[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1244 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 1244

   To clarify the National Credit Union Administration authority to 
               improve credit union safety and soundness.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 28, 2017

Mr. King of New York (for himself, Mr. Sherman, Mr. Posey, Ms. Norton, 
Ms. Pingree, Mr. Ryan of Ohio, Mr. Loebsack, Ms. Bonamici, Mr. Kilmer, 
and Mr. Jones) introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To clarify the National Credit Union Administration authority to 
               improve credit union safety and soundness.

    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 ``Capital Access for Small Businesses 
and Jobs Act''.

SEC. 2. IMPROVING CREDIT UNION SAFETY AND SOUNDNESS.

    The Federal Credit Union Act (12 U.S.C. 1751 et seq.) is amended--
            (1) in section 107--
                    (A) in paragraph (16), by striking ``and'' at the 
                end;
                    (B) in paragraph (17), by striking the period and 
                inserting ``; and''; and
                    (C) by adding at the end the following:
            ``(18) to receive payments on uninsured non-share accounts 
        described under section 216(o)(2)(D), subject to such terms, 
        rates, and conditions as may be established by the board of 
        directors, within limitations prescribed by the Board.''; and
            (2) in section 216--
                    (A) in subsection (b)(1)(B)(ii), by striking ``must 
                rely'' and inserting ``rely predominantly''; and
                    (B) in subsection (o)(2)--
                            (i) in subparagraph (B), by striking 
                        ``and'' at the end;
                            (ii) in subparagraph (C)(ii), by striking 
                        the period and inserting ``; and''; and
                            (iii) by adding at the end the following:
                    ``(D) with respect to any insured credit union 
                other than a low-income credit union, includes 
                uninsured non-share accounts as authorized by the 
                Board, that--
                            ``(i) do not alter the cooperative nature 
                        of the credit union;
                            ``(ii) are subordinate to all other claims 
                        against the credit union, including the claims 
                        of creditors, shareholders, and the Fund;
                            ``(iii) are available to be applied to 
                        cover operating losses of the credit union in 
                        excess of its retained earnings and, to the 
                        extent so applied, will not be replenished;
                            ``(iv) if they have a stated maturity, have 
                        an initial maturity of at least 5 years;
                            ``(v) if they have a stated maturity, the 
                        net worth value of such accounts may be 
                        discounted at the discretion of the Board when 
                        the remaining maturity is less than 5 years;
                            ``(vi) are subject to disclosure and 
                        consumer protection requirements as determined 
                        by the Board;
                            ``(vii) are offered by a credit union that 
                        is determined by the Board to be sufficiently 
                        capitalized and well-managed; and
                            ``(viii) are subject to such rules and 
                        regulations as the Board may establish.''.
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