I 

114TH CONGRESS 

1ST SESSION H. R. 989 

To clarify the National Credit Union Administration authority to improve 

credit union safety and soundness. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 13, 2015 

Mr. KING of New York (for himself, Mr. SHERMAN, Mr. HANNA, Mr. BLUMENAUER, Mr. HECK of Washington, Mr. ISRAEL, Mr. JONES, Mrs. 

NAPOLITANO, Ms. PINGREE, Ms. NORTON, Mr. COLLINS of New York, 

Mr. POSEY, Mr. SCHIFF, Mr. TAKANO, Mr. HUFFMAN, and Mr. MEEKS) 

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

A BILL 

To clarify the National Credit Union Administration 

authority to improve credit union safety and soundness. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Capital Access for 

5 Small Businesses and Jobs Act’’. 


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1 SEC. 2. IMPROVING CREDIT UNION SAFETY AND SOUND2 NESS. 

3 The Federal Credit Union Act (12 U.S.C. 1751 et 

4 seq.) is amended— 

5 (1) in section 107— 

6 (A) in paragraph (16), by striking ‘‘and’’ 

7 at the end; 

8 (B) in paragraph (17), by striking the pe9 riod and inserting ‘‘; and’’; and 

10 (C) by adding at the end the following: 

11 ‘‘(18) to receive payments on uninsured non12 share accounts described under section 

13 216(o)(2)(D), subject to such terms, rates, and con14 ditions as may be established by the board of direc15 tors, within limitations prescribed by the Board.’’; 

16 and 

17 (2) in section 216— 

18 (A) in subsection (b)(1)(B)(ii), by striking 

19 ‘‘must rely’’ and inserting ‘‘rely predomi20 nantly’’; and 

21 (B) in subsection (o)(2)— 

22 (i) in subparagraph (B), by striking 

23 ‘‘and’’ at the end; 

24 (ii) in subparagraph (C)(ii), by strik25 ing the period and inserting ‘‘; and’’; and 


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1 (iii) by adding at the end the fol2 lowing: 

3 ‘‘(D) with respect to any insured credit 

4 union other than a low-income credit union, in5 cludes uninsured non-share accounts as author6 ized by the Board, that— 

7 ‘‘(i) do not alter the cooperative na8 ture of the credit union; 

9 ‘‘(ii) are subordinate to all other 

10 claims against the credit union, including 

11 the claims of creditors, shareholders, and 

12 the Fund; 

13 ‘‘(iii) are available to be applied to 

14 cover operating losses of the credit union 

15 in excess of its retained earnings and, to 

16 the extent so applied, will not be replen17 ished; 

18 ‘‘(iv) if they have a stated maturity, 

19 have an initial maturity of at least 5 years; 

20 ‘‘(v) if they have a stated maturity, 

21 the net worth value of such accounts may 

22 be discounted at the discretion of the 

23 Board when the remaining maturity is less 

24 than 5 years; 


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1 ‘‘(vi) are subject to disclosure and 

2 consumer protection requirements as deter3 mined by the Board; 

4 ‘‘(vii) are offered by a credit union 

5 that is determined by the Board to be suf6 ficiently capitalized and well-managed; and 

7 ‘‘(viii) are subject to such rules and 

8 regulations as the Board may establish.’’. 

Æ 


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