3.0.0 2957 2017-12-15T00:05:13Z 2017-12-15T00:05:13Z Senate S S 2008-05-01 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2008-05-01T18:45:15Z Credit Union Regulatory Improvements Act of 2007 110 1537 HR 2007-03-15 Referred to the House Committee on Financial Services. Related bill CRS 2008-05-01 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2008-05-01 Sponsor introductory remarks on measure. (CR S3708-3710) IntroReferral B00100 9 Library of Congress 2008-05-01 Introduced in Senate IntroReferral 10000 9 Library of Congress L000304 Sen. Lieberman, Joseph I. [ID-CT] JOSEPH LIEBERMAN ID CT I. N S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2008-05-14 False C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. 2008-06-04 False S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. 2008-06-04 False L000550 Sen. Landrieu, Mary L. [D-LA] MARY LANDRIEU D LA 2008-07-09 False Finance and Financial Sector Administrative procedure Bank capital Bank loans Bank management Bank mergers Commerce Credit unions Department of the Treasury Deposit insurance Disasters Emergency Management Executive reorganization Federal Deposit Insurance Corporation Federal Reserve System Government Operations and Politics Investments Law Leases National Credit Union Administration Risk Savings banks Securities Finance and Financial Sector 00 2008-05-01 Introduced in Senate 2008-07-31T15:05:05Z Credit Union Regulatory Improvements Act of 2008 - Amends the Federal Credit Union Act to reduce the minimum net worth ratio requirements of credit unions.

Revises the minimum risk-based net ratio for such capitalizations.

Transfers from the federal banking agencies to the Federal Deposit Insurance Corporation (FDIC) the authority to adjust the net worth levels of credit unions.

Instructs the National Credit Union Administration Board (Board) to design the risk-based net worth requirement to take account of material risks to insured credit unions that are taken account of by comparable standards applicable to FDIC-insured institutions.

Establishes a temporary waiver of the net worth restoration plan requirement for an undercapitalized credit union which attains its status due to a major natural or man-made disaster.

Revamps requirements for limits and restrictions on member business loans.

Authorizes credit unions to lease to any business enterprise separate and clearly distinct space in credit union office buildings in underserved areas.

Authorizes the Board, in specified circumstances, to encompass within credit union membership any person or organization within an underserved local community, neighborhood, or rural district.

Permits a credit union to invest in securities for its own account.

Increases the investment and lending limit in credit union service organizations.

Exempts certain voluntary mergers involving multiple common-bond credit unions from the numerical limit for eligibility within the field of membership category of a credit union.

Directs the Board to prescribe criteria for continued membership of certain member groups in the case of certain credit union conversions to a community charter.

Includes just cause as grounds for expulsion from membership.

Authorizes term limits for board members of federal credit unions.

Revises voting requirements for credit union conversions to mutual savings banks.

Amends the Clayton Act to exempt from its pre-merger notification and waiting period requirements any mergers of one insured credit union activities with another which require agency approval under the Federal Credit Union Act.

]]> Credit Union Regulatory Improvements Act of 2008 Short Titles as Introduced Credit Union Regulatory Improvements Act of 2008 Display Title Credit Union Regulatory Improvements Act of 2008 Official Title as Introduced A bill to modernize credit union net worth standards, advance credit union efforts to promote economic growth, and modify credit union regularity standards and reduce burdens, and for other purposes. Introduced in Senate 2008-05-01T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2957is/xml/BILLS-110s2957is.xml 2008-05-01 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.