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SEC. 310. CREDIT UNION GOVERNANCE. 
(a) EXPULSION OF MEMBERS FOR JUST CAUSE.— 
Subsection (b) of section 118 of the Federal Credit Union 
Act (12 U.S.C. 1764(b)) is amended to read as follows: 
‘‘(b) POLICY AND ACTIONS OF BOARDS OF DIRECTORS 
OF FEDERAL CREDIT UNIONS.— 
‘‘(1) EXPULSION OF MEMBERS FOR NONPARTICI-
PATION OR FOR JUST CAUSE.—The board of directors 
of a Federal credit union may, by majority vote of a 
quorum of directors, adopt and enforce a policy with 
respect to expulsion from membership, by a majority 
vote of such board of directors, based on just cause, 
including disruption of credit union operations, or on 
nonparticipation by a member in the affairs of the 
credit union. 
‘‘(2) WRITTEN
NOTICE
OF
POLICY
TO
MEM-
BERS.—If a policy described in paragraph (1) is 
adopted, written notice of the policy as adopted and 
the effective date of such policy shall be provided to— 
‘‘(A) each existing member of the credit 
union not less than 30 days prior to the effective 
date of such policy; and 
‘‘(B) each new member prior to or upon ap-
plying for membership.’’. 
(b) TERM LIMITS AUTHORIZED FOR BOARD MEMBERS 
OF FEDERAL CREDIT UNIONS.—Section 111(a) of the Fed-
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eral Credit Union Act (12 U.S.C. 1761(a)) is amended by 
adding at the end the following new sentence: ‘‘The bylaws 
of a Federal credit union may limit the number of consecu-
tive terms any person may serve on the board of directors 
of such credit union.’’. 
(c) REIMBURSEMENT FOR LOST WAGES DUE TO SERV-
ICE ON CREDIT UNION BOARD NOT TREATED AS COM-
PENSATION.—Section 111(c) of the Federal Credit Union 
Act (12 U.S.C. 1761(c)) is amended by inserting ‘‘, includ-
ing lost wages,’’ after ‘‘the reimbursement of reasonable ex-
penses’’. 
SEC. 311. PROVIDING THE NATIONAL CREDIT UNION AD-
MINISTRATION WITH GREATER FLEXIBILITY 
IN RESPONDING TO MARKET CONDITIONS. 
Section 107(a)(5)(A)(v)(I) of the Federal Credit Union 
Act (12 U.S.C. 1757(5)(A)(vi)(I)) (as so designated by sec-
tion 303 and redesignated by section 304(2)(B) of this title) 
is amended by striking ‘‘six-month period and that pre-
vailing interest rate levels’’ and inserting ‘‘6-month period 
or that prevailing interest rate levels’’. 
SEC. 312. EXEMPTION FROM PRE-MERGER NOTIFICATION 
REQUIREMENT OF THE CLAYTON ACT. 
Section 7A(c)(7) of the Clayton Act (15 U.S.C. 
18a(c)(7)) is amended by inserting ‘‘section 205(b)(3) of the
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Federal Credit Union Act (12 U.S.C. 1785(b)(3)),’’ before 
‘‘or section 3’’. 
SEC. 313. TREATMENT OF CREDIT UNIONS AS DEPOSITORY 
INSTITUTIONS UNDER SECURITIES LAWS. 
(a) DEFINITION OF BANK UNDER THE SECURITIES 
EXCHANGE ACT OF 1934.—Section 3(a)(6) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78c(a)(6)) (as amended 
by section 201(a)(1) of this Act) is amended— 
(1) by striking ‘‘this title, and (D) a receiver’’ 
and inserting ‘‘this title, (D) an insured credit union 
(as defined in section 101(7) of the Federal Credit 
Union Act) but only for purposes of paragraphs (4) 
and (5) of this subsection and only for activities oth-
erwise authorized by applicable laws to which such 
credit unions are subject, and (E) a receiver’’; and 
(2) in subparagraph (E) (as so redesignated by 
paragraph (1) of this subsection) by striking ‘‘(A), 
(B), or (C)’’ and inserting ‘‘(A), (B), (C), or (D)’’. 
(b) DEFINITION OF BANK UNDER THE INVESTMENT 
ADVISERS ACT OF 1940.—Section 202(a)(2) of the Invest-
ment Advisers Act of 1940 (15 U.S.C. 80b–2(a)(2)) (as 
amended by section 201(b)(1) of this Act) is amended— 
(1) by striking ‘‘this title, and (D) a receiver’’ 
and inserting ‘‘this title, (D) an insured credit union 
(as defined in section 101(7) of the Federal Credit
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Union Act) but only for activities otherwise author-
ized by applicable laws to which such credit unions 
are subject, and (E) a receiver’’; and 
(2) in subparagraph (E) (as so redesignated by 
paragraph (1) of this subsection) by striking ‘‘(A), 
(B), or (C)’’ and inserting ‘‘(A), (B), (C), or (D)’’. 
(c) DEFINITION OF APPROPRIATE FEDERAL BANKING 
AGENCY.—Section 210A(c) of the Investment Advisers Act 
of 1940 (15 U.S.C. 80b–10a(c)) is amended by inserting 
‘‘and includes the National Credit Union Administration 
Board, in the case of an insured credit union (as defined 
in section 101(7) of the Federal Credit Union Act)’’ before 
the period at the end. 
SEC. 314. CLARIFICATION OF DEFINITION OF NET WORTH 
UNDER CERTAIN CIRCUMSTANCES FOR PUR-
POSES OF PROMPT CORRECTIVE ACTION. 
Subparagraph (A) of section 216(o)(2) of the Federal 
Credit Union Act (12 U.S.C. 1790d(o)(2)(A)) is amended— 
(1) by inserting ‘‘the’’ before ‘‘retained earnings 
balance’’; and 
(2) by inserting ‘‘, together with any amounts 
that were previously retained earnings of any other 
credit union with which the credit union has com-
bined’’ before the semicolon at the end.
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SEC. 315. AMENDMENTS RELATING TO NONFEDERALLY IN-
SURED CREDIT UNIONS. 
(a) IN GENERAL.—Subsection (a) of section 43 of the 
Federal Deposit Insurance Act (12 U.S.C. 1831t(a)) is 
amended by adding at the end the following new paragraph: 
‘‘(3) ENFORCEMENT BY APPROPRIATE STATE SU-
PERVISOR.—Any appropriate State supervisor of a 
private deposit insurer, and any appropriate State 
supervisor of a depository institution which receives 
deposits that are insured by a private deposit insurer, 
may examine and enforce compliance with this sub-
section under the applicable regulatory authority of 
such supervisor.’’. 
(b) AMENDMENT RELATING
TO DISCLOSURES RE-
QUIRED, 
PERIODIC
STATEMENTS
AND
ACCOUNT 
RECORDS.—Section 43(b)(1) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1831t(b)(1)) is amended by striking 
‘‘or similar instrument evidencing a deposit’’ and inserting 
‘‘or share certificate’’. 
(c) AMENDMENTS RELATING TO DISCLOSURES RE-
QUIRED, ADVERTISING, PREMISES.— Section 43(b)(2) of 
the Federal Deposit Insurance Act (12 U.S.C. 1831t(b)(2)) 
is amended to read as follows: 
‘‘(2) ADVERTISING; PREMISES.— 
‘‘(A) IN
GENERAL.—Include clearly and 
conspicuously in all advertising, except as pro-
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vided in subparagraph (B); and at each station 
or window where deposits are normally received, 
its principal place of business and all its 
branches where it accepts deposits or opens ac-
counts (excluding automated teller machines or 
point of sale terminals), and on its main Inter-
net page, a notice that the institution is not fed-
erally insured. 
‘‘(B) EXCEPTIONS.—The following need not 
include a notice that the institution is not feder-
ally insured: 
‘‘(i) Statements or reports of financial 
condition of the depository institution that 
are required to be published or posted by 
State or Federal law or regulation. 
‘‘(ii) Any sign, document, or other 
item that contains the name of the deposi-
tory institution, its logo, or its contact in-
formation, but only if the sign, document, 
or item does not include any information 
about the institution’s products or services 
or information otherwise promoting the in-
stitution. 
‘‘(iii) Small utilitarian items that do 
not mention deposit products or insurance