National Consumer Cooperative Bank Liquidation Act

Summary

National Consumer Cooperative Bank Liquidation Act - Repeals the provisions of the National Consumer Cooperative Bank Act to dissolve the National Consumer Cooperative Bank. Abolishes, effective immediately, the Board of Directors of such Bank. Transfers the functions, powers, duties, assets, and liabilities of the National Consumer Cooperative Bank, the Board of Directors, and the Office of Self-Help Development and Technical Assistance to the Secretary of the Treasury. Authorizes the establishment of a fund for such purpose. Permits crediting of loan repayment and other proceeds to such fund and their use to cover expenses associated with the liquidation of the Bank. Directs the Secretary: (1) not to enter into any new loan or loan guarantee commitments on behalf of the Bank; (2) to transfer loans to other Federal agencies or enter into contractual arrangements for loan servicing; and (3) to sell or otherwise dispose of any outstanding loans. Directs the Secretary to liquidate the outstanding capital stock of the Bank. Permits the Secretary to redeem specified classes of stock owned by borrowers either by payment or by reduction of the outstanding balance of the borrowers' loan.

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1 official file

• Introduced in House

  summary · EN · 30 April 1981

  Open at official source

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