Tuesday, January 10, 2017

Rep. Royce Introduces the Credit Union Residential Loan Parity Act

Representative Ed Royce (R-CA) introduced on January 10 the Credit Union Residential Loan Parity Act (H.R. 389).

According to the press release, the bill would remove loans made by credit unions for the purchase of non-owner occupied, 1-4 unit dwellings from the calculation of the member business lending (MBL) cap of 12.25 percent of assets.

However, the bill would permit the National Credit Union Administration (NCUA) to impose stringent underwriting and servicing requirements to these loans.

This legislation, if it becomes law, would significantly expand the ability of credit unions to make more business loans.

Other co-sponsors of the bill include Jared Huffman (D-CA), Don Young (R-AK), and Peter DeFazio (D-OR).

Read the bill.

Read the press release.
Posted by at
Labels: , ,

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)
 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.