S. 2957 · 110th Congress
Credit Union Regulatory Improvements Act of 2008
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I
LiebermanSponsor4 cosponsors · 1 D, 2 R, 1 I
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Credit Union Regulatory Improvements Act of 2008 - Amends the Federal Credit Union Act to reduce the minimum net worth ratio requirements of credit unions.
What it does: CRS summary · Introduced in Senate · May 1, 2008
Credit Union Regulatory Improvements Act of 2008 - Amends the Federal Credit Union Act to reduce the minimum net worth ratio requirements of credit unions.
Revises the minimum risk-based net ratio for such capitalizations.
Transfers from the federal banking agencies to the Federal Deposit Insurance Corporation (FDIC) the authority to adjust the net worth levels of credit unions.
Instructs the National Credit Union Administration Board (Board) to design the risk-based net worth requirement to take account of material risks to insured credit unions that are taken account of by comparable standards applicable to FDIC-insured institutions.
Establishes a temporary waiver of the net worth restoration plan requirement for an undercapitalized credit union which attains its status due to a major natural or man-made disaster.
Revamps requirements for limits and restrictions on member business loans.
Authorizes credit unions to lease to any business enterprise separate and clearly distinct space in credit union office buildings in underserved areas.
Authorizes the Board, in specified circumstances, to encompass within credit union membership any person or organization within an underserved local community, neighborhood, or rural district.
Permits a credit union to invest in securities for its own account.
Increases the investment and lending limit in credit union service organizations.
Exempts certain voluntary mergers involving multiple common-bond credit unions from the numerical limit for eligibility within the field of membership category of a credit union.
Directs the Board to prescribe criteria for continued membership of certain member groups in the case of certain credit union conversions to a community charter.
Includes just cause as grounds for expulsion from membership.
Authorizes term limits for board members of federal credit unions.
Revises voting requirements for credit union conversions to mutual savings banks.
Amends the Clayton Act to exempt from its pre-merger notification and waiting period requirements any mergers of one insured credit union activities with another which require agency approval under the Federal Credit Union Act.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Credit Union Regulatory Improvements Act of 2008
Latest action (May 1, 2008): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: May 1, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.