The House of Representatives has passed the Jumpstart Our Business Startups Act by a bipartisan vote of 390 to 23, but without any provision for lifting the cap on credit union member business lending.
Credit unions could accept supplemental capital that wouldn’t be insured by NCUSIF and would be subordinated to other claims, according to provisions of a bill introduced by Rep. Peter King (R-N.Y.) and Rep. Brad Sherman (D-Calif.).
The Small Business Administration would no longer be a separate entity and its functions would be incorporated into an agency that combines the functions of six agencies that deal with trade and business matters, according to a proposal made by President Obama.
Democratic House members won’t pick a successor to retiring Rep. Barney Frank (D-Mass.) in the top spot on the House Financial Services Committee for a year, and it’s far from a sure thing that the member next in line, Rep. Maxine Waters (D-Calif.), will get the nod.
If you’ve ever wanted to appeal the results of your credit union’s NCUA examination to someone outside the agency, a bill moving through the House of Representatives would allow you to do that.
This article will be among the news, features, analysis and insight filling the pages of the next print edition of Credit Union Times.
Retiring Massachusetts congressman's spot won't be filled for a year, but seniority may not be the deciding factor.
Measure would require federal financial regulators to produce examination reports within 60 days of an examination’s completion.
House passes measure that raises number of shareholders needed before bank must register with SEC.
Now comes the hard part. As tumultuous as the House subcommittee hearing on raising the cap on member business lending was, the really difficult battle will take place in the months ahead.