MALBOROUGH, MA (January 19, 2017) — Rhode Island Congressman David Cicilline this morning announced his decision to cosponsor H.R. 389, the Credit Union Residential Loan Parity Act, during a meeting for RI credit union officials led by Cooperative Credit Union Association (CCUA) President Paul Gentile.
“This bill is a key legislative proposal of CCUA and the credit union community at large and the Congressman’s endorsement of the need for greater flexibility under the MBL cap is welcomed,” said Gentile. The measure is pending before the House Committee on Financial Services.
This bill amends the Federal Credit Union Act to revise the definition of “member business loan” to exempt 1-4 family, non-owner occupied residential loans from the credit union business lending cap. Information regarding the bill may be read here.
“Common sense regulatory reform, such as this straightforward request for parity in the business lending area of residential loans, will be a key message that our credit unions will take to Washington, D.C., during the 2017 Governmental Affairs Conference,” noted Gentile. “I look forward to continuing to advance the credit union legislative and regulatory agenda this year.”
Rhode Island Congressman David Cicilline, third left, and Cooperative Credit Union Association Paul Gentile, fourth left, gather with CCUA member credit union officials from RI, following the announcement of Cicilline’s cosponsorship of key credit union legislation.
The Cooperative Credit Union Association is a regional trade organization serving as the voice for nearly 180-member credit unions located throughout Delaware, Massachusetts, New Hampshire, and Rhode Island. CCUA member credit unions hold combined assets in excess of $73 billion and serve a collective membership base of more than 4.7 million consumers. For more information, visit www.CCUA.org.
Janelle Mullen
Director of Marketing
Phone: 508-229-5633
Office: 800-842-1242 x 380
Email: jmullen@ccua.org
