To amend the Federal Credit Union Act to include an exception for disaster area member business loans made by insured credit unions, and for other purposes.
Access to Credit for Small Businesses Impacted by the COVID-19 Crisis Act of 2021
This bill temporarily provides credit unions with an exception to limits on outstanding member business loans. Specifically, a loan does not count towards this limit if (1) it is used for recovery from the COVID-19 (i.e., coronavirus disease 2019) emergency, (2) it is made by an insured credit union that has received a specified soundness rating, (3) it is made during a specified time period, and (4) it does not threaten the safety and soundness of the insured credit union.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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