Summary

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. Read More

Status

This bill was introduced on Mar 28, 2012, in a previous session of Congress, but was not passed.

Bill Text

A BILL

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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Restore Main Street's Credit Act of 2012''.

SEC. 2. TREATMENT OF MAIN STREET BUSINESS LOANS.

(a) In General.--Section 107A of the Federal Credit Union Act (12 U.S.C. 1757a) is amended-- (1) in subsection (c)-- (A) in paragraph (1)(B)-- (i) in clause (v), by striking the period and inserting ``; and''; and (ii) by adding at the end the following: ``(vi) that is made to a Main Street business;''; (B) in paragraph (2)(B)(ii), by striking ``and'' at the end; (C) in paragraph (3), by striking the period and inserting ``; and''; and (D) by adding at the end the following: ``(4) the term `Main Street business' means an organization, other than a nonprofit organization, with 20 or fewer full-time employees that possesses, occupies, or leases a physical property other than a home for the business's operations.''; and (2) by adding at the end the following: ``(f) Main Street Business Lending Guidelines.--With respect to extensions of credit made by an insured credit union the proceeds of which will be used for a commercial, corporate or other business investment property or venture, or agricultural purpose, the Board shall issue guidelines for such extensions of credit...

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Bill Summary

H.R. 4292the Interstate Drug Monitoring Efficiency and Data Sharing Act H.R. 4294 Limited End Strength Reduction Act of 2012