Credit Union Residential Loan Parity Act

Bill: 115-s-836
Sponsor: full_name: Sen. Wyden, Ron [D-OR]
Introduced: 2017-04-05
Policy area: Finance and Financial Sector
Subjects: Credit and credit markets

Housing finance and home ownership

Real estate business
Latest action: action_date: 2017-04-05
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S2366; text as introduced in Senate: CR S2366)

Summaries:
action_date: 2017-04-05
action_desc: Introduced in Senate
text: <p><b>Credit Union Residential Loan Parity Act</b></p> <p>This bill amends the Federal Credit Union Act to&nbsp;allow a credit union to extend a&nbsp;member business loan&nbsp;with respect to&nbsp;a one- to four-family dwelling, regardless of whether the dwelling is the member's primary residence. Under current law, a member business loan&nbsp;may be extended&nbsp;with respect to&nbsp;such a dwelling only if it is the member's primary residence.</p>

tv_txt: II 115th CONGRESS 1st Session S. 836 IN THE SENATE OF THE UNITED STATES April 5 (legislative day, April 4), 2017 Mr. Wyden (for himself, Ms. Murkowski , Ms. Warren , and Mr. Markey ) 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 ).