H. R. 1422
IN THE HOUSE OF REPRESENTATIVES
March 18, 2015
Mr. Royce (for himself and Mr. Huffman) introduced the following bill; which was referred to the Committee on Financial Services
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.
This Act may be cited as the
Credit Union Residential Loan Parity Act.
Treatment of a non-owner occupied 1- to 4-family dwelling
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.
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).