S.3676 - Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2020116th Congress (2019-2020)
|Sponsor:||Sen. Wyden, Ron [D-OR] (Introduced 05/11/2020)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 05/11/2020 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.3676 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (05/11/2020)
Access to Credit for Small Businesses Impacted by the COVID-19 Crisis Act of 2020
This bill eases certain restrictions on credit unions regarding liquidity and lending.
The bill extends waivers applicable to National Credit Union Administration Central Liquidity Facility membership and credit-extension restrictions through December 31, 2021. These waivers currently expire on December 31, 2020. (The National Credit Union Administration Central Liquidity Facility serves as a lender to credit unions that are experiencing certain liquidity shortfalls.)
The bill also temporarily provides credit unions with an exception to limits on outstanding member business loans. Specifically, a loan does not count towards this limit if (1) it is used for recovery from the COVID-19 (i.e., coronavirus disease 2019) emergency, (2) it is made by an insured credit union that has received a specified soundness rating, (3) it is made during a specified time period, and (4) it does not threaten the safety and soundness of the insured credit union.