Summary: H.R.3380 — 111th Congress (2009-2010)All Information (Except Text)

There is one summary for H.R.3380. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (07/29/2009)

Promoting Lending to America's Small Businesses Act of 2009 - Amends the Federal Credit Union Act to increase the total permissible amount of member business loans by an insured credit union (excluding those made to nonprofit religious organizations) to a limit of 25% of the credit union's total assets.

Increases from $50,000 to $250,000 the maximum total extensions of credit a borrower or associated member of an insured credit union may have before any extension of credit shall be considered a member business loan.

Revises the prohibition against an increase in the total amount of member business loans by an undercapitalized insured credit union until it becomes adequately capitalized. Repeals the condition of becoming adequately capitalized, and requires only that the National Credit Union Administration Board approve the increase.

Excludes from the definition of "member business loan" any extension of credit, meeting other specified criteria, that is made to a member for commercial, corporate, business, farm, or agricultural purposes in an underserved area.