US Congress House Bill 989 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 24-9)
Status: Introduced on February 13 2015 - 25% progression, died in committee
Action: 2015-02-13 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Capital Access for Small Businesses and Jobs Act Amends the Federal Credit Union Act to empower federal credit unions to receive payments on certain uninsured non-share 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 uninsured non-share capital accounts that: do not alter the cooperative nature of the credit union; are subordinate to all other claims against the credit union, including the claims of creditors, shareholders, and the National Credit Union Share Insurance Fund; are available to cover operating losses in excess of retained earnings and, to the extent so applied, will not be replenished; if they have a stated maturity, have an initial maturity of at least five years, and their net worth may be discounted at the Board's discretion when the remaining maturity is less than five years; are subject to disclosure and consumer protection requirements as determined by the Board; are offered by a credit union that is sufficiently capitalized and well-managed; and are subject to such rules and regulations as the Board may establish.

Capital Access for Small Businesses and Jobs Act

Rep. Peter King [R-NY]	Rep. Brad Sherman [D-CA]	Rep. Richard Hanna [R-NY]	Rep. Earl Blumenauer [D-OR]
Rep. Denny Heck [D-WA]	Rep. Steve Israel [D-NY]	Rep. Walter Jones [R-NC]	Rep. Grace Napolitano [D-CA]
Rep. Chellie Pingree [D-ME]	Rep. Eleanor Norton [D-DC]	Rep. Chris Collins [R-NY]	Rep. Bill Posey [R-FL]
Rep. Adam Schiff [D-CA]	Rep. Mark Takano [D-CA]	Rep. Jared Huffman [D-CA]	Rep. Gregory Meeks [D-NY]
Rep. Ted Poe [R-TX]	Rep. Dan Benishek [R-MI]	Rep. David Loebsack [D-IA]	Rep. Suzan DelBene [D-WA]
Rep. Pete Aguilar [D-CA]	Rep. Paul Tonko [D-NY]	Rep. Suzanne Bonamici [D-OR]	Rep. Mark Takai [D-HI]
Rep. Tom McClintock [R-CA]	Rep. Richard Nolan [D-MN]	Rep. Steve Chabot [R-OH]	Rep. Jared Polis [D-CO]
Rep. Derek Kilmer [D-WA]	Rep. Marcy Kaptur [D-OH]	Rep. Tim Ryan [D-OH]	Rep. Marcia Fudge [D-OH]
Rep. John Larson [D-CT]

Date	Chamber	Action
2015-02-13	House	Referred to the House Committee on Financial Services.
2015-02-13	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/989/all-info
Text	https://www.congress.gov/114/bills/hr989/BILLS-114hr989ih.pdf