H.R. 6789 (116th Congress) — To extend certain temporary credit union provisions enacted under the CARES Act
Summary
H. R. 6789 of the 116th Congress, 2d Session, was introduced in the House of Representatives on May 8, 2020, by Sherman with named cosponsors and referred to the Committee on Financial Services. It may be cited as the Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2020. It would change December 31, 2020 to December 31, 2021 in the CARES Act and the Federal Credit Union Act. It would also add an exception for member business loans made by insured credit unions with a composite rating of 1 or 2 that aid recovery from the COVID–19 pandemic, and sets a 30-day period after enactment for an interim final rule.
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“H.R. 6789 (116th Congress) — To extend certain temporary credit union provisions enacted under the CARES Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116hr6789ih-bills-116hr6789ih/
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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.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Access to Credit for
5 Small Businesses Impacted by the COVID–19 Crisis Act
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6 of 2020’’.
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2
1 SEC. 2. TEMPORARY CREDIT UNION PROVISIONS.
2 (a) TEMPORARY CREDIT UNION PROVISIONS.—
3 (1) EXTENSION OF SUNSET.—Section
4 4016(b)(2) of the CARES Act (12 U.S.C. 1795a
5 note) is amended by striking ‘‘December 31, 2020’’
6 and inserting ‘‘December 31, 2021’’.
7 (2) CONFORMING AMENDMENT.—Section
8 307(a)(4)(A) of the Federal Credit Union Act (12
9 U.S.C. 1795f(a)(4)(A)) is amended by striking ‘‘De-
10 cember 31, 2020’’ and inserting ‘‘December 31,
11 2021’’.
12 (b) EXCEPTION FOR DISASTER AREA MEMBER BUSI-
13 NESS LOANS MADE BY INSURED CREDIT UNIONS.—
14 (1) IN GENERAL.—Section 107A(c)(1)(B) of
15 the Federal Credit Union Act (12 U.S.C.
16 1757a(c)(1)(B)) is amended—
17 (A) in clause (iv), by striking ‘‘or’’ at the
18 end;
19 (B) in clause (v), by striking the period
20 and inserting ‘‘; or’’; and
21 (C) by adding at the end the following:
22 ‘‘(vi) made by an insured credit union
23 that has received a composite rating of ei-
24 ther 1 or 2 under the Uniform Financial
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25 Institutions Rating System or an equiva-
26 lent rating under a comparable rating sys-
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3
1 tem, the proceeds of which will be used to
2 aid in the recovery from the COVID–19
3 pandemic, if—
4 ‘‘(I) the extension of credit is
5 being made during the period begin-
6 ning on the date of enactment of this
7 clause and ending 1 year after the
8 termination date of the emergency de-
9 clared by the President on March 13,
10 2020, under section 501 of the Robert
11 T. Stafford Disaster Relief and Emer-
12 gency Assistance Act relating to the
13 Coronavirus Disease 2019 (COVID–
14 19 pandemic); and
15 ‘‘(II) the extension of credit does
16 not threaten the safety and soundness
17 of the insured credit union.’’.
18 (2) RULEMAKING.—Not later than the end of
19 the 30-day period beginning on the date of the en-
20 actment of this Act, the National Credit Union Ad-
21 ministration Board shall issue an interim final rule
22 to define—
23 (A) when an extension of credit aids in the
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24 recovery from the COVID–19 pandemic for
25 purposes of section 107A(c)(1)(B)(vi) of the
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4
1 Federal Credit Union Act (as added by para-
2 graph (1)); and
3 (B) when such extension of credit does not
4 threaten the safety and soundness of the appli-
5 cable insured credit union.
Æ
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