[Congressional Record Volume 144, Number 103 (Tuesday, July 28, 1998)]
[Senate]
[Page S9141]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          AMENDMENTS SUBMITTED

                                 ______
                                 

                   CREDIT UNION MEMBERSHIP ACCESS ACT

                                 ______
                                 

               D'AMATO (AND SARBANES) AMENDMENT NO. 3339

  Mr. D'AMATO (for himself and Mr. Sarbanes) 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 40, strike lines 6 through 11, and insert the 
     following:
       ``(i) is an `investment area', as defined in section 
     103(16) of the Community Development Banking and Financial 
     Institutions Act of 1994 (12 U.S.C. 4703(16)), and meets such 
     additional requirements as the Board may impose; and
       On page 54, line 8, insert ``(a) In General.--'' before 
     ``The''.
       On page 57, between lines 16 and 17, insert the following:
       (b) Study and Report.--
       (1) Study.--The Secretary shall conduct a study of member 
     business lending by insured credit unions, including--
       (A) an examination of member business lending over $500,000 
     and under $50,000, and a breakdown of the types and sizes of 
     businesses that receive member business loans;
       (B) a review of the effectiveness and enforcement of 
     regulations applicable to insured credit union member 
     business lending;
       (C) whether member business lending by insured credit 
     unions could affect the safety and soundness of insured 
     credit unions or the National Credit Union Share Insurance 
     Fund;
       (D) the extent to which member business lending by insured 
     credit unions helps to meet financial services needs of low- 
     and moderate-income individuals within the field of 
     membership of insured credit unions;
       (E) whether insured credit unions that engage in member 
     business lending have a competitive advantage over other 
     insured depository institutions, and if any such advantage 
     could affect the viability and profitability of such other 
     insured depository institutions; and
       (F) the effect of enactment of this Act on the number of 
     insured credit unions involved in member business lending and 
     the overall amount of commercial lending.
       (2) NCUA cooperation.--The National Credit Union 
     Administration shall, upon request, provide such information 
     as the Secretary may require to conduct the study required 
     under paragraph (1).
       (3) Report.--Not later than 12 months after the date of 
     enactment of this Act, the Secretary shall submit a report to 
     the Congress on the results of the study conducted under 
     paragraph (1).
       On page 57, line 16, strike the quotation marks and the 
     final period and insert the following:
       ``(e) Consultation and Cooperation With State Credit Union 
     Supervisors.--In implementing this section, the Board shall 
     consult and seek to work cooperatively with State officials 
     having jurisdiction over State-chartered insured credit 
     unions.''.
       On page 92, strike line 7 and all that follows through page 
     93, line 15, and insert the following:

     SEC. 402. UPDATE ON REVIEW OF REGULATIONS AND PAPERWORK 
                   REDUCTIONS.

       Not later than 1 year after the date of enactment of this 
     Act, the Federal banking agencies shall submit a report to 
     the Congress detailing their progress in carrying out section 
     303(a) of the Riegle Community Development and Regulatory 
     Improvement Act of 1994, since their submission of the report 
     dated September 23, 1996, as required by section 303(a)(4) of 
     that Act.




                          ____________________