NAFCU hails Royce’s new member business lending bill

WASHINGTON, DC (March 13, 2014) — National Association of Credit Unions (NAFCU) President and CEO Dan Berger today praised Reps. Ed Royce, R-Calif., and Jared Huffman, D-Calif., for their leadership in seeking credit union relief today by introducing the “Credit Union Residential Loan Parity Act,” which would exempt certain residential loans from the credit union member business lending cap.

“Representative Royce has been a great champion of credit unions’ member business lending efforts,” said Berger. “We thank him and Representative Huffman for their support of credit unions and strongly urge other members of Congress to cosponsor this new bill, which would provide credit unions with more flexibility within their lending cap.”

The “Credit Union Residential Loan Parity Act” would exempt loans for non-owner-occupied, one- to four-unit dwellings from credit unions’ statutory MBL cap, making it possible for credit unions to lend more to small businesses without running up against the current cap. This new bill is in addition to H.R. 688, introduced by Royce and Rep. Carolyn McCarthy, D-N.Y., which would raise the credit union MBL cap from 12.25 percent to 27.5 percent of assets.

These bills reflect a key element of NAFCU’s five-point plan for credit union regulatory relief.

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The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public. 

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