[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 1440 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                S. 1440

 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 SENATE OF THE UNITED STATES

                              May 21, 2015

   Mr. Wyden introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

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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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