[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1042 Referred in Senate (RFS)]

  1st Session
                                H. R. 1042


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 14, 2005

                                Received

                             June 16, 2005

Read twice and referred to the Committee on Banking, Housing, and Urban 
                                Affairs

_______________________________________________________________________

                                 AN ACT


 
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.

    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 ``Net Worth Amendment For Credit 
Unions Act''.

SEC. 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.

            Passed the House of Representatives June 13, 2005.

            Attest:

                                                 JEFF TRANDAHL,

                                                                 Clerk.