S. 5183Senate117th Congress (2021-2023)In Committee

A bill to amend the Federal Credit Union Act to provide a sunset for certain ways in which credit unions may be Agent members of the National Credit Union Administration Central Liquidity Facility.

Introduced December 5, 2022

AI-Generated Summary

Updated February 8, 2026 at 6:35 PM UTC

The bill temporarily changes the Federal Credit Union Act to let the NCUA Board decide which credit unions can serve as Agent members of the Central Liquidity Facility, rather than limiting it to all credit unions. The change is set to expire on December 31, 2027, after which the original wording returns. This affects credit unions that might become agents of the facility and the NCUA’s discretion over that eligibility.

Key Provisions

  • Amends Section 304(b)(2) to replace “all those credit unions” with “such credit unions as the Board may in its discretion determine,” expanding eligibility for Agent membership.
  • Adds a sunset provision that restores the original wording “all those credit unions” effective December 31, 2027.

Legislative Activity

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1 earlier action
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S6964)

December 5, 2022

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SenateIntro Referral

Introduced in Senate

December 5, 2022

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S6964)

December 5, 2022

Floor Debate

2 members

What members said about S. 5183 on the floor

2 Democrats
Thomas R. Carper
Sen. Thomas R. CarperD-DE · Dec 5, 2022

Mr. President, today I am pleased to introduce along with the Senator from South Carolina, Mr. Graham, the Strengthening Coastal Communities Act of 2022. The Strengthening Coastal Communities Act of…

Alex Padilla
Sen. Alex PadillaD-CA · Dec 5, 2022

Mr. President, I rise to speak in support of the bill that I introduced today to help ensure the financial stability of smaller credit unions. Congress created the Central Liquidity Facility in 1978…

Alex Padilla
Sen. Alex PadillaD-CA · Dec 5, 2022

Mr. President, I rise to speak in support of the bill that I introduced today to help ensure the financial stability of smaller credit unions. Congress created the Central Liquidity Facility in 1978…

Bill Text

Latest available legislative text

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Introduced in SenateIssued December 5, 2022

II

117th CONGRESS

2d Session

S. 5183

IN THE SENATE OF THE UNITED STATES

December 5, 2022

Mr. Padilla (for himself and Mr. Cramer) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To amend the Federal Credit Union Act to provide a sunset for certain ways in which credit unions may be Agent members of the National Credit Union Administration Central Liquidity Facility.

1.

Agent membership

(a)

In general

Section 304(b)(2) of the Federal Credit Union Act (12 U.S.C. 1795c(b)(2)) is amended by striking all those credit unions and inserting such credit unions as the Board may in its discretion determine.

(b)

Sunset

(1)

In general

Section 304(b)(2) of the Federal Credit Union Act (12 U.S.C. 1795c(b)(2)) is amended by striking such credit unions as the Board may in its discretion determine and inserting all those credit unions.

(2)

Effective date

The amendments made by paragraph (1) shall take effect on December 31, 2027.