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‘‘(h) DEFINITIONS.—For purposes of this section, the
following definitions shall apply:
‘‘(1) AVAILABLE
ASSETS
RATIO.—The term
‘available assets ratio’, when applied to the Fund,
means the ratio of—
‘‘(A) the amount determined by subtract-
ing—
‘‘(i) direct liabilities of the Fund and
contingent liabilities for which no provision
for losses has been made, from
‘‘(ii) the sum of cash and the market
value of unencumbered investments author-
ized under section 203(c), to
‘‘(B) the aggregate amount of the insured
shares in all insured credit unions.
‘‘(2) EQUITY
RATIO.—The term ‘equity ratio’,
when applied to the Fund, means the ratio of—
‘‘(A) the amount of Fund capitalization, in-
cluding insured credit unions’ 1 percent capital-
ization deposits and the retained earnings bal-
ance of the Fund (net of direct liabilities of the
Fund and contingent liabilities for which no
provision for losses has been made); to
‘‘(B) the aggregate amount of the insured
shares in all insured credit unions.
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‘‘(3) INSURED
SHARES.—The term ‘insured
shares’, when applied to this section, includes share,
share draft, share certificate, and other similar ac-
counts as determined by the Board, but does not in-
clude amounts exceeding the insured account limit set
forth in section 207(c)(1).
‘‘(4) NORMAL
OPERATING
LEVEL.—The term
‘normal operating level’, when applied to the Fund,
means an equity ratio specified by the Board, which
shall be not less than 1.2 percent and not more than
1.5 percent.’’.
(b) EFFECTIVE DATE.—This section and the amend-
ments made by this section shall become effective on Janu-
ary 1 of the first calendar year beginning more than 180
days after the date of enactment of this Act.
SEC. 303. ACCESS TO LIQUIDITY.
Section 204 of the Federal Credit Union Act (12
U.S.C. 1784) is amended by adding at the end the following
new subsections:
‘‘(f) ACCESS TO LIQUIDITY.—The Board shall—
‘‘(1) periodically assess the potential liquidity
needs of each insured credit union, and the options
that the credit union has available for meeting those
needs; and
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‘‘(2) periodically assess the potential liquidity
needs of insured credit unions as a group, and the op-
tions that insured credit unions have available for
meeting those needs.
‘‘(g) SHARING INFORMATION WITH FEDERAL RE-
SERVE BANKS.—The Board shall, for the purpose of facili-
tating insured credit unions’ access to liquidity, make
available to the Federal reserve banks (subject to appro-
priate assurances of confidentiality) information relevant
to making advances to such credit unions, including the
Board’s reports of examination.’’.
TITLE IV—MISCELLANEOUS
PROVISIONS
SEC. 401. STUDY AND REPORT ON DIFFERING REGULATORY
TREATMENT.
(a) STUDY.—The Secretary shall conduct a study of—
(1) the differences between credit unions and
other federally insured financial institutions, includ-
ing regulatory differences with respect to regulations
enforced by the Office of Thrift Supervision, the Office
of the Comptroller of the Currency, the Federal De-
posit Insurance Corporation, and the Administration;
and
(2) the potential effects of the application of Fed-
eral laws, including Federal tax laws, on credit
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unions in the same manner as those laws are applied
to other federally insured financial institutions.
(b) REPORT.—Not later than 1 year after the date of
enactment of this Act, the Secretary shall submit a report
to the Congress on the results of the study required by sub-
section (a).
SEC. 402. REVIEW OF REGULATIONS AND PAPERWORK RE-
DUCTION.
Section 303 of the Riegle Community Development
and Regulatory Improvement Act of 1994 (12 U.S.C. 4803)
is amended to read as follows:
‘‘SEC. 303. REGULAR REVIEW OF REGULATIONS AND PAPER-
WORK REDUCTION.
‘‘(a) REVIEW.—During the 1-year period following the
date of enactment of the Credit Union Membership Access
Act, each Federal banking agency and the National Credit
Union Administration shall, to the maximum extent pos-
sible and consistent with the principles of safety and sound-
ness, statutory law and policy, and the public interest—
‘‘(1) conduct a review of the regulations and
written policies of each such agency—
‘‘(A) to streamline and modify those regula-
tions and policies in order to improve efficiency,
reduce unnecessary costs, and reduce the paper-
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work burden for insured depository institutions;
and
‘‘(B) to remove inconsistencies and out-
moded and duplicative requirements; and
‘‘(2) work jointly to make uniform all regula-
tions and guidelines implementing common statutory
or supervisory policies.
‘‘(b) REPORT TO CONGRESS.—Not later than 1 year
after the date of enactment of the Credit Union Membership
Access Act, each agency referred to in subsection (a) shall
submit a report to Congress detailing the progress of the
agency in carrying out this section and making rec-
ommendations to the Congress on the need for statutory
changes, if any, that would assist in the effort to reduce
the paperwork burden for insured institutions.’’.
SEC. 403. TREASURY REPORT ON REDUCED TAXATION AND
VIABILITY OF SMALL BANKS.
The Secretary shall, not later than 1 year after the
date of enactment of this Act, submit a report to the Con-
gress containing—
(1) recommendations for such legislative and ad-
ministrative action as the Secretary deems appro-
priate, that would reduce and simplify the tax burden
for—
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(A) insured depository institutions having
less than $1,000,000,000 in assets; and
(B) banks having total assets of not less
than 
$1,000,000,000 
nor 
more 
than
$10,000,000,000; and
(2) any other recommendations that the Sec-
retary deems appropriate that would preserve the via-
bility and growth of small banking institutions in the
United States.