S. 3676 — Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2020 (May 11, 2020)
Summary
Senate bill 3676 of the 116th Congress, 2D Session, is the Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2020. Wyden introduced it on May 11, 2020, and it was referred to the Committee on Banking, Housing, and Urban Affairs. It extends certain temporary credit union provisions enacted under the CARES Act by striking 'December 31, 2020' and inserting 'December 31, 2021'. It also adds an exception for disaster area member business loans made by an insured credit union that has received a composite rating of either 1 or 2 under the Uniform Financial Institutions Rating System. A final rule is to define when an extension of credit aids in the recovery from the COVID–19 pandemic and does not threaten the safety and soundness of the insured credit union.
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Cite this document
“S. 3676 — Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2020 (May 11, 2020).”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116s3676is-bills-116s3676is/
, SHA-256 0d8a17a795fc72d568208a59ab266257c32903253cfcaec5f4e4f9e996819413.Full text
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.
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
6 of 2020’’.
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7 SEC. 2. TEMPORARY CREDIT UNION PROVISIONS.
8 (a) TEMPORARY CREDIT UNION PROVISIONS.—
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1 (1) EXTENSION OF SUNSET.—Section
2 4016(b)(2) of the CARES Act (12 U.S.C. 1795a
3 note) is amended by striking ‘‘December 31, 2020’’
4 and inserting ‘‘December 31, 2021’’.
5 (2) CONFORMING AMENDMENT.—Section
6 307(a)(4)(A) of the Federal Credit Union Act (12
7 U.S.C. 1795f(a)(4)(A)) is amended by striking ‘‘De-
8 cember 31, 2020’’ and inserting ‘‘December 31,
9 2021’’.
10 (b) EXCEPTION FOR DISASTER AREA MEMBER BUSI-
11 NESS LOANS MADE BY INSURED CREDIT UNIONS.—
12 (1) IN GENERAL.—Section 107A(c)(1)(B) of
13 the Federal Credit Union Act (12 U.S.C.
14 1757a(c)(1)(B)) is amended—
15 (A) in clause (iv), by striking ‘‘or’’ at the
16 end;
17 (B) in clause (v), by striking the period
18 and inserting ‘‘; or’’; and
19 (C) by adding at the end the following:
20 ‘‘(vi) made by an insured credit union
21 that has received a composite rating of ei-
22 ther 1 or 2 under the Uniform Financial
23 Institutions Rating System or an equiva-
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24 lent rating under a comparable rating sys-
25 tem, the proceeds of which will be used to
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1 aid in the recovery from the COVID–19
2 pandemic, if—
3 ‘‘(I) the extension of credit is
4 being made during the period begin-
5 ning on the date of enactment of this
6 clause and ending 1 year after the
7 termination date of the emergency de-
8 clared by the President on March 13,
9 2020, under section 501 of the Robert
10 T. Stafford Disaster Relief and Emer-
11 gency Assistance Act relating to the
12 Coronavirus Disease 2019 (COVID–
13 19) pandemic); and
14 ‘‘(II) the extension of credit does
15 not threaten the safety and soundness
16 of the insured credit union.’’.
17 (2) RULEMAKING.—Not later than the end of
18 the 30-day period beginning on the date of the en-
19 actment of this Act, the National Credit Union Ad-
20 ministration Board shall issue an interim final rule
21 to define—
22 (A) when an extension of credit aids in the
23 recovery from the COVID–19 pandemic for
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24 purposes of section 107A(c)(1)(B)(vi) of the
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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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