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H.R. 4226 (113th): Credit Union Residential Loan Parity Act


We don’t have a summary available yet.

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Mar 13, 2014.


Credit Union Residential Loan Parity Act - Amends the Federal Credit Union Act to revise the definition of "member business loan," which currently excludes an extension of credit fully secured by a lien on a 1- to 4-family dwelling that is the primary residence of a member.

Removes the condition that the dwelling be a member's primary residence. (Thus denies 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.)

Declares that this Act does not preclude the National Credit Union Administration (NCUA) 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.