S. 968
Small Business Lending Enhancement Act of 2013
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sponsor
Sen. Udall, Mark [D-CO]
Bill Details
- Update Date
- Jan 11, 2023
- Origin Chamber
- Senate
- Bill Type
- S
- Bill Number
- 968
- Congress
- 113
- Introduced Date
- May 16, 2013
- Policy Area
- Finance and Financial Sector
- Is Law
- No
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Source: Senate
Introduced in Senate
Source: Library of Congress
Small Business Lending Enhancement Act of 2013 - 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.
Banking, Housing, and Urban Affairs Committee
Introduced in Senate
May 16, 2013