II
115th CONGRESS
1st Session
S. 836
IN THE SENATE OF THE UNITED STATES
April 5 (legislative day, April 4), 2017
Mr. Wyden (for himself, Ms. Murkowski, Ms. Warren, and Mr. Markey) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
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.
Short title
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).