[Congressional Record Volume 144, Number 102 (Monday, July 27, 1998)]
[Senate]
[Pages S9059-S9060]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          AMENDMENTS SUBMITTED

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                   CREDIT UNION MEMBERSHIP ACCESS ACT

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                 HAGEL (AND OTHERS) AMENDMENT NO. 3337

  Mr. HAGEL (for himself, Mr. Bennett, Mr. Nickles, Mr. Roberts, Mr. 
Helms, Mr. Shelby, Mr. Enzi, and Mr. Grams) proposed an amendment to 
the bill (H.R. 1151) to amend the Federal Credit Union Act to clarify 
existing law and ratify the longstanding policy of the National Credit 
Union Administration Board with regard to field of membership of 
Federal credit unions; as follows:

       On page 54, strike lines 12 through 21 and insert the 
     following:
       ``(a) Total Amount Permissible.--
       ``(1) In general.--On and after the date of enactment of 
     this section, no insured credit union may make any member 
     business loan that would result in a total amount of such 
     loans outstanding at that credit union at any one time equal 
     to more than the minimum net worth required under section 
     216(c)(1)(A) for a credit union to be well capitalized.
       On page 55, strike line 10, and insert the following:
       ``(c) Experience Requirement for Member Business Lending.--
     Beginning 3 years after the date of enactment of this 
     section, each employee or related person of an insured credit 
     union shall have not less than 2 years of direct professional 
     experience in the member business lending field before making 
     or administering any member business loan on behalf of the 
     insured credit union.
       ``(d) Definitions.--As used in this section--
       On page 56, strike lines 1 through 5.
       On page 56, line 6, strike ``(iv)'' and insert ``(iii)''.

[[Page S9060]]

       On page 56, line 12, strike ``(v)'' and insert ``(iv)''.
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                 SHELBY (AND OTHERS) AMENDMENT NO. 3338

  Mr. SHELBY (for himself, Mr. Gramm, Mr. Mack, Mr. Faircloth, Mr. 
Grams, Mr. Allard, Mr. Enzi, Mr. Hagel, Mr. Helms, Mr. Nickles, Mr. 
Murkowski, Mr. Brownback, Mr. Sessions, Mr. Inhofe, Mr. Coats, and Mr. 
Thomas) proposed an amendment to the bill, H.R. 1151, supra; as 
follows:

       At the end of title II, add the following new section:

     SEC. 207. COMMUNITY REINVESTMENT ACT EXEMPTION.

       The Community Reinvestment Act of 1977 (12 U.S.C. 2901 et 
     seq.) is amended by adding at the end the following new 
     section:

     ``SEC. 808. EXAMINATION EXEMPTION.

       ``(a) In General.--A regulated financial institution shall 
     not be subject to the examination requirements of this title 
     or any regulations issued hereunder if the institution has 
     aggregate assets of not more than $250,000,000.
       ``(b) Adjustments.--The dollar amount referred to in 
     subsection (a) shall be adjusted annually after December 31, 
     1998, by the annual percentage increase in the Consumer Price 
     Index for Urban Wage Earners and Clerical Workers published 
     by the Bureau of Labor Statistics.''.

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