S. 544Senate118th Congress (2023-2025)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.

AI-Generated Summary

Updated January 20, 2026 at 4:03 AM UTC

The bill changes the Federal Credit Union Act’s rules on which credit unions can serve as Agent members of the National Credit Union Administration’s Central Liquidity Facility. It lets the NCUA board decide which credit unions qualify, rather than automatically including all of them, but sets a three‑year sunset that will restore the original rule. The change affects credit unions that might act as agents for the liquidity facility.

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,” giving the board authority to select eligible credit unions.
Adds a sunset provision that, three years after the law’s enactment, the language reverts to “all those credit unions,” effectively ending the board’s discretionary authority.

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 S533)

Banking, Housing, and Urban Affairs Committee

February 28, 2023

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SenateIntro Referral

Introduced in Senate

February 28, 2023

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S533)

Banking, Housing, and Urban Affairs Committee

February 28, 2023

Floor Debate

2 members

What members said about S. 544 on the floor

1 Republican1 Democrat

Sen. Alex PadillaD-CA · Feb 28, 2023

Madam President, I rise to speak in support of the bipartisan bill that I introduced today with Senator Cramer to help ensure the financial stability of smaller credit unions. Congress created the…

Sen. Alex PadillaD-CA · Feb 28, 2023

Madam President, I rise to speak in support of the bipartisan bill that I introduced today with Senator Cramer to help ensure the financial stability of smaller credit unions. Congress created the…

Sen. John ThuneR-SD · Feb 28, 2023

Madam President, I ask unanimous consent that the text of the bill be printed in the Record.

Bill Text

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Introduced in SenateIssued February 28, 2023

118th CONGRESS

1st Session

S. 544

IN THE SENATE OF THE UNITED STATES

February 28, 2023

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.

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 the date that is 3 years after the date of enactment of this Act.