Consumer Home Mortgage Assistance Act

Summary

Consumer Home Mortgage Assistance Act - Title I: Lending and Investment Powers, Federal Savings and Loan Associations - Revises the Home Owners' Loan Act by making technical changes to modify the lending and investment powers of Federal savings and loan associations so as to increase the availability of mortgage credit for the financing of residential housing. Authorizes loans of $10,000 for property improvement under the Home Owner's Loan Act. Title II: National Banks - Revises the regulations governing real estate, forest tract, construction and commerical loans made by national banking associations. Title III: Federal Credit Unions - Revises the Federal Credit Union Act by setting forth new procedures for the operation of boards of directors of federal credit unions. Allows Federal credit union loans to their own directors provided such loans in excess of $2500 plus pledged shares are approved by the boards of directors. Prescribes changes in the operations of federal credit union credit committees. Specifies the conditions under which an insured credit union may terminate its status as an insured credit union. Authorizes the Administrator of the National Credit Union Administration to make loans to, or purchase the assets of, or establish accounts in, any insured credit union in order to prevent its closing or in order to reopen a closed insured credit union.

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1 official file

• Introduced in House

  summary · EN · 13 May 1974

  Open at official source

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