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Rep. Ed Royce (R-Calif.), introduced a bill on Thursday that would 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 sense fix that frees up more than $5 billion in additional capital for small businesses and job creation. The bill treats loans financing the purchase of a 1-4 unit building as real estate loans rather than business loans; as they are currently treated by banking regulators,” Royce told CU Times.
“It also provides meaningful relief to credit unions running up against the business lending cap, and increases the availability of rental housing,” he added.
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The CFPB is ordering Navy Federal to refund more than $80 million to consumers, stop charging illegal overdraft fees, and pay a $15 million civil penalty.
A CFPB and NCUA investigation determines VyStar ignored red flags and continued with the rollout that caused members to lose access to their accounts and funds for weeks.
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