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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 10510 Introduced in House (IH)]

<DOC>

118th CONGRESS
  2d Session
                               H. R. 10510

 To permanently extend certain enhancements related to credit unions, 
                        and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                           December 18, 2024

  Ms. Waters introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL

 
 To permanently extend certain enhancements related to credit unions, 
                        and for other purposes.

    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 ``Central Liquidity Facility 
Enhancement Act''.

SEC. 2. PERMANENT EXTENSION OF CERTAIN ENHANCEMENTS.

    (a) Definitions.--Section 302(1) of the Federal Credit Union Act 
(12 U.S.C. 1795a(1)) is amended, in the matter preceding subparagraph 
(A), by striking ``primarily serving natural persons''.
    (b) Membership.--Section 304(b)(2) of the Federal Credit Union Act 
(12 U.S.C. 1795c(b)(2)) is amended by striking ``all those credit 
unions'' and inserting ``such credit unions as the Board may in its 
discretion determine''.
    (c) Extensions of Credit.--Section 306(a)(1) of the Federal Credit 
Union Act (12 U.S.C. 1795e(a)(1)) is amended, in the second sentence, 
by striking ``the intent of which is to expand credit union 
portfolios'' and inserting ``without first having obtained evidence 
from the applicant that the applicant has made reasonable efforts to 
first use primary sources of liquidity of the applicant, including 
balance sheet and market funding sources, to address the liquidity 
needs of the applicant''.
    (d) Borrowing Limit.--Section 307(a)(4)(A) of the Federal Credit 
Union Act (12 U.S.C. 1795f(a)(4)(A)) is amended by striking ``twelve 
times the subscribed capital stock and surplus of the Facility, 
provided that, the total face value of such obligations shall not 
exceed 16 times the subscribed capital stock and surplus of the 
Facility for the period beginning on the date of enactment of the 
Coronavirus Economic Stabilization Act of 2020 and ending on December 
31, 2021'' and inserting ``16 times the subscribed capital stock and 
surplus of the Facility''.

SEC. 3. GAO STUDY.

    (a) Study.--The Comptroller General of the United States shall 
carry out a study of the impact of the enhancements made to the 
National Credit Union Administration Central Liquidity Facility by 
section 4016 of the CARES Act and section 2 of this Act.
    (b) Report.--Not later than the end of the 12-month period 
beginning on the date of enactment of this Act, the Comptroller General 
shall issue a report to the Committee on Financial Services of the 
House of Representatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate containing--
            (1) all findings and determinations made in carrying out 
        the study required under subsection (a); and
            (2) any administrative or legislative recommendations of 
        the Comptroller General to improve the effectiveness of the 
        National Credit Union Administration Central Liquidity 
        Facility.
                                 <all>
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