H.R.1849 - Credit Union Small Business Lending Act110th Congress (2007-2008)
|Sponsor:||Rep. Velazquez, Nydia M. [D-NY-12] (Introduced 03/29/2007)|
|Committees:||House - Financial Services; Small Business|
|Latest Action:||House - 03/29/2007 Referred to House Small Business (All Actions)|
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Summary: H.R.1849 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in House (03/29/2007)
Credit Union Small Business Lending Act - Amends the Federal Credit Union Act to exclude from the meaning of "member business loan," and thereby from specified limitations on member business loans made by a credit union, certain small business loans made in cooperation with the Small Business Administration (SBA), without regard to whether any portion of such a loan is or is not SBA-guaranteed.
Amends the Small Business Act to direct the SBA Administrator to implement a program to: (1) provide outreach and assistance to credit unions to increase their participation in the SBA small business loan program; (2) simplify the application process for such participation; and (3) provide a guaranty of up to 85% for loans made by credit unions to their members in underserved areas.