S. 4036 · 111th Congress · enacted
A bill to clarify the National Credit Union Administration authority to make stabilization fund expenditures without borrowing from the Treasury.
Became Public Law No: 111-382.
Latest official action 2011-01-04 · Enacted
The bill, briefly
(This measure has not been amended since it was introduced. The expanded summary of the House passed version is repeated here.) Amends the Federal Credit Union Act regarding repayment to the Treasury of advances to the Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund) for payments connected to the conservatorship, liquidation, or threatened conservatorship or liquidation, of a corporate credit union. Revises requirements for assessments on federally insured credit unions by the National Credit Union Administration Board to ensure that the Stabilization Fund will have sufficient funds to make scheduled repayments to the Treasury. Authorizes the Board to assess a special premium on each insured credit union in an aggregate amount reasonably calculated to make any pending or future expenditure from the Stabilization Fund. Makes the premium due and payable by 60 days after the assessment date. Requires the Board, in setting the amount of any such assessment, to take into consideration any potential impact on credit union earnings that such an assessment may have. Requires calculation of the equity ratio of the National Credit Union Share Insurance Fund (Insurance Fund), for timing and assessment of premium charges, to use the financial statements of the Insurance Fund alone, without any consolidation or combination with the financial statements of any other f…
Congressional Research Service · 2011-01-04
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Politicians behind the bill
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What happened after enactment?
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Measured outcome: not established
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