HR 5189
117th Congress
House
Finance and Financial Sector
Member Business Loan Expansion Act
Introduced: September 7, 2021
Introduced by:
Gonzalez, Vicente
Democratic
· Texas
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 7, 2021
Referred to the House Committee on Financial Services.
Sep 7, 2021
Introduced in House
Plain-English summary
Member Business Loan Expansion Act
This bill revises requirements related to the terms and lending limits of certain credit union loans.
Specifically, the bill (1) allows the National Credit Union Administration Board to lengthen the maturity term of certain loans made by a credit union, and (2) raises the credit limit for credit union member businesses under which such loans are excluded from overall credit union lending limits.
Finally, the bill expands the definition of a community financial institution by (1) allowing insured credit unions to qualify, and (2) raising the average asset limit. (Community financial institutions are subject to reduced asset requirements for purposes of Federal Home Loan Bank membership.)
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1