Rep. Ed Royce (R-Calif.), introduced a bill on Thursday thatwould provide relief for credit unions by lifting the member business lending cap for certain residential loans.
“The Credit Union Residential Loan Parity Act is a common sensefix that frees up more than $5 billion in additional capital forsmall businesses and job creation. The bill treats loans financingthe purchase of a 1-4 unit building as real estate loans ratherthan business loans; as they are currently treated by bankingregulators,” Royce told CU Times.
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