If a House bill backed by the American Bankers Association in a new package of legislation designed to help small businesses create more jobs gives credit unions expanded lending authority, the banking trade group has vowed to pull back its support.
House Majority Leader Eric Cantor (R-Va.) recently introduced the Jumpstart Our Business Startups or JOBS Act. The bipartisan measure aims to increase capital formation and pave the way for small businesses to go public, among other initiatives.
The JOBS package includes a 500-shareholders bill (H.R. 4088), introduced by Rep. Ben Quayle (R-Ariz.), that is similar to the ABA-supported legislation (H.R. 1965) the House passed, 420-2, in November 2011. It would require 2,000 banks and bank holding companies to register with the SEC once they cross the 500-shareholder threshold. The ABA said it proposed that change in 2005. The threshold was originally adopted in 1964 and has not been modernize since then.
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