Credit Union Residential Loan Parity Act

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 the primary residence of a member.

Removes the condition that the dwelling be a member's primary residence. (Thus denies 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 (NCUA) 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.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4226 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4226

 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.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 13, 2014

Mr. Royce (for himself and Mr. Huffman) introduced the following bill; 
       which was referred to the Committee on Financial Services

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                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Credit Union Residential Loan Parity 
Act''.

SEC. 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).
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