NAFCU applauds Reps. Royce and Huffman introduction of H.R. 1422, the “Credit Union Residential Loan Parity Act”
WASHINGTON, DC (March 18, 2015) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement on the reintroduction today of NAFCU-supported, bipartisan legislation (H.R. 1422) by Reps. Ed Royce (R-Calif.) and Rep. Jared Huffman (D-Calif.) to correct a disparity between banks and credit unions by excluding loans for the purchase of one-to four- unit non-owner occupied buildings from the credit union member business lending cap.
“We appreciate Representatives Huffman’s and Royce’s leadership on this issue and their continued efforts to level the playing field for credit unions, especially in the area of member business lending,” said Berger. “This legislation will give credit unions critical flexibility in serving their members and go a long way toward making rental housing more available and affordable.”
Modifying member business lending authority is a key tenet of NAFCU’s five-point plan for credit union regulatory relief.
The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.