I
112th CONGRESS
2d Session
H. R. 3993
IN THE HOUSE OF REPRESENTATIVES
February 9, 2012
Mr. King of New York (for himself, Mr. Sherman, Mr. Paul, Mr. Meeks, Mr. Kissell, and Mr. Filner) introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To clarify the National Credit Union Administration authority to improve credit union safety and soundness.
Short title
This Act may be cited as the
Capital Access for Small Businesses and Jobs
Act
.
Improving credit union safety and soundness
The Federal Credit Union Act (12 U.S.C. 1751 et seq.) is amended—
in section 107—
in paragraph (16),
by striking and
at the end;
in paragraph (17),
by striking the period and inserting ; and
; and
by adding at the end the following:
to receive payments, representing equity, on uninsured non-share capital accounts described under section 216(o)(2)(D), subject to such terms, rates, and conditions as may be established by the board of directors, within limitations prescribed by the Board.
; and
in section 216—
in subsection (b)(1)(B)(ii), by striking
must rely
and inserting rely predominantly
;
and
in subsection (o)(2)—
in
subparagraph (B), by striking and
at the end;
in
subparagraph (C)(ii), by striking the period and inserting ;
and
; and
by adding at the end the following:
with respect to any insured credit union other than a low-income credit union, includes non-share capital accounts as authorized by the Board, that—
do not alter the cooperative nature of the credit union;
are uninsured;
are subordinate to all other claims against the credit union, including the claims of creditors, shareholders, and the Fund;
are available to be applied to cover operating losses of the credit union in excess of its retained earnings and, to the extent so applied, will not be replenished;
are subject to maturity limits as determined by the Board; and
are offered by a credit union that is determined by the Board to be sufficiently capitalized and well-managed.
.