3.0.0 3676 2023-01-11T13:42:42Z 2023-01-11T13:42:42Z Senate S 2020-05-11 116 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2020-05-11T20:33:34Z Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2020 116 6789 HR 2020-05-08 Referred to the House Committee on Financial Services. Identical bill CRS Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2020 116 6550 HR 2020-04-17 Referred to the House Committee on Financial Services. Related bill CRS 2020-05-11 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2020-05-11 Introduced in Senate IntroReferral 10000 9 Library of Congress W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR N Finance and Financial Sector Administrative law and regulatory procedures Bank accounts, deposits, capital Cardiovascular and respiratory health Credit and credit markets Disaster relief and insurance Emergency medical services and trauma care Infectious and parasitic diseases National Credit Union Administration Small business Finance and Financial Sector 00 2020-05-11 Introduced in Senate 2021-03-19T18:43:57Z 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.

]]> Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2020 Display Title Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2020 Short Title(s) as Introduced Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2020 Introduced in Senate IS Official Title as Introduced A bill to extend certain temporary credit union provisions enacted under the CARES Act, to include an exception for disaster area member business loans made by insured credit unions, and for other purposes. Introduced in Senate IS Introduced in Senate 2020-05-11T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s3676is/xml/BILLS-116s3676is.xml 2020-05-11 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.