[Congressional Record (Bound Edition), Volume 157 (2011), Part 15]
[Extensions of Remarks]
[Page 21466]
[From the U.S. Government Publishing Office, www.gpo.gov]




 ANNOUNCING THE INTRODUCTION OF THE FAITH-BASED LENDING PROTECTION ACT 
                                OF 2011

                                 ______
                                 

                           HON. CORRINE BROWN

                               of florida

                    in the house of representatives

                       Tuesday, December 20, 2011

  Ms. BROWN of Florida. Mr. Speaker, today I introduced the Faith-Based 
Lending Protection Act of 2011. The bill modifies the Federal Credit 
Union Act to make it easier for credit unions to lend money to 
ministries. Specifically, the bill exempts loans to nonprofit religious 
organizations from the Credit Union Act's caps on the volume of loans 
credit unions can make to businesses.
  Mr. Speaker, many churches are in crises because they cannot get 
access to credit. In 2006, only two churches in the United States lost 
their buildings to foreclosure or short sale. Last year the number grew 
to 95.
  Like many homeowners, they took out loans when times were good, but 
now their income has dropped and they need to refinance. Some have 
balloon payments that would be impossible to pay even in the best of 
times. The trouble is that many lenders do not want to do business with 
churches. Credit unions are in an excellent position to help. Credit 
unions get capital from their members and loan it to their members all 
of whom share a common bond. They know how to keep money in their 
communities and they want to do more. This bill will let them.
  This non-partisan language has passed the House several times--
sometimes on a voice vote. Now is the time to make it law. Churches 
cannot wait.

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