[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1042 Referred in Senate (RFS)]
1st Session
H. R. 1042
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 14, 2005
Received
June 16, 2005
Read twice and referred to the Committee on Banking, Housing, and Urban
Affairs
_______________________________________________________________________
AN ACT
To amend the Federal Credit Union Act to clarify the definition of net
worth under certain circumstances for purposes of the prompt corrective
action authority of the National Credit Union Administration Board, 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 ``Net Worth Amendment For Credit
Unions Act''.
SEC. 2. CLARIFICATION OF DEFINITION OF NET WORTH UNDER CERTAIN
CIRCUMSTANCES FOR PURPOSES OF PROMPT CORRECTIVE ACTION.
Subparagraph (A) of section 216(o)(2) of the Federal Credit Union
Act (12 U.S.C. 1790d(o)(2)(A)) is amended--
(1) by inserting ``the'' before ``retained earnings
balance''; and
(2) 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.
Passed the House of Representatives June 13, 2005.
Attest:
JEFF TRANDAHL,
Clerk.