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II
116TH CONGRESS
2D SESSION
S. 3676
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 SENATE OF THE UNITED STATES
MAY 11, 2020
Mr. WYDEN introduced the following bill; which was read twice and referred
to the Committee on Banking, Housing, and Urban Affairs
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,
2
SECTION 1. SHORT TITLE.
3
This Act may be cited as the ‘‘Access to Credit for
4
Small Businesses Impacted by the COVID–19 Crisis Act
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of 2020’’.
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SEC. 2. TEMPORARY CREDIT UNION PROVISIONS.
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(a) TEMPORARY CREDIT UNION PROVISIONS.—
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•S 3676 IS
(1)
EXTENSION
OF
SUNSET.—Section
1
4016(b)(2) of the CARES Act (12 U.S.C. 1795a
2
note) is amended by striking ‘‘December 31, 2020’’
3
and inserting ‘‘December 31, 2021’’.
4
(2)
CONFORMING
AMENDMENT.—Section
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307(a)(4)(A) of the Federal Credit Union Act (12
6
U.S.C. 1795f(a)(4)(A)) is amended by striking ‘‘De-
7
cember 31, 2020’’ and inserting ‘‘December 31,
8
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
12
the
Federal
Credit
Union
Act
(12
U.S.C.
13
1757a(c)(1)(B)) is amended—
14
(A) in clause (iv), by striking ‘‘or’’ at the
15
end;
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(B) in clause (v), by striking the period
17
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-
21
ther 1 or 2 under the Uniform Financial
22
Institutions Rating System or an equiva-
23
lent rating under a comparable rating sys-
24
tem, the proceeds of which will be used to
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•S 3676 IS
aid in the recovery from the COVID–19
1
pandemic, if—
2
‘‘(I) the extension of credit is
3
being made during the period begin-
4
ning on the date of enactment of this
5
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,
8
2020, under section 501 of the Robert
9
T. Stafford Disaster Relief and Emer-
10
gency Assistance Act relating to the
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Coronavirus Disease 2019 (COVID–
12
19) pandemic); and
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‘‘(II) the extension of credit does
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not threaten the safety and soundness
15
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-
18
actment of this Act, the National Credit Union Ad-
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ministration Board shall issue an interim final rule
20
to define—
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(A) when an extension of credit aids in the
22
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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•S 3676 IS
Federal Credit Union Act (as added by para-
1
graph (1)); and
2
(B) when such extension of credit does not
3
threaten the safety and soundness of the appli-
4
cable insured credit union.
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Æ
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