H.R.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. view all titles (2)

All Bill Titles

  • Official: 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. as introduced.
  • Short: Restore Main Street's Credit Act of 2012 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
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03/28/12
 
 
 
 
 
 
 

Official Summary

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 fe

Official Summary

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.

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