Credit Union Reform and Enhancement Act

Summary

Credit Union Reform and Enhancement Act - Amends the Federal Credit Union Act (the Act) to repeal the power of a Federal credit union to invest in the shares or deposits of any central credit union. Permits an insured credit union to invest in another credit union only if the latter is also insured under the Federal Credit Union Act. Sets conditions under which an insured State-chartered credit union may exercise its asset powers. Brings corporate credit unions within the purview of the Act. Directs the National Credit Union Administration Board (NCUA) to promulgate regulations governing corporate credit unions which establish: (1) limits on loans and investments to a single obligor; and (2) minimum capital requirements. Empowers the NCUA to: (1) appoint itself liquidating agent for any State-chartered federally insured credit union; and (2) close such credit union upon determining it is either insolvent or bankrupt. Precludes the NCUA from exercising such power without prior consultation with the appropriate State credit union supervisory authority.

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Timeline

1. 6 June 1995

   Introduced

   Read twice and referred to the Committee on Banking.

   Source: IntroReferral

2. 6 June 1995

   Introduced

   Sponsor introductory remarks on measure. (CR S7778-7779)

   Source: IntroReferral

3. 6 June 1995

   Introduced

   Introduced in Senate

   Source: IntroReferral

4. 28 June 1995

   Reported

   Committee on Banking. Ordered to be reported without amendment favorably.

   Source: Committee

5. 9 August 1995

   Calendars

   Placed on Senate Legislative Calendar under General Orders. Calendar No. 177.

   Source: Calendars

6. 9 August 1995

   Reported

   Committee on Banking. Reported to Senate by Senator D'Amato without amendment. With written report No. 104-133.

   Source: Committee

7. 9 August 1995

   Reported

   Committee on Banking. Reported to Senate by Senator D'Amato without amendment. With written report No. 104-133.

   Source: Committee

8. 11 August 1995

   Floor

   Star Print ordered on Senate report 104-133.

   Source: Floor

Votes

No vote records are attached yet.

Versions

• Reported to Senate · 9 August 1995 · Official file
• Introduced in Senate · 6 June 1995 · Official file

Documents

5 official files

• Reported to Senate (text)

  Reported to Senate · EN · 9 August 1995

  ViewDownloadOpen at official source

• Reported to Senate (PDF)

  Reported to Senate · EN · 9 August 1995

  ViewDownloadOpen at official source

• Introduced in Senate (text)

  Introduced in Senate · EN · 6 June 1995

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 6 June 1995

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 6 June 1995

  Open at official source

Sponsors

• Sen. D'Amato, Alfonse [R-NY] · R · Sponsor
• Sen. Sarbanes, Paul S. [D-MD] · D · Sponsor
• · ssbk00 · Standing

Related records

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