US HB3993 | 2011-2012 | 112th Congress
Status
Spectrum: Slight Partisan Bill (Democrat 30-16)
Status: Introduced on February 9 2012 - 25% progression, died in committee
Action: 2012-02-23 - Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Pending: House Subcommittee on Financial Institutions and Consumer Credit Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on February 9 2012 - 25% progression, died in committee
Action: 2012-02-23 - Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Pending: House Subcommittee on Financial Institutions and Consumer Credit Committee
Text: Latest bill text (Introduced) [PDF]
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 system of prompt corrective action for insured credit unions that the Board prescribes to take into account that credit unions rely predominantly upon retained earnings to build net worth. (Currently, insured credit unions 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.
Title
Capital Access for Small Businesses and Jobs Act
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2012-02-23 | House | Referred to the Subcommittee on Financial Institutions and Consumer Credit. |
| 2012-02-09 | House | Referred to the House Committee on Financial Services. |
Subjects
Administrative law and regulatory procedures
Bank accounts, deposits, capital
Banking and financial institutions regulation
Finance and financial sector
National Credit Union Administration
Bank accounts, deposits, capital
Banking and financial institutions regulation
Finance and financial sector
National Credit Union Administration
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/112th-congress/house-bill/3993/all-info |
| Text | https://www.congress.gov/112/bills/hr3993/BILLS-112hr3993ih.pdf |
