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I
117TH CONGRESS
1ST SESSION H. R. 1471
To amend the Federal Credit Union Act to include an exception for disaster
area member business loans made by insured credit unions, and for
other purposes.
IN THE HOUSE OF REPRESENTATIVES
MARCH 1, 2021
Mr. SHERMAN (for himself and Mr. FITZPATRICK) introduced the following
bill; which was referred to the Committee on Financial Services
A BILL
To amend the Federal Credit Union Act to include an excep-
tion for disaster area member business loans made by
insured credit unions, and for other purposes.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Access to Credit for
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Small Businesses Impacted by the COVID–19 Crisis Act
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of 2021’’.
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•HR 1471 IH
SEC. 2. EXCEPTION FOR DISASTER AREA MEMBER BUSI-
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NESS LOANS MADE BY INSURED CREDIT
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UNIONS.
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(a) IN GENERAL.—Section 107A(c)(1)(B) of the
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Federal Credit Union Act (12 U.S.C. 1757a(c)(1)(B)) is
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amended—
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(1) in clause (iv), by striking ‘‘or’’ at the end;
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(2) in clause (v), by striking the period and in-
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serting ‘‘; or’’; and
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(3) by adding at the end the following:
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‘‘(vi) made by an insured credit union
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that has received a composite rating of ei-
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ther 1 or 2 under the Uniform Financial
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Institutions Rating System or an equiva-
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lent rating under a comparable rating sys-
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tem, the proceeds of which will be used to
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aid in the recovery from the COVID–19
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pandemic, if—
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‘‘(I) the extension of credit is
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being made during the period begin-
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ning on the date of enactment of this
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clause and ending 1 year after the
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termination date of the emergency de-
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clared by the President on March 13,
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2020, under section 501 of the Robert
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T. Stafford Disaster Relief and Emer-
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•HR 1471 IH
gency Assistance Act relating to the
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Coronavirus Disease 2019 (COVID–
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19 pandemic); and
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‘‘(II) the extension of credit does
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not threaten the safety and soundness
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of the insured credit union.’’.
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(b) RULEMAKING.—Not later than the end of the 30-
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day period beginning on the date of the enactment of this
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Act, the National Credit Union Administration Board
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shall issue an interim final rule to define—
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(1) when an extension of credit aids in the re-
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covery from the COVID–19 pandemic for purposes
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of section 107A(c)(1)(B)(vi) of the Federal Credit
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Union Act (as added by paragraph (1)); and
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(2) when such extension of credit does not
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threaten the safety and soundness of the applicable
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insured credit union.
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Æ
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