[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1646 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 1646

To amend the Federal Credit Union Act to provide an exception from the 
 member business loan cap for loans made to aid in the recovery from a 
                               disaster.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 18, 2013

 Mrs. Carolyn B. Maloney of New York (for herself, Mr. Grimm, and Mrs. 
McCarthy of New York) introduced the following bill; which was referred 
                 to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Federal Credit Union Act to provide an exception from the 
 member business loan cap for loans made to aid in the recovery from a 
                               disaster.

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

SECTION 1. EXCEPTION FOR DISASTER AREA LOANS.

    (a) In General.--Section 107A(b) of the Federal Credit Union Act 
(12 U.S.C. 1757a(b)) is amended--
            (1) in paragraph (1), by striking ``or'' at the end;
            (2) in paragraph (2), by striking the period and inserting 
        ``; or''; and
            (3) by adding at the end the following:
            ``(3) a member business loan, the proceeds of which will be 
        used to aid in the recovery from a disaster, if--
                    ``(A) such disaster was the basis for the 
                declaration of a major disaster area under section 401 
                of the Robert T. Stafford Disaster Relief and Emergency 
                Assistance Act (42 U.S.C. 5170); and
                    ``(B) the extension of credit is being made before 
                the end of the 5-year period beginning on the date of 
                such declaration.''.
    (b) Rulemaking.--Not later than the end of the 180-day period 
beginning on the date of the enactment of this Act, the National Credit 
Union Administration Board shall issue regulations to define when an 
extension of credit aids in the recovery from a disaster for purposes 
of section 107A(b)(3) of the Federal Credit Union Act (12 U.S.C. 
1757a(b)(3)).
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