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I
116TH CONGRESS
2D SESSION
H. R. 6789
To extend certain temporary credit union provisions enacted under the
CARES 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
MAY 8, 2020
Mr. SHERMAN (for himself, Mr. FITZPATRICK, Ms. WATERS, Ms. BONAMICI,
Mr. GONZALEZ of Texas, Ms. NORTON, Mr. NEGUSE, Mr. CORREA, Mr.
LOWENTHAL, Mr. VAN DREW, and Mr. TRONE) introduced the following
bill; which was referred to the Committee on Financial Services
A BILL
To extend certain temporary credit union provisions enacted
under the CARES Act, to include an exception for dis-
aster area member business loans made by insured credit
unions, and for other purposes.
Be it enacted by the Senate and House of Representa-
1
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 2020’’.
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•HR 6789 IH
SEC. 2. TEMPORARY CREDIT UNION PROVISIONS.
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(a) TEMPORARY CREDIT UNION PROVISIONS.—
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(1)
EXTENSION
OF
SUNSET.—Section
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4016(b)(2) of the CARES Act (12 U.S.C. 1795a
4
note) is amended by striking ‘‘December 31, 2020’’
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and inserting ‘‘December 31, 2021’’.
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(2)
CONFORMING
AMENDMENT.—Section
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307(a)(4)(A) of the Federal Credit Union Act (12
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U.S.C. 1795f(a)(4)(A)) is amended by striking ‘‘De-
9
cember 31, 2020’’ and inserting ‘‘December 31,
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2021’’.
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(b) EXCEPTION FOR DISASTER AREA MEMBER BUSI-
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NESS LOANS MADE BY INSURED CREDIT UNIONS.—
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(1) IN
GENERAL.—Section 107A(c)(1)(B) of
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the
Federal
Credit
Union
Act
(12
U.S.C.
15
1757a(c)(1)(B)) is amended—
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(A) in clause (iv), by striking ‘‘or’’ at the
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end;
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(B) in clause (v), by striking the period
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and inserting ‘‘; or’’; and
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(C) 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-
25
lent rating under a comparable rating sys-
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•HR 6789 IH
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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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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(2) RULEMAKING.—Not later than the end of
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the 30-day period beginning on the date of the en-
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actment of this Act, the National Credit Union Ad-
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ministration Board shall issue an interim final rule
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to define—
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(A) when an extension of credit aids in the
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recovery from the COVID–19 pandemic for
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purposes of section 107A(c)(1)(B)(vi) of the
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•HR 6789 IH
Federal Credit Union Act (as added by para-
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graph (1)); and
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(B) when such extension of credit does not
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threaten the safety and soundness of the appli-
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cable insured credit union.
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Æ
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