[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3265 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 3265

To amend the Federal Credit Union Act with regard to qualifications for 
                 membership in a Federal credit union.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 25, 1998

  Mr. Cannon introduced the following bill; which was referred to the 
              Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Federal Credit Union Act with regard to qualifications for 
                 membership in a Federal credit union.

    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 Membership Protection 
Act''.

SEC. 2. CONTINUATION OF MEMBERSHIP IN CREDIT UNION FOR CERTAIN MEMBERS 
              WHO BECOME INELIGIBLE FOR SUCH MEMBERSHIP.

    Section 109 of the Federal Credit Union Act (12 U.S.C. 1759) is 
amended--
            (1) in the 1st sentence, by striking ``Federal credit union 
        membership shall consist of'' and inserting ``(a) In General.--
        Subject to subsection (b), Federal credit union membership 
        shall consist of''; and
            (2) by adding at the end the following new subsection:
    ``(b) Continuing Membership for Certain Persons Who Become 
Ineligible.--If any person who is a member of a Federal credit union as 
of February 25, 1998, becomes ineligible, under subsection (a), for 
membership in such credit union as a result of the decision of the 
Supreme Court of the United States construing such subsection, such 
person may remain a member of such credit union after such date, 
notwithstanding such subsection.''.
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