Section 1 Short title
This Act may be cited as the “Credit Union Residential Loan Parity Act”.
Credit Union Residential Loan Parity Act
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.
Sec. 2 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).