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116TH CONGRESS
2D SESSION
H. R. 6550
To amend the Federal Credit Union Act to provide an exception from the
member business loan cap for loans made to aid in the recovery from
the COVID–19 emergency.
IN THE HOUSE OF REPRESENTATIVES
APRIL 17, 2020
Mr. SHERMAN (for himself, Mr. YOUNG, Ms. BONAMICI, Mr. FITZPATRICK,
Ms. NORTON, Mrs. NAPOLITANO, Mr. GONZALEZ of Texas, Mr. COOK,
Mrs. HAYES, Ms. FINKENAUER, Ms. BROWNLEY of California, Mr.
HUFFMAN, Mr. PASCRELL, Mrs. DEMINGS, Mr. GARAMENDI, Mr.
LAMALFA, and Mr. VAN DREW) introduced the following bill; which was
referred to the Committee on Financial Services
A BILL
To amend the Federal Credit Union Act to provide an excep-
tion from the member business loan cap for loans made
to aid in the recovery from the COVID–19 emergency.
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 2020’’.
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•HR 6550 IH
SEC. 2. EXCEPTION FOR DISASTER AREA LOANS.
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(a) IN GENERAL.—Section 107A(b) of the Federal
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Credit Union Act (12 U.S.C. 1757a(b)) is amended—
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(1) in paragraph (1), by striking ‘‘or’’ at the
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end;
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(2) in paragraph (2), by striking the period and
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inserting ‘‘; or’’; and
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(3) by adding at the end the following:
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‘‘(3) a member business loan, the proceeds of
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which will be used to aid in the recovery from the
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COVID–19 emergency, if—
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‘‘(A) the extension of credit is being made
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before the end of the 3-year period beginning
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on March 13, 2020; and
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‘‘(B) the extension of credit does not seri-
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ously threaten the safety and soundness of the
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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 regulations 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 emergency for purposes
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of section 107A(b)(3) of the Federal Credit Union
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Act (12 U.S.C. 1757a(b)(3)); and
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•HR 6550 IH
(2) when such extension of credit does not seri-
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ously threaten the safety and soundness of the appli-
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cable insured credit union.
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