A bill to amend the Federal Credit Union Act with respect to the termination of insured status under the act of credit unions other than Federal credit unions.

Provides that any insured credit union other than a Federal credit union may terminate its status as an insured credit union: (1) upon not less than ninety days written notice to the Administrator; and (2) upon the affirmative vote of a majority of its members within one year prior to the giving of such notice; or (3) upon obtaining a certificate of insurance from a corporation authorized and duly licensed to insure the accounts of such credit union and provided that at the time of such application for termination of insured status, no action is pending against such credit union.