HR 3993 IHCommentsClose CommentsPermalink

112th CONGRESSCommentsClose CommentsPermalink

2d SessionCommentsClose CommentsPermalink

H. R. 3993CommentsClose CommentsPermalink

To clarify the National Credit Union Administration authority to improve credit union safety and soundness.CommentsClose CommentsPermalink

IN THE HOUSE OF REPRESENTATIVESCommentsClose CommentsPermalink

February 9, 2012CommentsClose CommentsPermalink

Mr. KING of New York (for himself, Mr. SHERMAN, Mr. PAUL, Mr. MEEKS, Mr. KISSELL, and Mr. FILNER) introduced the following bill; which was referred to the Committee on Financial ServicesCommentsClose CommentsPermalink

A BILLCommentsClose CommentsPermalink

To clarify the National Credit Union Administration authority to improve credit union safety and soundness.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Capital Access for Small Businesses and Jobs Act’.CommentsClose CommentsPermalink

SEC. 2. IMPROVING CREDIT UNION SAFETY AND SOUNDNESS.

The Federal Credit Union Act (12 U.S.C. 1751 et seq.) is amended--CommentsClose CommentsPermalink





(1) in section 107--CommentsClose CommentsPermalink





(A) in paragraph (16), by striking ‘and’ at the end;CommentsClose CommentsPermalink





(B) in paragraph (17), by striking the period and inserting ‘; and’; andCommentsClose CommentsPermalink





(C) by adding at the end the following:CommentsClose CommentsPermalink





‘(18) to receive payments, representing equity, on uninsured non-share capital accounts described under section 216(o)(2)(D), subject to such terms, rates, and conditions as may be established by the board of directors, within limitations prescribed by the Board.’; andCommentsClose CommentsPermalink





(2) in section 216--CommentsClose CommentsPermalink





(A) in subsection (b)(1)(B)(ii), by striking ‘must rely’ and inserting ‘rely predominantly’; andCommentsClose CommentsPermalink





(B) in subsection (o)(2)--CommentsClose CommentsPermalink





(i) in subparagraph (B), by striking ‘and’ at the end;CommentsClose CommentsPermalink





(ii) in subparagraph (C)(ii), by striking the period and inserting ‘; and’; andCommentsClose CommentsPermalink





(iii) by adding at the end the following:CommentsClose CommentsPermalink





‘(D) with respect to any insured credit union other than a low-income credit union, includes non-share capital accounts as authorized by the Board, that--CommentsClose CommentsPermalink





‘(i) do not alter the cooperative nature of the credit union;CommentsClose CommentsPermalink





‘(ii) are uninsured;CommentsClose CommentsPermalink





‘(iii) are subordinate to all other claims against the credit union, including the claims of creditors, shareholders, and the Fund;CommentsClose CommentsPermalink





‘(iv) are available to be applied to cover operating losses of the credit union in excess of its retained earnings and, to the extent so applied, will not be replenished;CommentsClose CommentsPermalink





‘(v) are subject to maturity limits as determined by the Board; andCommentsClose CommentsPermalink





‘(vi) are offered by a credit union that is determined by the Board to be sufficiently capitalized and well-managed.’.CommentsClose CommentsPermalink