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H.R. 389 (115th): Credit Union Residential Loan Parity Act

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The text of the bill below is as of Jan 10, 2017 (Introduced). The bill was not enacted into law.

I

115th CONGRESS

1st Session

H. R. 389

IN THE HOUSE OF REPRESENTATIVES

January 10, 2017

(for himself, Mr. Huffman, Mr. DeFazio, and Mr. Young of Alaska) introduced the following bill; which was referred to the Committee on Financial Services

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).