1.This Act may be cited as the
Capital Access for Small Businesses and Jobs
Act
.
2.Improving credit
union safety and soundnessThe
Federal Credit Union Act (12 U.S.C. 1751 et seq.) is amended—
(1)in section
107—
(A)in paragraph (16),
by striking and
at the end;
(B)in paragraph (17),
by striking the period and inserting ; and
; and
(C)by adding at the
end the following:
(18)to receive payments, representing equity,
on uninsured non-share capital accounts described under section 216(o)(2)(D),
subject to such terms, rates, and conditions as may be established by the board
of directors, within limitations prescribed by the
Board.
;
and
(2)in section
216—
(A)in subsection (b)(1)(B)(ii), by striking
must rely
and inserting rely predominantly
;
and
(B)in subsection (o)(2)—
(i)in
subparagraph (B), by striking and
at the end;
(ii)in
subparagraph (C)(ii), by striking the period and inserting ;
and
; and
(iii)by
adding at the end the following:
(D)with respect to any insured credit union
other than a low-income credit union, includes non-share capital accounts as
authorized by the Board, that—
(i)do
not alter the cooperative nature of the credit union;
(ii)are
uninsured;
(iii)are subordinate
to all other claims against the credit union, including the claims of
creditors, shareholders, and the Fund;
(iv)are available to
be applied to cover operating losses of the credit union in excess of its
retained earnings and, to the extent so applied, will not be
replenished;
(v)are subject to
maturity limits as determined by the Board; and
(vi)are offered by a
credit union that is determined by the Board to be sufficiently capitalized and
well-managed.
.