US Congress Senate Bill 509 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 17-4-2)
Status: Introduced on March 8 2011 - 25% progression, died in committee
Action: 2011-03-08 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]

Small Business Lending Enhancement Act of 2011 - Amends the Federal Credit Union Act to prohibit an insured credit union from making any member business loan that would result in the total amount of such loans outstanding at that credit union at any one time exceeding either: (1) 1.75 times the actual net worth of the credit union, or (2) 12.25% of the total assets of the credit union. Authorizes the National Credit Union Administration Board to approve an application by an insured credit union to make one or more member business loans that would result in a total amount of such loans outstanding at any one time of up to 27.5 % of the total assets of the credit union, if the credit union meets specified safety and soundness criteria. Prohibits an insured credit union that has made such a member business loan but that is not well capitalized from making any new member business loans until it becomes well capitalized and obtains Board approval. Directs the Board to develop a tiered approval process, including lending standards, under which an insured credit union gradually increases the amount of member business lending in a manner that is consistent with safe and sound operations. Directs the Comptroller General to study the status of member business lending by insured credit unions.

Small Business Lending Enhancement Act of 2011

Sen. Mark Udall [D-CO]	Sen. Mark Begich [D-AK]	Sen. Barbara Boxer [D-CA]	Sen. Sherrod Brown [D-OH]
Sen. Susan Collins [R-ME]	Sen. John Ensign [R-NV]	Sen. Dianne Feinstein [D-CA]	Sen. Al Franken [D-MN]
Sen. Kirsten Gillibrand [D-NY]	Sen. Daniel Inouye [D-HI]	Sen. Patrick Leahy [D-VT]	Sen. Carl Levin [D-MI]
Sen. Joseph Lieberman [I-CT]	Sen. Bill Nelson [D-FL]	Sen. Rand Paul [R-KY]	Sen. Jack Reed [D-RI]
Sen. Harry Reid [D-NV]	Sen. Bernard Sanders [I-VT]	Sen. Charles Schumer [D-NY]	Sen. Olympia Snowe [R-ME]
Sen. Debbie Stabenow [D-MI]	Sen. Sheldon Whitehouse [D-RI]	Sen. Ron Wyden [D-OR]

Date	Chamber	Action
2011-03-08	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

HB1418 (Same As) 2011-10-12 - Subcommittee Hearings Held.
SB2231 (Related) 2012-03-26 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 340.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/senate-bill/509/all-info
Text	https://www.congress.gov/112/bills/s509/BILLS-112s509is.pdf