Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Loan parity step will help CUs support affordable housing: CUNA
WASHINGTON (3/17/14)--Enactment of the Credit Union Residential Loan Parity Act (H.R. 4226) would enable credit unions to better meet the needs of their members and also would contribute to the availability of affordable rental housing, Credit Union National Association President/CEO Bill Cheney wrote in a letter of support for the newly introduced bill.

The bill, introduced late last week by Reps. Ed Royce (R-Calif.) and Jared Huffman (D-Calif.), would amend the Federal Credit Union Act to exclude from the 12.25%-of-assets member business lending cap any credit union residential loans made for the purchase of a one- to four-unit, non-owner-occupied residential dwelling.

The amendment would address an existing disparity in the treatment of those loans made by banks as compared to those made by credit unions.

"Enactment of this legislation would not only correct this disparity but it would also enable credit unions to provide additional credit to borrowers seeking to purchase residential units, including low-income rental units," Cheney wrote. He noted that CUNA looks forward to working with the bill's sponsor  to see its enactment.


RSS print
News Now LiveWire
.@FHFA Federal Housing Finance Agency has new director-Office of Minority/Women Inclusion.It's Sharron Levine,frmr FHFA assoc. gen. counsel
8 minutes ago
#NewsNow: Merrick Bank settles with FDIC for $16.1M due to deceptive practices. http://t.co/O51gyB6eZE
41 minutes ago
.@CUNAMutualGroup to sell its crop-protection business #NewsNow http://t.co/5p09Sneys4
1 hours ago
#NewsNow: Joint cybersecurity venture aims to ID, share info faster for FIs. http://t.co/1ZIcumFdG2
1 hours ago
SuperValu confirms second data breach via @pymnts http://t.co/vpHVwhL3PV
2 hours ago