Credit Union Regulatory Improvements Act of 2005 - Amends the Federal Credit Union Act to reduce the minimum net worth ratio requirements of well-capitalized, adequately capitalized, under capitalized, and significantly undercapitalized credit unions. Sets the minimum risk-based net ratio at 8%.
Revises the requirement that the National Credit Union Administration Board design the risk-based net worth standard to take account of any material risks to insured credit unions. Requires the standard to be designed in relation to risk assets, and to be based on comparable standards for taking into account material risks to insured depository institutions under the Federal Deposit Insurance Act that are applicable to credit unions.
Revises definitions relating to net worth of credit unions.
Cites circumstances in which the Board may waive the requirement that an undercapitalized credit union submit an acceptable net worth restoration plan.
Revamps guidelines governing limits and restrictions on member business loans.
Authorizes credit unions to lease to any business enterprise separate and clearly distinct space in buildings in credit union offices in underserved areas.
Permits a credit union to invest securities for its own account.
Increases from 12 to 15 years the term of credit union loans.
Increases from 1% to 3% the investment limit in credit union service organizations.
Permits credit unions to offer check cashing and money transfer services to persons within the field of membership (instead of, as currently, to members only).
Extends to voluntary mergers on or after August 7, 1998, involving multiple common-bond credit unions the exemption from the numerical limit (only a group with fewer than 3,000 members) for eligibility for inclusion in the field of membership category of such a credit union.
Requires the Board to prescribe criteria for continued membership of certain member groups in the case of conversions of certain credit unions to a community charter.
Amends the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 to treat credit unions as banks which shall not be considered brokers or dealers because the credit unions engage in certain broker- or dealer-related activities.
[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2317 Introduced in House (IH)]
109th CONGRESS
1st Session
H. R. 2317
To modernize credit union net worth standards, advance credit union
efforts to promote economic growth, and modify and ease credit union
regulatory standards and burdens, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 12, 2005
Mr. Royce (for himself, Mr. Kanjorski, Mr. LaTourette, Mrs. Maloney,
Mr. Tancredo, Mr. Sanders, Mr. Boehlert, Mr. Gutierrez, Mr. Burton of
Indiana, Mr. Case, Mr. Brown of South Carolina, Ms. Jackson-Lee of
Texas, Mr. Paul, Mr. Chabot, Mr. Cannon, Mr. Cunningham, Mr. Kuhl of
New York, and Mr. Sherman) introduced the following bill; which was
referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To modernize credit union net worth standards, advance credit union
efforts to promote economic growth, and modify and ease credit union
regulatory standards and burdens, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Credit Union Regulatory Improvements
Act of 2005''.
TITLE I--CAPITAL REFORM
SEC. 101. AMENDMENTS TO NET WORTH CATEGORIES.
Section 216(c)(1) of the Federal Credit Union Act (12 U.S.C.
1790d(c)(1)) is amended as follows:
(1) Well capitalized.--
(A) In subparagraph (A)(i), by striking ``7
percent'' and inserting ``5 percent''.
(B) In subparagraph (A)(ii), by striking ``it meets
any applicable risk-based net worth requirement under
subsection (d) of this section'' and inserting ``it has
a risk-based net worth ratio of not less than 8
percent''.
(2) Adequately capitalized.--
(A) In subparagraph (B)(i), by striking ``6
percent'' and inserting ``4 percent''.
(B) In subparagraph (B)(ii), by striking ``it meets
any applicable risk-based net worth requirement under
subsection (d) of this section'' and inserting ``it has
a risk-based net worth ratio of not less than 8
percent''.
(3) Under capitalized.--
(A) In subparagraph (C)(i), by striking ``6
percent'' and inserting ``4 percent''.
(B) In subparagraph (C)(ii), by striking ``it fails
to meet any applicable risk-based net worth requirement
under subsection (d)'' and inserting ``it has a risk-
based net worth ratio of less than 8 percent''.
(4) Significantly undercapitalized.--
(A) In that portion of subparagraph (D) that
precedes clause (i), by inserting ``if'' after
```significantly undercapitalized'''.
(B) In subparagraph (D)(i)--
(i) by striking ``if'';
(ii) by striking ``4 percent'' and
inserting ``3 percent''; and
(iii) by striking ``or'' after the
semicolon.
(C) By striking clause (ii) of subparagraph (D) and
inserting the following new clauses:
``(ii) the insured credit union has a risk-
based net worth ratio of less than 6 percent;
or
``(iii) the insured credit union has a net
worth ratio of less than 4 percent, and--
``(I) fails to submit an acceptable
net worth restoration plan within the
time allowed under subsection (f); or
``(II) materially fails to
implement a net worth restoration plan
accepted by the Board.''.
(5) Relevant capital measures.--Section 216(c)(2) is
amended by striking ``leverage limit'' and inserting ``relevant
capital measures''.
SEC. 102. AMENDMENTS RELATING TO RISK-BASED NET WORTH REQUIREMENTS.
(a) In General.--Section 216(d) of the Federal Credit Union Act (12
U.S.C. 1790d(d)) is amended--
(1) in paragraph (1)--
(A) by striking ``that are complex, as defined by
the Board''; and
(B) by inserting ``, as defined by the Board''
before the period at the end; and
(2) by striking paragraph (2) and inserting the following
new paragraph:
``(2) Standard.--The Board shall design the risk-based net
worth requirement in relation to risk assets, as defined by the
Board, to take account of any material risks to insured credit
unions, based on comparable standards for taking into account
material risks to insured depository institutions under the
Federal Deposit Insurance Act that are applicable to credit
unions.''.
(b) Technical and Conforming Amendment.--The heading for subsection
(d) of section 216 of the Federal Credit Union Act (12 U.S.C. 1790d(d))
is amended by striking ``for Complex Credit Unions''.
SEC. 103. TREATMENT BASED ON OTHER CRITERIA.
Section 216(h)(2) of the Federal Credit Union Act (12 U.S.C.
1790d(h)(2)) is amended by inserting ``, except to reclassify an
insured credit union into the next lower net worth category, based on
interest rate risk, to the extent any such reclassification by a
delegatee may be reviewed by the Board,'' after ``to reclassify an
insured credit union into a lower net worth category''.
SEC. 104. DEFINITIONS RELATING TO NET WORTH.
(a) Net Worth.--Section 216(o)(2) of the Federal Credit Union Act
(12 U.S.C. 1790d(o)(2)) is amended--
(1) in subparagraph (A)--
(A) by inserting ``the'' before ``retained earnings
balance''; and
(B) by inserting ``, together with any amounts that
were previously retained earnings of any other credit
union with which the credit union has combined'' before
the semicolon at the end; and
(2) in subparagraph (B), by inserting ``, subject to
paragraph (6),'' after ``includes''.
(b) Secondary Capital Accounts.--Section 216(o) of the Federal
Credit Union Act (12 U.S.C. 1790d(o)) is amended by adding at the end
the following new paragraph:
``(6) Secondary capital accounts for purposes of
determining net worth.--The Board may establish, by regulation,
the following limitations on the secondary capital accounts
that may be included for purposes of determining the net worth
of any low-income credit union pursuant to paragraph (2)(B):
``(A) A limitation on the initial maturity of any
such account.
``(B) A reduction or limitation on the net worth
valuation of any such account based on the remaining
period to maturity.
``(C) Any other limitation the Board determines to
be appropriate, for safety and soundness purposes, with
respect to credit unions that are not defined as small
credit unions by the Board.''.
(c) Net Worth Ratio.--Paragraph (3) of section 216(o) of the
Federal Credit Union Act (12 U.S.C. 1790d(o)(3)) is amended--
(1) by inserting ``minus the credit union's deposit in the
Fund'' after ``net worth of the credit union''; and
(2) by inserting ``minus the credit union's deposit in the
Fund'' after ``total assets of the credit union''.
(d) Risk-Based Net Worth Ratio.--Section 216(o) of the Federal
Credit Union Act (12 U.S.C. 1790d)(o)) is amended by inserting after
paragraph (4) the following new paragraph:
``(5) Risk-based net worth ratio.--The term `risk-based net
worth ratio' means, with respect to any credit union, the ratio
of--
``(A) the sum of the amount of the net worth of the
credit union and the amount of the loan loss reserves
held by the credit union (subject to such limits on the
extent to which loan loss reserves may be taken into
account for purposes of determining such ratio as the
Board may prescribe), minus the amount of the credit
union's deposit in the Fund; to
``(B) the amount of the risk assets of the credit
union,
as defined by the Board by regulation.''.
SEC. 105. AMENDMENTS RELATING TO NET WORTH RESTORATION PLANS.
(a) Short-Term Waiver of Requirement for Net Worth Restoration Plan
Allowed Under Certain Circumstances.--
(1) In general.--Subsection (f) of section 216 of the
Federal Credit Union Act (12 U.S.C. 1790d(f)) is amended by
adding at the end the following new paragraph:
``(6) Short-term waiver for certain marginally
undercapitalized credit unions.--The Board may, by order on a
case-by-case basis, waive the applicability of the requirement
for an undercapitalized credit union to submit an acceptable
net worth restoration plan to the Board if the Board determines
that--
``(A) the loss of adequately capitalized status by
the credit union is growth-related;
``(B) the credit union is only marginally
undercapitalized; and
``(C) the credit union will only remain
undercapitalized for a relatively short period of
time.''.
(2) Technical and conforming amendment.--Paragraph (1) of
section 216(f) of the Federal Credit Union Act (12 U.S.C.
1790d(f)(1)) is amended by inserting ``(other than a credit
union for which an order under paragraph (6) is in effect)''
after ``credit union that is undercapitalized''.
(b) Treatment of Approval of Plan.--Paragraph (2) of section 216(e)
of the Federal Credit Union Act (12 U.S.C. 1790d(e)(2)) is amended by
inserting ``, or approve a net worth restoration plan of such credit
union that by its terms provides for such a decrease,'' after ``to a
credit union''.
(c) Board Action May Include Order to Credit Union.--Subparagraph
(B) of section 216(i)(1) of the Federal Credit Union Act (12 U.S.C.
1790d(i)(1)(B)) is amended--
(1) by inserting ``, in the discretion of the Board,''
after ``as the Board''; and
(2) by inserting ``including issuing an order to the credit
union requiring the credit union to take action that the Board
determines would achieve such purpose,'' after ``the purpose of
this section,''.
(d) Substitution of 3-Month Period for Calendar Quarter.--
Subparagraph (A) of section 216(i)(3) of the Federal Credit Union Act
(12 U.S.C. 1790d(i)(3)(A)) is amended--
(1) by striking ``calendar quarter'' and inserting ``3-
month period''; and
(2) by inserting ``first'' after ``the date on which the
credit union''.
(e) Clarification of Coordination Requirement.--Clause (ii) of
section 216(l)(3)(A) of the Federal Credit Union Act (12 U.S.C.
1790d(l)(3)(A)) is amended by inserting ``if the Board determines that
such action by the official will carry out the purposes of this
section''.
TITLE II--ECONOMIC GROWTH
SEC. 201. LIMITS ON MEMBER BUSINESS LOANS.
Section 107A(a) of the Federal Credit Union Act (12 U.S.C.
1757a(a)) is amended by striking ``the lesser of--'' and all that
follows and inserting ``20 percent of the total assets of the credit
union.''.
SEC. 202. DEFINITION OF MEMBER BUSINESS LOAN.
Section 107A(c)(1)(B)(iii) of the Federal Credit Union Act (12
U.S.C. 1757a(c)(1)(B)(iii)) is amended by striking ``$50,000'' and
inserting ``an amount, not to exceed $100,000, that the Board shall
prescribe by regulation''.
SEC. 203. RESTRICTION ON MEMBER BUSINESS LOANS.
Section 216(g)(2) of the Federal Credit Union Act (12 U.S.C.
1790d(g)(2)) is amended by striking ``until such time as the credit
union becomes adequately capitalized'' and inserting ``unless otherwise
approved by the Board''.
SEC. 204. MEMBER BUSINESS LOAN EXCLUSION FOR LOANS TO NONPROFIT
RELIGIOUS ORGANIZATIONS.
Section 107A(a) of the Federal Credit Union Act (12 U.S.C.
1757a(a)) is amended by inserting ``, excluding loans made to nonprofit
religious organizations,'' after ``total amount of such loans''.
SEC. 205. CREDIT UNIONS AUTHORIZED TO LEASE SPACE IN BUILDINGS IN
CREDIT UNION OFFICES IN UNDERSERVED AREAS.
Section 107 of the Federal Credit Union Act (12 U.S.C. 1757) is
amended--
(1) by striking ``and'' at the end of paragraph (16);
(2) by redesignating paragraph (17) as paragraph (18);
(3) by inserting after paragraph (16) the following new
paragraph:
``(17) with regard to any building purchased or constructed
by the credit union for a credit union office or credit union
operations in an underserved area, to lease office space in
such building that is separate and clearly distinct from any
office or operation of the credit union to any business
enterprise, subject to such regulations the Board may
prescribe, taking into account the safety and soundness of the
credit union; and'';
(4) in the matter preceding paragraph (1) by striking ``A
Federal credit union'' and inserting ``(a) In General.--Any
Federal credit union''; and
(5) adding at the end the following new subsection:
``(c) Underserved Area Defined.--For purposes of subsection
(a)(17), the term `underserved area' means an area consisting of 1 or
more census tracts that have--
``(1) a poverty rate of 20 percent or greater, based on the
most recent census data; or
``(2) a median family income that does not exceed 80
percent of the greater of--
``(A) the median family income for the metropolitan
area in which such census tract or tracts are located;
or
``(B) the median family income for the State in
which such census tract or tracts are located.''.
TITLE III--REGULATORY MODERNIZATION
SEC. 301. LEASES OF LAND ON FEDERAL FACILITIES FOR CREDIT UNIONS.
(a) In General.--Section 124 of the Federal Credit Union Act (12
U.S.C. 1770) is amended--
(1) by striking ``Upon application by any credit union''
and inserting ``Notwithstanding any other provision of law,
upon application by any credit union'';
(2) by inserting ``on lands reserved for the use of, and
under the exclusive or concurrent jurisdiction of, the United
States or'' after ``officer or agency of the United States
charged with the allotment of space'';
(3) by inserting ``lease land or'' after ``such officer or
agency may in his or its discretion''; and
(4) by inserting ``or the facility built on the leased
land'' after ``credit union to be served by the allotment of
space''.
(b) Clerical Amendment.--The heading for section 124 is amended by
inserting ``or on federal land'' after ``buildings''.
SEC. 302. INVESTMENTS IN SECURITIES BY FEDERAL CREDIT UNIONS.
Section 107 of the Federal Credit Union Act (12 U.S.C. 1757) (as
amended by section 205 of this Act) is amended by inserting after
subsection (a) the following new subsection:
``(b) Investment for the Credit Union's Own Account.--
``(1) In general.--In addition to the investments
authorized in subsection (a), a Federal credit union may
purchase and hold for its own account such investment
securities of investment grade as the Board may authorize by
regulation, subject to such limitations and restrictions as the
Board may prescribe in the regulations.
``(2) Percentage limitations.--
``(A) Single obligor.--In no event may the total
amount of investment securities of any single obligor
or maker held by a Federal credit union for the credit
union's own account exceed at any time an amount equal
to 10 percent of the net worth of the credit union.
``(B) Aggregate investments.--In no event may the
aggregate amount of investment securities held by a
Federal credit union for the credit union's own account
exceed at any time an amount equal to 10 percent of the
assets of the credit union.
``(3) Investment security defined.--
``(A) In general.--For purposes of this subsection,
the term `investment security' means marketable
obligations evidencing the indebtedness of any person
in the form of bonds, notes, or debentures and other
instruments commonly referred to as investment
securities.
``(B) Further definition by board.--The Board may
further define the term `investment security'.
``(4) Investment grade defined.--The term `investment
grade' means with respect to an investment security purchased
by a credit union for its own account, an investment security
that at the time of such purchase is rated in one of the 4
highest rating categories by at least 1 nationally recognized
statistical rating organization.
``(5) Clarification of prohibition on stock ownership.--No
provision of this subsection shall be construed as authorizing
a Federal credit union to purchase shares of stock of any
corporation for the credit union's own account, except as
otherwise permitted by law.''.
SEC. 303. INCREASE IN GENERAL 12-YEAR LIMITATION OF TERM OF FEDERAL
CREDIT UNION LOANS TO 15 YEARS.
Section 107(a)(5) of the Federal Credit Union Act (12 U.S.C.
1757(5)) (as so designated by section 205 of this Act) is amended--
(1) in the matter preceding subparagraph (A), by striking
``to make loans, the maturities of which shall not exceed
twelve years except as otherwise provided herein'' and
inserting ``to make loans, the maturities of which shall not
exceed 15 years or any longer maturity as the Board may allow,
in regulations, except as otherwise provided in this Act'';
(2) in subparagraph (A)--
(A) by striking clause (ii);
(B) by redesignating clauses (iii) through (x) as
clauses (ii) through (ix), respectively; and
(C) by inserting ``and'' after the semicolon at the
end of clause (viii) (as so redesignated).
SEC. 304. INCREASE IN 1 PERCENT INVESTMENT LIMIT IN CREDIT UNION
SERVICE ORGANIZATIONS.
Section 107(a)(7)(I) of the Federal Credit Union Act (12 U.S.C.
1757(7)(I)) (as so designated by section 205 of this Act) is amended by
striking ``up to 1 per centum of the total paid'' and inserting ``up to
3 percent of the total paid''.
SEC. 305. CHECK CASHING AND MONEY TRANSFER SERVICES OFFERED WITHIN THE
FIELD OF MEMBERSHIP.
Paragraph (12) of section 107(a) of the Federal Credit Union Act
(12 U.S.C. 1757(12)) (as so designated by 205 of this Act) is amended
to read as follows:
``(12) in accordance with regulations prescribed by the
Board--
``(A) to sell, to persons in the field of
membership, negotiable checks (including travelers
checks), money orders, and other similar money transfer
instruments (including international and domestic
electronic fund transfers); and
``(B) to cash checks and money orders and receive
international and domestic electronic fund transfers
for persons in the field of membership for a fee;''.
SEC. 306. VOLUNTARY MERGERS INVOLVING MULTIPLE COMMON-BOND CREDIT
UNIONS.
Section 109(d)(2) of the Federal Credit Union Act (12 U.S.C.
1759(d)(2)) is amended--
(1) by striking ``or'' at the end of clause (ii) of
subparagraph (B);
(2) by striking the period at the end of subparagraph (C)
and inserting ``; or''; and
(3) by adding at the end the following new subparagraph:
``(D) a merger involving any such Federal credit
union approved by the Board on or after August 7,
1998.''.
SEC. 307. CONVERSIONS OF CERTAIN CREDIT UNIONS TO A COMMUNITY CHARTER.
Section 109(g) of the Federal Credit Union Act (12 U.S.C. 1759(g))
is amended by inserting after paragraph (2) the following new
paragraph:
``(3) Criteria for continued membership of certain member
groups in community charter conversions.--In the case of a
voluntary conversion of a credit union described in paragraph
(1) or (2) of subsection (b) into a community credit union
described in subsection (b)(3), the Board shall prescribe, by
regulation, the criteria under which the Board may determine
that a member group or other portion of a credit union's
existing membership, that is located outside the well-defined
local community, neighborhood, or rural district that shall
constitute the community charter, can be satisfactorily served
by the credit union and remain within the community credit
union's field of membership permitting new members to be added
from such groups.''.
SEC. 308. CREDIT UNION GOVERNANCE.
(a) Expulsion of Members for Just Cause.--Subsection (b) of section
118 of the Federal Credit Union Act (12 U.S.C. 1764(b)) is amended to
read as follows:
``(b) Policy and Actions of Boards of Directors of Federal Credit
Unions.--
``(1) Expulsion of members for nonparticipation or for just
cause.--The board of directors of a Federal credit union may,
by majority vote of a quorum of directors, adopt and enforce a
policy with respect to expulsion from membership, by a majority
vote of such board of directors, based on just cause, including
disruption of credit union operations, or on nonparticipation
by a member in the affairs of the credit union.
``(2) Written notice of policy to members.--If a policy
described in paragraph (1) is adopted, written notice of the
policy as adopted and the effective date of such policy shall
be provided to--
``(A) each existing member of the credit union not
less than 30 days prior to the effective date of such
policy; and
``(B) each new member prior to or upon applying for
membership.''.
(b) Term Limits Authorized for Board Members of Federal Credit
Unions.--Section 111(a) of the Federal Credit Union Act (12 U.S.C.
1761(a)) is amended by adding at the end the following new sentence:
``The bylaws of a Federal credit union may limit the number of
consecutive terms any person may serve on the board of directors of
such credit union.''.
(c) Reimbursement for Lost Wages Due to Service on Credit Union
Board not Treated as Compensation.--Section 111(c) of the Federal
Credit Union Act (12 U.S.C. 1761(c)) is amended by inserting ``,
including lost wages,'' after ``the reimbursement of reasonable
expenses''.
SEC. 309. PROVIDING THE NATIONAL CREDIT UNION ADMINISTRATION WITH
GREATER FLEXIBILITY IN RESPONDING TO MARKET CONDITIONS.
Section 107(a)(5)(A)(vi)(I) of the Federal Credit Union Act (12
U.S.C. 1757(5)(A)(vi)(I)) (as so designated and amended by sections 205
and 303 of this Act) is amended by striking ``six-month period and that
prevailing interest rate levels'' and inserting ``6-month period or
that prevailing interest rate levels''.
SEC. 310. CREDIT UNION CONVERSION VOTING REQUIREMENTS.
Section 205(b)(2)(B) of the Federal Credit Union Act (12 U.S.C.
1785(b)(2)(B)) is amended by inserting ``, in a vote in which at least
20 percent of the credit union membership participates'' before the
period at the end.
SEC. 311. EXEMPTION FROM PRE-MERGER NOTIFICATION REQUIREMENT OF THE
CLAYTON ACT.
Section 7A(c)(7) of the Clayton Act (15 U.S.C. 18a(c)(7)) is
amended by inserting ``section 205(b)(3) of the Federal Credit Union
Act (12 U.S.C. 1785(b)(3)),'' before ``or section 3''.
SEC. 312. TREATMENT OF CREDIT UNIONS AS BANKS UNDER SECURITIES LAWS.
(a) Definition of Bank Under the Securities Exchange Act of 1934.--
Section 3(a)(6) of the Securities Exchange Act of 1934 (15 U.S.C.
78c(a)(6)) is amended--
(1) by striking ``this title, and (D) a receiver'' and
inserting ``this title, (D) an insured credit union (as defined
in section 101(7) of the Federal Credit Union Act) but only for
purposes of paragraphs (4) and (5) of this subsection and only
for activities otherwise authorized by applicable laws to which
such credit unions are subject, and (E) a receiver''; and
(2) in subparagraph (E) (as so redesignated by paragraph
(1) of this subsection) by striking ``(A), (B), or (C)'' and
inserting ``(A), (B), (C), or (D)''.
(b) Definition of Bank Under the Investment Advisers Act of 1940.--
Section 202(a)(2) of the Investment Advisers Act of 1940 (15 U.S.C.
80b-2(a)(2)) is amended--
(1) by striking ``this title, and (D) a receiver'' and
inserting ``this title, (D) an insured credit union (as defined
in section 101(7) of the Federal Credit Union Act) but only for
activities otherwise authorized by applicable laws to which
such credit unions are subject, and (E) a receiver''; and
(2) in subparagraph (E) (as so redesignated by paragraph
(1) of this subsection) by striking ``(A), (B), or (C)'' and
inserting ``(A), (B), (C), or (D)''.
(c) Definition of Appropriate Federal Banking Agency Under the
Securities Exchange Act of 1934.--Section 3(a)(34) of the Securities
Exchange Act of 1934 (15 U.S.C. 78c(a)(34)) is amended--
(1) in subparagraph (A)--
(A) by striking ``and'' at the end of clause (iii);
(B) by redesignating clause (iv) as clause (v); and
(C) by inserting the following new clause after
clause (iii):
``(iv) the National Credit Union
Administration Board, in the case of an insured
credit union (as defined in section 101(7) of
the Federal Credit Union Act) or a subsidiary
or a department or division of any such insured
credit union; and'';
(2) in subparagraph (B)--
(A) by striking ``and'' at the end of clause (iii);
(B) by redesignating clause (iv) as clause (v); and
(C) by inserting the following new clause after
clause (iii):
``(iv) the National Credit Union
Administration Board, in the case of an insured
credit union (as defined in section 101(7) of
the Federal Credit Union Act) or a subsidiary
of any such insured credit union; and'';
(3) in subparagraph (C)--
(A) by striking ``and'' at the end of clause (iii);
(B) by redesignating clause (iv) as clause (v); and
(C) by inserting the following new clause after
clause (iii):
``(iv) the National Credit Union
Administration Board, in the case of an insured
credit union (as defined in section 101(7) of
the Federal Credit Union Act) or a subsidiary
of any such insured credit union; and'';
(4) in subparagraph (D)--
(A) by striking ``and'' at the end of clause (ii);
(B) by redesignating clause (iii) as clause (iv);
and
(C) by inserting the following new clause after
clause (ii):
``(iii) the National Credit Union
Administration Board, in the case of an insured
credit union (as defined in section 101(7) of
the Federal Credit Union Act); and''; and
(5) in subparagraph (F)--
(A) by redesignating clauses (ii), (iii), and (iv)
as clauses (iii), (iv), and (v), respectively; and
(B) by inserting the following new clause after
clause (i):
``(ii) the National Credit Union
Administration Board, in the case of an insured
credit union (as defined in section 101(7) of
the Federal Credit Union Act);''.
(d) Definition of Appropriate Federal Banking Agency Under the
Investment Advisers Act of 1940.--Section 210A(c) of the Investment
Advisers Act of 1940 (15 U.S.C. 80b-10a(c)) is amended by inserting
``and includes the National Credit Union Administration Board, in the
case of an insured credit union (as defined in section 101(7) of the
Federal Credit Union Act)'' before the period at the end.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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