Rural Equal Aid Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Aug 11, 2020)
Rural Equal Aid Act
This bill requires the Department of Agriculture (USDA) to pay the principal, interest, and any associated fees owed on loans made under certain rural development loan programs for a six-month period.
USDA must also encourage the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and state bank regulators to not require lenders to increase their reserves on account of receiving such payments made by USDA. USDA must waive statutory limits on maximum loan maturities for certain loan durations where the lender provides a deferral and extends the maturity of such loans and, when necessary to provide more time because of difficulties during the COVID-19 (i.e., coronavirus disease 2019) pandemic, extend lender site visit requirements.
What just happenedSep 11, 2020
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Who’s behind it
- Introduced in HouseAug 11, 2020
- Sep 11, 2020Committee
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Commodity Markets, Digital Assets, and Rural Development Subcommittee - Aug 11, 2020IntroReferralH11100
Referred to the House Committee on Agriculture.
Agriculture Committee - Aug 11, 2020IntroReferralIntro-H
Introduced in House
- Aug 11, 2020IntroReferral1000
Introduced in House