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S.968: Small Business Lending Enhancement Act of 2013

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about finance and financial sector
You can read the bill
Sponsor Mark Udall, D-Colo.
Total Cosponsors 18 (14 Democrats, 2 Independents, 2 Republicans)
Introduced May 16, 2013
Latest Major Action May 16, 2013
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Bill Progress

  • Bill introduced in the Senate   
  • Bill passed in the Senate   
  • Bill passed in the House   
  • Bill signed into law

Bill Summary

Small Business Lending Enhancement Act of 2013 - 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 de...

(Source: Congressional Research Service)

Bill Actions

Date Description
May 16, 2013 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.