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.
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Net Worth Amendment For Credit Unions Act - (Sec. 2) Amends the Federal Credit Union Act relating to the requirement of prompt corrective action to resolve the problems of an insured credit union at the least possible long-term loss to the National Credit Union Share Insurance Fund.
Redefines net worth as the retained earnings balance of a credit union (as determined under generally accepted accounting principles, as under current law), together with any amounts that were previously retained earnings of any other credit union with which the credit union has combined.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Sponsor introductory remarks on measure. (CR E367)
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Subcommittee Hearings Held.
Mr. Bachus moved to suspend the rules and pass the bill.
Considered under suspension of the rules. (consideration: CR H4368-4371)
DEBATE - The House proceeded with forty minutes of debate on H.R. 1042.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H4368)
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H4368)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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