Compliance: S. 2155 regulatory relief effective dates

CUNA and credit unions saw a historic victory with the signing of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) last month, but the question remains: when and how will the regulatory relief provisions in the bill become effective?

The most notable credit union-specific provision in S. 2155 grants credit unions parity with banks on certain real estate loans. Specifically, loans made for one-to-four unit, non-owner occupied residences are now classified as real estate loans, as opposed to business loans.

Those loans will no longer count against a credit unions’ member business lending cap of 12.25% of assets.

S. 2155 says this provision is effective immediately upon enactment, and the NCUA board approved a final rule May 30 by notation vote that removes the member’s occupancy requirement for loans secured by liens on one-to-four-unit family dwellings.

 

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