I 112th CONGRESS 2d Session H. R. 4293 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.

1.

Short title

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

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.