H.R.4293 - Restore Main Street's Credit Act of 2012112th Congress (2011-2012)
|Sponsor:||Rep. Schrader, Kurt [D-OR-5] (Introduced 03/28/2012)|
|Committees:||House - Financial Services|
|Latest Action:||04/26/2012 Referred to the Subcommittee on Financial Institutions and Consumer Credit. (All Actions)|
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Summary: H.R.4293 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in House (03/28/2012)
Restore Main Street's Credit Act of 2012 - Amends the Federal Credit Union Act to exclude from the definition of "member business loan" (and related loan limits) an extension of credit made to a Main Street business (an organization, other than a nonprofit organization, with 20 or fewer full-time employees that possesses, occupies, or leases property other than a home for its business's operations).
Instructs the National Credit Union Administration Board (NCUAB) to issue guidelines for extensions of credit made by an insured credit union to a Main Street business in order to promote: (1) appropriate levels of such extensions within the credit union's total lending portfolio, and (2) the credit union's cooperative nature and its safety and soundness.