Rep. Ed Royce (R-Calif.) announced on Wednesday that he is reintroducing a bill that corrects a disparity between banks and credit unions for the treatment of loans for the purchase of small apartment buildings.
"The bill removes these loans from the calculation of the member business lending cap imposed on credit unions," Royce said at a House Financial Services Committee hearing, titled, "Preserving Consumer Choice and Financial Independence."
The Credit Union Residential Loan Parity Act was introduced in the last session of Congress. Royce has also re-introduced a bill that would raise the member business lending cap to 27.5% of assets. NCUA Board Member Mark McWatters, who was in attendance at the hearing, recently called for a complete rewrite of the NCUA's member business lending regulations.
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