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119th CONGRESS
2d Session |
To amend the Federal Credit Union Act with respect to conversion modernization for privately insured credit unions.
Mr. Davidson introduced the following bill; which was referred to the Committee on Financial Services
To amend the Federal Credit Union Act with respect to conversion modernization for privately insured credit unions.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Privately Insured Credit Unions Conversion Modernization Act”.
SEC. 2. Conversion modernization for privately 6 insured credit unions.
Section 206(d)(2) of the Federal Credit Union Act (12 U.S.C. 1786(d)(2)) is amended—
(1) in the first sentence, by striking “in a vote in which at least 20 per centum of the total membership of the credit union participates”; and
(2) in the second sentence, by striking “not more than thirty nor less than seven days” and inserting “not less than 90 days”.