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[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1849 Introduced in House (IH)]

110th CONGRESS
  1st Session
                                H. R. 1849

  To amend the Federal Credit Union Act and the Small Business Act to 
    improve small business lending, improve cooperation between the 
      National Credit Union Administration and the Small Business 
                Administration, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             March 29, 2007

Ms. Velazquez introduced the following bill; which was referred to the 
 Committee on Financial Services, and in addition to the Committee on 
   Small Business, for a period to be subsequently determined by the 
  Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL

 
  To amend the Federal Credit Union Act and the Small Business Act to 
    improve small business lending, improve cooperation between the 
      National Credit Union Administration and the Small Business 
                Administration, 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 ``Credit Union Small Business Lending 
Act''.

SEC. 2. REVISION OF REGULATORY TREATMENT FOR SBA LOANS BY CREDIT 
              UNIONS.

    Section 107A(c)(1)(B) of the Federal Credit Union Act (12 U.S.C. 
1757a(c)(1)(B)) is amended--
            (1) at the end of clause (iv), by striking ``or'';
            (2) at the end of clause (v), by striking the period and 
        inserting ``; or''; and
            (3) by adding at the end the following new clause:
                            ``(vi) any loan made in cooperation with 
                        the Small Business Administration under section 
                        7(a) of the Small Business Act, without regard 
                        to whether any portion of such loan is 
                        guaranteed or not by the Administrator of such 
                        Administration.''.

SEC. 3. CREDIT UNION OUTREACH PROGRAM.

    Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is 
amended by adding at the end the following:
            ``(32) Credit union outreach program.--
                    ``(A) In general.--The Administrator shall carry 
                out a program to provide outreach and assistance to 
                credit unions for the purpose of increasing the 
                participation of credit unions in the 7(a) program.
                    ``(B) Simplified application process.--In carrying 
                out a program under this paragraph, the Administrator 
                shall take such actions, as appropriate, to simplify 
                the application process for credit union participation 
                in the 7(a) program
                    ``(C) Annual report.--The Administrator shall 
                submit to Congress an annual report on the efforts made 
                by the Administration to increase the participation of 
                credit unions in the 7(a) program.''.

SEC. 4. CREDIT UNION LOAN GUARANTEE PROGRAM.

    Section 7(a) of the Small Business Act, as amended by section 3, is 
further amended by adding at the end the following:
            ``(33) Credit union loan guarantee program.--
                    ``(A) In general.--The Administrator shall carry 
                out a program to provide a guaranty of up to 85 percent 
                for loans made by credit unions to members of those 
                credit unions. To be eligible for the program--
                            ``(i) the amount of the loan may not exceed 
                        $250,000; and
                            ``(ii) the member must reside in an 
                        underserved area, or the business assisted by a 
                        loan made under this subsection to a member 
                        must be located in an underserved area.
                    ``(B) Definition.--In this paragraph, the term 
                `underserved area' means a geographic area consisting 
                of one or more population census tracts, that encompass 
                or are located within--
                            ``(i) an investment area designated under 
                        section 103(16) of the Community Development 
                        Banking and Financial Institutions Act of 1994; 
                        or
                            ``(ii) a low income community, as defined 
                        in section 45D(e) of the Internal Revenue Code 
                        of 1986.''.

SEC. 5. CREDIT UNION PARTICIPATION IN THE SECTION 504 PROGRAM.

    Section 107(5)(A)(iii) of the Federal Credit Union Act (12 U.S.C. 
1757(5)(A)(iii)) is amended by inserting ``, and applicable 
regulations,'' after ``specified in the law''.
                                 <all>
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