[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4293 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 4293

  To amend the Federal Credit Union Act to exclude loans made to Main 
 Street businesses from the definition of a member business loan, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 28, 2012

Mr. Schrader (for himself, Mr. Blumenauer, and Mr. DeFazio) introduced 
 the following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Federal Credit Union Act to exclude loans made to Main 
 Street businesses from the definition of a member business loan, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Restore Main Street's Credit Act of 
2012''.

SEC. 2. TREATMENT OF MAIN STREET BUSINESS LOANS.

    (a) In General.--Section 107A of the Federal Credit Union Act (12 
U.S.C. 1757a) is amended--
            (1) in subsection (c)--
                    (A) in paragraph (1)(B)--
                            (i) in clause (v), by striking the period 
                        and inserting ``; and''; and
                            (ii) by adding at the end the following:
                            ``(vi) that is made to a Main Street 
                        business;'';
                    (B) in paragraph (2)(B)(ii), by striking ``and'' at 
                the end;
                    (C) in paragraph (3), by striking the period and 
                inserting ``; and''; and
                    (D) by adding at the end the following:
            ``(4) the term `Main Street business' means an 
        organization, other than a nonprofit organization, with 20 or 
        fewer full-time employees that possesses, occupies, or leases a 
        physical property other than a home for the business's 
        operations.''; and
            (2) by adding at the end the following:
    ``(f) Main Street Business Lending Guidelines.--With respect to 
extensions of credit made by an insured credit union the proceeds of 
which will be used for a commercial, corporate or other business 
investment property or venture, or agricultural purpose, the Board 
shall issue guidelines for such extensions of credit made to Main 
Street businesses to--
            ``(1) promote appropriate levels of such extensions within 
        the credit union's total lending portfolio;
            ``(2) promote the cooperative nature of the credit union; 
        and
            ``(3) promote the safety and soundness of the credit 
        union.''.
    (b) Issuance of Guidelines.--Not later than the end of the 120-day 
period beginning on the date of the enactment of this Act, the National 
Credit Union Administration Board shall issue the guidelines described 
under section 107A(f) of the Federal Credit Union Act.
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