ALEXANDRIA—NAFCU supports new legislation 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.
Introduced Friday by Sen. Ron Wyden (D-OR), S.1440 would help level the playing field for
credit unions in the area of member business lending, explained NAFCU President and CEO Dan 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,” said Berger in a statement.
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-CA) and Jared Huffman (D-CA). Modifying member business lending authority is a key tenet of NAFCU’s five-point plan for credit union regulatory relief, the trade association said.