A bill to amend the Federal Credit Union Act (12 U.S.C. Sections 1751 et seq.) to further capitalize the National Credit Union Share Insurance Fund and for other purposes.

Summary

Amends the Federal Credit Union Act to require each insured credit union to post and maintain with the National Credit Union Share Insurance Fund a refundable deposit in the amount equalling one percent of the credit union's total insured member accounts. Makes such deposit amount refundable to an insured union in the event that the insurance coverage is terminated (but not in the event of liquidation on account of insolvency). Permits a phased-in payment of the deposit requirements over a number of years. Permits the National Credit Union Association to issue regulations concerning the distribution of a liquidating Federal credit union's assets. Provides that the National Credit Union association's recovery of insurance payout in the case of a State credit union shall be the same as in the case of a Federal credit union.

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Timeline

1. 17 November 1983

   Introduced

   Read twice and referred to the Committee on Banking.

   Source: IntroReferral

2. 17 November 1983

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 17 November 1983

  Open at official source

Sponsors

• Sen. Garn, E. J. (Jake) [R-UT] · R · Sponsor
• Sen. Proxmire, William [D-WI] · D · Sponsor
• · ssbk00 · Standing

Related records

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