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House Bill 6550
116th Congress(2019-2020)
Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2020
Introduced
Introduced
Introduced in House on Apr 17, 2020
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Introduced in House 
Apr 17, 2020
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Introduced in House(Apr 17, 2020)
Apr 17, 2020
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H. R. 6550 (Introduced-in-House)


116th CONGRESS
2d Session
H. R. 6550


To amend the Federal Credit Union Act to provide an exception from the member business loan cap for loans made to aid in the recovery from the COVID–19 emergency.

IN THE HOUSE OF REPRESENTATIVES

April 17, 2020

Mr. Sherman (for himself, Mr. Young, Ms. Bonamici, Mr. Fitzpatrick, Ms. Norton, Mrs. Napolitano, Mr. Gonzalez of Texas, Mr. Cook, Mrs. Hayes, Ms. Finkenauer, Ms. Brownley of California, Mr. Huffman, Mr. Pascrell, Mrs. Demings, Mr. Garamendi, Mr. LaMalfa, and Mr. Van Drew) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Federal Credit Union Act to provide an exception from the member business loan cap for loans made to aid in the recovery from the COVID–19 emergency.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2020”.

SEC. 2. Exception for disaster area loans.

(a) In general.—Section 107A(b) of the Federal Credit Union Act (12 U.S.C. 1757a(b)) is amended—

(1) in paragraph (1), by striking “or” at the end;

(2) in paragraph (2), by striking the period and inserting “; or”; and

(3) by adding at the end the following:

“(3) a member business loan, the proceeds of which will be used to aid in the recovery from the COVID–19 emergency, if—

“(A) the extension of credit is being made before the end of the 3-year period beginning on March 13, 2020; and

“(B) the extension of credit does not seriously threaten the safety and soundness of the insured credit union.”.

(b) Rulemaking.—Not later than the end of the 30-day period beginning on the date of the enactment of this Act, the National Credit Union Administration Board shall issue regulations to define—

(1) when an extension of credit aids in the recovery from the COVID–19 emergency for purposes of section 107A(b)(3) of the Federal Credit Union Act (12 U.S.C. 1757a(b)(3)); and

(2) when such extension of credit does not seriously threaten the safety and soundness of the applicable insured credit union.