[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3413 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 3413

 To amend the Federal Credit Union Act to allow groups which comprise 
the membership of any Federal credit union to continue to comprise such 
                              membership.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 10, 1998

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

_______________________________________________________________________

                                 A BILL


 
 To amend the Federal Credit Union Act to allow groups which comprise 
the membership of any Federal credit union to continue to comprise such 
                              membership.

    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 ``Federal Credit Union Membership 
Amendments of 1998''.

SEC. 2. CONTINUATION OF EXISTING MEMBERSHIPS.

    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) Preservation of Existing Members and Groups.--Notwithstanding 
subsection (a)--
            ``(1) any person or organization who is a member of any 
        Federal credit union as of February 25, 1998, may remain a 
        member of such credit union after such date; and
            ``(2) any person or organization who is or becomes a member 
        of any group whose members constituted a portion of the 
        membership of any Federal credit union as of February 25, 1998, 
        shall continue to be eligible to become a member of such credit 
        union, by virtue of membership in such group, after such 
        date.''
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