Section 1 Short title
This Act may be cited as the “Member Business Loan Expansion Act”.
Member Business Loan Expansion Act
A BILL
To amend the Federal Credit Union Act to provide more loan flexibility to credit unions, to amend the Federal Home Loan Bank Act to expand homeownership access, and for other purposes.
Sec. 2 Flexibility for NCUA Board to increase Federal credit union loan maturities
Section 107(5) of the Federal Credit Union Act (12 U.S.C. 1757(5)) is amended by inserting after “shall not exceed 15 years” the following: “(or such longer maturity as the Board may allow, by regulation)”.
Sec. 3 Expanding credit to small businesses
Section 107A(c)(1)(B)(iii) of the Federal Credit Union Act (12 U.S.C. 1757a(c)(1)(B)(iii)) is amended by striking “$50,000” and inserting “$100,000”.
Sec. 4 Expanding homeownership access through community financial institutions
Section 2(10)(A) of the Federal Home Loan Bank Act (12 U.S.C. 1422(10)(A)) is amended—
in clause (i), by inserting after “Federal Deposit Insurance Act” the following “or Federal Credit Union Act”; and
in clause (ii), by striking “$1,000,000,000” and inserting “$10,000,000,000”.