S.2919 - Small Business Lending Enhancement Act of 2009111th Congress (2009-2010)
|Sponsor:||Sen. Udall, Mark [D-CO] (Introduced 12/21/2009)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||12/21/2009 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|
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Summary: S.2919 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in Senate (12/21/2009)
Small Business Lending Enhancement 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.
Directs the National Credit Union Administration (NCUA) Board to report semiannually to Congress on the status of member business lending made by insured credit unions during the reporting period.