Senate Approves Bank Amendment to Fund More Business Loans

Bill includes $12 billion in tax incentives and changes to business lending programs

More On Legal & Compliance

from The Advisor's Professional Library
  • Updating Form ADV and Form U4 When it comes to disclosure on Form ADV, RIAs should assume information would be material to investors.  When in doubt, RIAs should disclose information rather than arguing later with securities regulators that it was not material.
  • Differences Between State and SEC Regulation of Investment Advisors States may impose licensing or registration requirements on IARs doing business in their jurisdiction, even if the IAR works for an SEC-registered firm.  States may investigate and prosecute fraud by any IAR in their jurisdiction, even if the individual works for an SEC-registered firm.

In a late-night session and after extensive procedural maneuverings, the Senate last night on Thursday, July 22, approved a $30 billion fund that community banks can access to fund more business loans.

The move came as an amendment to a small business lending bill.

It is uncertain what, if any, other amendments Senate leaders will allow to be offered, which means that credit unions may again fall short in their effort to win approval for an increase in the cap on member business loans from 12.25% of assets to 27.5% of assets. Sen. Mark Udall (D-Col.) has sponsored an amendment to permit that increase.

Last night's vote on the amendment was 60-39 along party lines, with the exception of two Republicans who supported the amendment.

In addition to the bank fund, the bill also includes $12 billion in tax incentives and changes to business lending programs.

Claude R. Marx, the writer of this report, is the Washington, D.C., correspondent for Advisor Media Group's sister publication Credit Union Times.

Reprints Discuss this story