Credit Union Residential Loan Parity Act

Bill: 114-s-1440
Sponsor: full_name: Sen. Wyden, Ron [D-OR]
Introduced: 2015-05-21
Policy area: Finance and Financial Sector
Subjects: Credit and credit markets

Housing finance and home ownership

Real estate business
Latest action: action_date: 2015-05-21
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S3243; text of measure as introduced: CR S3243)

Summaries:
action_date: 2015-05-21
action_desc: Introduced in Senate
text: <p><b>Credit Union Residential Loan Parity Act</b></p> <p>Amends the Federal Credit Union Act to revise the definition of &quot;member business loan,&quot; which currently excludes an extension of credit fully secured by a lien on a 1- to 4-family dwelling that is a member's primary residence.</p> <p>Removes the condition that the dwelling be a member's primary residence, and so denying eligibility for a member business loan to any requested extension of credit that would be fully secured by a lien on a 1- to 4-family dwelling, regardless of whether it is or is not the member's primary residence.</p> <p>Declares that this Act does not preclude the National Credit Union Administration from treating an extension of credit fully secured by a lien on a 1- to 4-family dwelling that is not a member's primary residence as a member business loan for purposes other than certain member business loan limitation requirements under the Act.</p>

tv_txt: II 114th CONGRESS 1st Session S. 1440 IN THE SENATE OF THE UNITED STATES May 21, 2015 Mr. Wyden introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Federal Credit Union Act to exclude a loan secured by a non-owner occupied 1- to 4-family dwelling from the definition of a member business loan, and for other purposes.

1. Short title This Act may be cited as the Credit Union Residential Loan Parity Act . 2. Treatment of a non-owner occupied 1- to 4-family dwelling (a) Removal from member business loan limitation Section 107A(c)(1)(B)(i) of the Federal Credit Union Act ( 12 U.S.C. 1757a(c)(1)(B)(i) ) is amended by striking that is the primary residence of a member . (b) Rule of construction Nothing in this Act or the amendment made by this Act shall preclude the National Credit Union Administration from treating an extension of credit that is fully secured by a lien on a 1- to 4-family dwelling that is not the primary residence of a member as a member business loan for purposes other than the member business loan limitation requirements under section 107A of the Federal Credit Union Act ( 12 U.S.C. 1757a ).