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Reps. Ed Royce, R-Calif., Jared Huffman, D-Calif., Don Young, R-Alaska, and Peter DeFazio, D-Ore., today reintroduced NAFCU-backed legislation to exempt certain residential loans from credit unions' federal statutory cap on member business lending.

H.R. 389, the "Credit Union Residential Loan Parity Act," would remove loans to purchase non-owner-occupied, one- to four-unit dwellings from the calculation of credit unions' MBL cap.

NAFCU has long held that removing or modifying the credit union MBL cap would help provide economic stimulus by allowing small businesses more access to credit without costing taxpayers a dime.