Credit Union Reform and Enhancement Act

Credit Union Reform and Enhancement Act - Amends the Federal Credit Union Act (the Act) to repeal the power of a Federal credit union to invest in the shares or deposits of any central credit union.

Permits an insured credit union to invest in another credit union only if the latter is also insured under the Federal Credit Union Act.

Sets conditions under which an insured State-chartered credit union may exercise its asset powers.

Brings corporate credit unions within the purview of the Act. Directs the National Credit Union Administration Board (NCUA) to promulgate regulations governing corporate credit unions which establish: (1) limits on loans and investments to a single obligor; and (2) minimum capital requirements.

Empowers the NCUA to: (1) appoint itself liquidating agent for any State-chartered federally insured credit union; and (2) close such credit union upon determining it is either insolvent or bankrupt. Precludes the NCUA from exercising such power without prior consultation with the appropriate State credit union supervisory authority.