109 HR 1042 IH: Net Worth Amendment For Credit Unions Act U.S. House of Representatives 2005-03-02 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.

I 109th CONGRESS 1st Session H. R. 1042 IN THE HOUSE OF REPRESENTATIVES March 2, 2005 Mr. Bachus (for himself, Mr. Sanders, Mr. Royce, Mr. Kanjorski, Mr. LaTourette, Mr. Gutierrez, Mrs. Kelly, Mrs. Maloney, Mr. Renzi, Mrs. McCarthy, Mr. Sherman, Mr. Ney, Mr. Feeney, Ms. Hooley, Ms. Ginny Brown-Waite of Florida, and Mr. Moore of Kansas) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal Credit Union Act to clarify the definition of net worth under certain circumstances for purposes of the prompt corrective action authority of the National Credit Union Administration Board, and for other purposes.

1.

Short title

This Act may be cited as the Net Worth Amendment For Credit Unions Act.

2.

Clarification of definition of net worth under certain circumstances for purposes of prompt corrective action

Subparagraph (A) of section 216(o)(2) of the Federal Credit Union Act (12 U.S.C. 1790d(o)(2)(A)) is amended— (1)by inserting the before retained earnings balance; and (2)by inserting , together with any amounts that were previously retained earnings of any other credit union with which the credit union has combined before the semicolon at the end.