Member Business Loan Expansion Act

Bill: 117-hr-5189
Sponsor: full_name: Rep. Gonzalez, Vicente [D-TX-15]
Introduced: 2021-09-07
Policy area: Finance and Financial Sector
Latest action: action_date: 2021-09-07
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2021-09-07
action_desc: Introduced in House
text: <p><strong>Member Business Loan Expansion Act </strong></p> <p>This bill revises requirements related to the terms and lending limits of certain credit union loans. </p> <p>Specifically, the bill (1) allows the National Credit Union Administration Board to lengthen the maturity term of certain loans made by a credit union, and (2) raises the credit limit for credit union member businesses under which such loans are excluded from overall credit union lending limits. </p> Finally, the bill expands the definition of a community financial institution by (1) allowing insured credit unions to qualify, and (2) raising the average asset limit. (Community financial institutions are subject to reduced asset requirements for purposes of Federal Home Loan Bank membership.)

tv_txt: I 117th CONGRESS 1st Session H. R. 5189 IN THE HOUSE OF REPRESENTATIVES September 7, 2021 Mr. Vicente Gonzalez of Texas (for himself and Mr. Fitzpatrick ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal Credit Union Act to provide more loan flexibility to credit unions, to amend the Federal Home Loan Bank Act to expand homeownership access, and for other purposes.

1. Short title This Act may be cited as the Member Business Loan Expansion Act . 2. Flexibility for NCUA Board to increase Federal credit union loan maturities Section 107(5) of the Federal Credit Union Act ( 12 U.S.C. 1757(5) ) is amended by inserting after shall not exceed 15 years the following: (or such longer maturity as the Board may allow, by regulation) . 3. Expanding credit to small businesses Section 107A(c)(1)(B)(iii) of the Federal Credit Union Act ( 12 U.S.C. 1757a(c)(1)(B)(iii) ) is amended by striking $50,000 and inserting $100,000 . 4. Expanding homeownership access through community financial institutions Section 2(10)(A) of the Federal Home Loan Bank Act ( 12 U.S.C. 1422(10)(A) ) is amended— (1) in clause (i), by inserting after Federal Deposit Insurance Act the following or Federal Credit Union Act ; and (2) in clause (ii), by striking $1,000,000,000 and inserting $10,000,000,000 .