US Congress House Bill 1422 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Democrat 18-5)
Status: Introduced on March 18 2015 - 25% progression, died in committee
Action: 2015-03-18 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Credit Union Residential Loan Parity Act Amends the Federal Credit Union Act to revise the definition of "member business loan," which currently excludes an extension of credit fully secured by a lien on a 1- to 4-family dwelling that is a member's primary residence. Removes the condition that the dwelling be a member's primary residence, and so denying eligibility for a member business loan to any requested extension of credit that would be fully secured by a lien on a 1- to 4-family dwelling, regardless of whether it is or is not the member's primary residence. Declares that this Act does not preclude the National Credit Union Administration from treating an extension of credit fully secured by a lien on a 1- to 4-family dwelling that is not a member's primary residence as a member business loan for purposes other than certain member business loan limitation requirements under the Act.

Credit Union Residential Loan Parity Act

Rep. Edward Royce [R-CA]	Rep. Jared Huffman [D-CA]	Rep. Tim Ryan [D-OH]	Rep. Ron Kind [D-WI]
Rep. Chris Stewart [R-UT]	Rep. Eleanor Norton [D-DC]	Rep. Don Young [R-AK]	Rep. Julia Brownley [D-CA]
Rep. John Garamendi [D-CA]	Rep. Alan Lowenthal [D-CA]	Rep. Alan Grayson [D-FL]	Rep. Joseph Heck [R-NV]
Rep. Peter DeFazio [D-OR]	Rep. Earl Blumenauer [D-OR]	Rep. Brad Sherman [D-CA]	Rep. Jaime Herrera Beutler [R-WA]
Rep. Michael Capuano [D-MA]	Rep. Rick Larsen [D-WA]	Rep. Katherine Clark [D-MA]	Rep. Maxine Waters [D-CA]
Rep. Stephen Lynch [D-MA]	Rep. Seth Moulton [D-MA]	Rep. James Langevin [D-RI]

Date	Chamber	Action
2015-03-18	House	Referred to the House Committee on Financial Services.
2015-03-18	House	Introduced in House

SB1440 (Related) 2015-05-21 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S3243; text of measure as introduced: CR S3243)

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/1422/all-info
Text	https://www.congress.gov/114/bills/hr1422/BILLS-114hr1422ih.pdf