PUBLIC LAW 105-219—AUG. 7, 1998 112 STAT. 913 Public Law 105-219 105th Congress An Act To amend the Federal Credit Union Act to clarify existing law with regard to the field of membership of Federal credit unions, to preserve the integrity and Aug. 7, 1998 purpose of Federal credit unions, to enhance supervisoiy oversight of insured [H.R. 1151] credit unions, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. Credit Union SECTION 1. SHORT TITLE; TABLE OF CONTENTS. SS^^ (a) SHORT TITLE.— T h is Act may be cited as the "Credit Union 12 USC 1751 Membership Access Act". note- (b) TABLE OF CONTENTS.—The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. Sec. 2. Findings. Sec. 3. Definitions. TITLE I—CREDIT UNION MEMBERSHIP Sec. 101. Fields of membership. Sec. 102. Criteria for approval of expansion of membership of multiple commonbond credit unions. Sec. 103. Ge<^^phical guidelines for community credit unions. TITLE II—REGULATION OF CREDIT UNIONS Sec. 201. Financial statement and audit requirements. Sec. 202. Conversion of insured credit unions. Sec. 203. Limitation on member business loans. Sec. 204. National Credit Union Administration Board membership. Sec. 205. Report and congressional review requirement for certain regulations. TITLE III—CAPITALIZATION AND NET WORTH OF CREDIT UNIONS Sec. 301. Prompt corrective action. Sec. 302. National credit union share insurance fund equity ratio, available assets ratio, and standby premium charge. Sec. 303. Access to liquidity. TITLE rV—MISCELLANEOUS PROVISIONS Sec. 401. Study and report on differing regulatory treatment. Sec. 402. Update on review of regulations and paperwork reductions. Sec. 403. Treasury report on reduced taxation and viability of small banks. SEC. 2. FINDINGS. 12 USC 1751 The Congress finds the following: (1) The American credit union movement began as a cooperative effort to serve the productive and provident credit needs of individuals of modest means. (2) Credit unions continue to fulfill this public purpose, and current members and membership groups should not face divestiture from the financial services institution of tiieir choice as a result of recent court action.
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