NAFCU Hails Sen. Wyden’s Introduction of S. 1440 to facilitate more credit union member business lending
WASHINGTON, DC (May 22,2015) — National Association of Federal Credit Unions President and CEO Dan Berger today hailed the introduction by Sen. Ron Wyden, D-Ore., of S.1440, a bill that would exclude from credit unions’ statutory member business lending cap loans made for the purchase of one-to four-unit, non-owner-occupied buildings.
“We appreciate Senator Wyden’s leadership in seeking to help level the playing field for credit unions in the area of member business lending,” said Berger. “This bill would go a long way toward making rental housing more available and affordable, and we look forward to working with lawmakers, and staff, in both the House and Senate to win passage.”
Backed by NAFCU, Wyden’s S. 1440 is similar to H.R. 1422, the “Credit Union Residential Loan Parity Act,” introduced in March by Reps. Ed Royce, R-Calif., and Rep. Jared Huffman, D-Calif. 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.