Sec. 1. Exception for disaster area loans
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Section 107A(b) of the Federal Credit Union Act ( 12 U.S.C. 1757a(b) ) is amended— in paragraph (1), by striking or at the end; in paragraph (2), by striking the period and inserting ; or ; and by adding at the end the following: a member business loan, the proceeds of which will be used to aid in the recovery from a disaster, if— such disaster was the basis for the declaration of a major disaster area under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5170 ); and the extension of credit is being made before the end of the 5-year period beginning on the date of such declaration. .
Not later than the end of the 180-day period beginning on the date of the enactment of this Act, the National Credit Union Administration Board shall issue regulations to define when an extension of credit aids in the recovery from a disaster for purposes of section 107A(b)(3) of the Federal Credit Union Act ( 12 U.S.C. 1757a(b)(3) ).
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