S.509 - Small Business Lending Enhancement Act of 2011

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. view all titles (2)

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All Bill Titles

  • Short: Small Business Lending Enhancement Act of 2011 as introduced.
  • Official: 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. as introduced.

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  • Past Seven Days: 16
  • All-Time: 1,176
 
Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
03/07/11
 
 
 
 
 
 
 

Official Bill Text Comment on about 8 Pages

Sponsor

Senator

Mark Udall

D-CO

View Co-Sponsors (22)

Official Summary

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
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Official Summary

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.

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Organizations Supporting S.509

  • National Association of Federal Credit Unions
  • California and Nevada Credit Union Leagues
  • National Association of REALTORS
  • Credit Union National Association

Organizations Opposing S.509

  • Michigan Bankers Association
  • Independent Community Bankers of America
  • American Bankers Association
See the money trail behind this bill for more info on how campaign contributions may be influencing senators' and representatives' votes.


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Recent News Coverage

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05/30/12
COLUMN: State senator’s health plan too radical

(Bill) S 509 is a jobs killer. It contains five new state taxes on income, capital gains, payroll, employees and employers. It pools all monies for Massachusetts health care into a single trust fund to be administered by a new, unelected board with vast ..

Source: Abington Mariner
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05/14/12
Boland re-elected as selectman in Southborough

Boland received 942 votes, nearly double the amount of Bartolini’s 509 votes. Of the 6,877 registered voters in town, 1,461 cast ballots, a 21 percent turnout. “I’m very much surprised,” said Bartolini, who felt he had more support than the results

Source: MetroWest Daily News
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05/14/12
Boland re-elected as selectman in Southborough

Boland carried 942 votes to Bartolini’s 509. In the only other contested race, Andrew Mills won re-election to his one-year seat on the Planning Board, defeating former ZBA Chairman Sam Stivers 903 to 463. Check back later for more coverage. Bill Boland

Source: Abington Mariner
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Recent Blog Coverage

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05/01/12
S7156-2011 - NY Senate Open Legislation - Provides for the ...

PRIOR LEGISLATIVE HISTORY: 2010: S.509 - Referred to Transportation/A.2615 - Referred to Corporations 2009: S.509 - Referred to Transportation/A.2615 - Referred to Corporations 2008: S.3038 - Referred to ...

Source: http://open.nysenate.gov/legislation
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04/02/12
Credit unions deserve upgraded lending limit | Hartford Business

Credit unions have a bill in Congress H.R.1418/S.509 Small Business Lending Enhancement Act of 2011. This bill will allow the credit union to increase its lending cap to 27.5 percent from 12.25 percent. In May 25, 2010, the ...

Source: Norman Halls
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04/02/12
Credit unions deserve upgraded lending limit | Hartford Business

Credit unions have a bill in Congress H.R.1418/S.509 Small Business Lending Enhancement Act of 2011. This bill will allow the credit union to increase its lending cap to 27.5 percent from 12.25 percent. In May 25, 2010, the secretary of the ...

Source: Norman Halls
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