[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2988 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 2988

  To enhance the resources available to community development credit 
                                unions.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 6, 1993

  Mr. Orton introduced the following bill; which was referred to the 
            Committee on Banking, Finance and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
  To enhance the resources available to community development credit 
                                unions.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Credit Union Community Development 
Enhancement Act of 1993''.

SEC. 2. POLICY.

    It is the policy of the Congress to facilitate community 
development through the enhancement of programs which have proven to be 
successful in serving predominantly low income areas.

SEC. 3. COMMUNITY DEVELOPMENT CREDIT UNION ASSISTANCE.

    (a) In General.--The Federal Credit Union Act is amended by 
inserting after section 129 (12 U.S.C. 1772c)) the following new 
section:

``SEC. 130. COMMUNITY DEVELOPMENT REVOLVING LOAN FUND FOR CREDIT 
              UNIONS.

    ``(a) Authorization of Appropriations.--There is authorized to be 
appropriated $25,000,000 for the purposes of the Community Development 
Revolving Fund.
    ``(b) Investment of Funds.--The Board may invest any idle fund 
moneys in United States Treasury securities. Any interest accrued on 
such securities shall become a part of the Fund.
    ``(c) Authority.--Notwithstanding any other provision of law, the 
Board may exercise the authority granted it by the Community 
Development Credit Union Revolving Fund Transfer Act (Public Law 99-
609, section 1, November 6, 1986, 100 Stat. 3475), including any 
additional appropriations made and earnings accrued, subject only to 
this section and to regulations prescribed by the Board.''.
    (b) Conforming Amendment.--Section 120 of the Federal Credit Union 
Act (12 U.S.C. 1766) is amended by striking subsection (k).

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