to a Main Street business in order to promote: (1) appropriate levels of such extensions within the credit union's total lending portfolio, and (2) the credit union's cooperative nature and its safety and soundness.
Actions:
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Referred to the House Committee on Financial Services.
Question:
Result