Credit Union Savers Relief Act of 1980

Summary

Credit Union Savers Relief Act of 1980 - Amends the Federal Credit Union Act to establish a maximum interest rate on loans to members of 12 percent per year inclusive of all finance charges. Authorizes the board of directors of each credit union to increase this rate to 15 percent in accordance with regulations promulgated by the National Credit Union Administration Board. Empowers the Board to increase the 15 percent maximum rate for a single, 18-month period if money market interest rates have risen over the preceding six months, and disintermediation threatening credit unions has occurred. Requires the Board to consult with the appropriate committees of the Congress, the Department of the Treasury, and the other Federal agencies regulating financial institutions before exercising such authority. States that required balances need not be considered when determining the interest rate on loans made by agent members of the National Credit Union Administration Central Liquidity Facility.

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1 official file

• Introduced in House

  summary · EN · 25 February 1980

  Open at official source

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