[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3276 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 3276

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. Smith of Michigan (for himself, Mr. Edwards, Mr. Dickey, Mr. Thune, 
 and Mr. McKeon) 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 for membership in such credit 
union as a result of the decision of the Supreme Court in the cases of 
National Credit Union Administration v. First National Bank and Trust 
Company, et alia and AT&T Family Federal Credit Union v. First National 
Bank and Trust Company, et alia, such person may remain a member of 
such credit union after such date, notwithstanding subsection (a).''.
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