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 a disaster.

Bill: 113-hr-1646
Sponsor: full_name: Rep. Maloney, Carolyn B. [D-NY-12]
Introduced: 2013-04-18
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Business investment and capital

Credit and credit markets

Disaster relief and insurance

National Credit Union Administration
Latest action: action_date: 2013-04-18
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2013-04-18
action_desc: Introduced in House
text: <p> Amends the Federal Credit Union Act to exempt from the limit on member business loans those that are: (1) used to aid in the recovery from a major disaster declared under the Robert T. Stafford Disaster Relief and Emergency Assistance Act, and (2) made within five years after such a declaration.</p> <p>Directs the National Credit Union Administration Board to issue regulations defining when an extension of credit aids in the recovery from a disaster.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 1646 IN THE HOUSE OF REPRESENTATIVES April 18, 2013 Mrs. Carolyn B. Maloney of New York (for herself, Mr. Grimm , and Mrs. McCarthy of New York ) 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 a disaster.

1. 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 a disaster, if— (A) such disaster was the basis for the declaration of a major disaster area under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5170 ); and (B) the extension of credit is being made before the end of the 5-year period beginning on the date of such declaration. . (b) Rulemaking Not later than the end of the 180-day period beginning on the date of the enactment of this Act, the National Credit Union Administration Board shall issue regulations to define when an extension of credit aids in the recovery from a disaster for purposes of section 107A(b)(3) of the Federal Credit Union Act ( 12 U.S.C. 1757a(b)(3) ).