H.R.1422 - Credit Union Residential Loan Parity Act114th Congress (2015-2016)
|Sponsor:||Rep. Royce, Edward R. [R-CA-39] (Introduced 03/18/2015)|
|Committees:||House - Financial Services|
|Latest Action:||House - 03/18/2015 Referred to the House Committee on Financial Services. (All Actions)|
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Summary: H.R.1422 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (03/18/2015)
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 a member's primary residence.
Removes the condition that the dwelling be a member's primary residence, and so denying 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 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.