H.R.3993 - Capital Access for Small Businesses and Jobs Act

To clarify the National Credit Union Administration authority to improve credit union safety and soundness. view all titles (3)

All Bill Titles

  • Official: To clarify the National Credit Union Administration authority to improve credit union safety and soundness. as introduced.
  • Short: Capital Access for Small Businesses and Jobs Act as introduced.
  • Official: Capital Access for Small Businesses and Jobs Act as introduced.

This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.

Bill’s Views

  • Today: 2
  • Past Seven Days: 5
  • All-Time: 1,612
 
Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
02/09/12
 
 
 
 
 
 
 

Sponsor

Representative

Peter King

R-NY

View Co-Sponsors (45)

Official Summary

Capital Access for Small Businesses and Jobs Act - Amends the Federal Credit Union Act to empower federal credit unions to receive payments, representing equity, on certain uninsured non-share capital accounts, subject to such terms, rates, and conditions as may be established by the board

Official Summary

Capital Access for Small Businesses and Jobs Act - Amends the Federal Credit Union Act to empower federal credit unions to receive payments, representing equity, on certain uninsured non-share capital accounts, subject to such terms, rates, and conditions as may be established by the board of directors, within limitations prescribed by the National Credit Union Administration Board (Board). Requires any Board-prescribed system of prompt corrective action to take into account that credit unions rely predominantly (under current law, must rely) upon retained earnings to build net worth. Redefines \"net worth\" with respect to any insured credit union (other than a low-income credit union) to include non-share capital accounts, as authorized by the Board, that:
(1) do not alter the cooperative nature of the credit union;
(2) are uninsured;
(3) are subordinate to all other claims against the credit union, including the claims of creditors, shareholders, and the National Credit Union Share Insurance Fund;
(4) are available to be applied to cover operating losses of the credit union in excess of its retained earnings and, to the extent so applied, will not be replenished;
(5) are subject to maturity limits as determined by the Board; and
(6) are offered by a credit union that is sufficiently capitalized and well-managed.

...Read the Rest




Vote on This Bill

100% Users Support Bill

3 in favor / 0 opposed
 

Send Your Rep a Letter

about this bill Support Oppose Tracking
Track with MyOC