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In action backed by NAFCU, Sen. Ron Wyden, D-Ore., last week introduced a Senate companion to a House bill excluding loans for the purchase of one-to four-unit, non-owner-occupied buildings from credit unions' members business lending cap.

Wyden's S. 1440 is similar to H.R. 1422, the "Credit Union Residential Loan Parity Act," introduced in March by Reps. Ed Royce, R-Calif., and Rep. Jared Huffman, D-Calif.

NAFCU President and CEO Dan Berger thanked the lawmakers for their continued push to remove a disparity in the current-law treatment of such loans provided by credit unions and banks.

"We appreciate Senator Wyden's leadership in seeking to help level the playing field for credit unions in the area of member business lending," said NAFCU President and CEO Dan Berger. "This bill would go a long way toward making rental housing more available and affordable, and we look forward to working with lawmakers, and staff, in both the House and Senate to win passage."

Modifying member business lending authority is a key tenet of NAFCU's five-point plan for credit union regulatory relief.