Title: Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2020
Policy area: Finance and Financial Sector

Summary:
Access to Credit for Small Businesses Impacted by the COVID-19 Crisis Act of 2020
This bill temporarily provides credit unions with an exception to limits on outstanding member business loans. Specifically, for a three-year period, loans used for recovery from the COVID-19 (i.e., coronavirus disease 2019) emergency do not count towards this limit.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6550 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6550

To amend the Federal Credit Union Act to provide an exception from the 
member business loan cap for loans made to aid in the recovery from the 
                          COVID-19 emergency.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 17, 2020

Mr. Sherman (for himself, Mr. Young, Ms. Bonamici, Mr. Fitzpatrick, Ms. 
 Norton, Mrs. Napolitano, Mr. Gonzalez of Texas, Mr. Cook, Mrs. Hayes, 
Ms. Finkenauer, Ms. Brownley of California, Mr. Huffman, Mr. Pascrell, 
Mrs. Demings, Mr. Garamendi, Mr. LaMalfa, and Mr. Van Drew) introduced 
 the following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
To amend the Federal Credit Union Act to provide an exception from the 
member business loan cap for loans made to aid in the recovery from the 
                          COVID-19 emergency.

    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 ``Access to Credit for Small 
Businesses Impacted by the COVID-19 Crisis Act of 2020''.

SEC. 2. EXCEPTION FOR DISASTER AREA LOANS.

    (a) In General.--Section 107A(b) of the Federal Credit Union Act 
(12 U.S.C. 1757a(b)) is amended--
            (1) in paragraph (1), by striking ``or'' at the end;
            (2) in paragraph (2), by striking the period and inserting 
        ``; or''; and
            (3) by adding at the end the following:
            ``(3) a member business loan, the proceeds of which will be 
        used to aid in the recovery from the COVID-19 emergency, if--
                    ``(A) the extension of credit is being made before 
                the end of the 3-year period beginning on March 13, 
                2020; and
                    ``(B) the extension of credit does not seriously 
                threaten the safety and soundness of the insured credit 
                union.''.
    (b) Rulemaking.--Not later than the end of the 30-day period 
beginning on the date of the enactment of this Act, the National Credit 
Union Administration Board shall issue regulations to define--
            (1) when an extension of credit aids in the recovery from 
        the COVID-19 emergency for purposes of section 107A(b)(3) of 
        the Federal Credit Union Act (12 U.S.C. 1757a(b)(3)); and
            (2) when such extension of credit does not seriously 
        threaten the safety and soundness of the applicable insured 
        credit union.
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