Summary: H.R.1244 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for H.R.1244. Bill summaries are authored by CRS.

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Introduced in House (02/28/2017)

Capital Access for Small Businesses and Jobs Act

This bill amends the Federal Credit Union Act to allow a federal credit union, other than a low-income credit union, to receive payments on uninsured non-share accounts that:

  • do not alter the cooperative nature of the credit union;
  • are subordinate to all other claims against the credit union;
  • are available to cover operating losses in excess of retained earnings and, to the extent so applied, will not be replenished;
  • meet applicable requirements with respect to maturity;
  • are subject to disclosure and consumer-protection requirements as determined by the National Credit Union Administration Board;
  • are offered by a credit union that is sufficiently capitalized and well-managed; and
  • are subject to such rules and regulations as the board may establish.