HR 1151 EAS
‘‘(iii) PERIODIC
ADJUSTMENT.—The
amount of each insured credit union’s de-
posit shall be adjusted as follows, in accord-
ance with procedures determined by the
Board, to reflect changes in the credit
union’s insured shares:
‘‘(I) annually, in the case of an
insured credit union with total assets
of not more than $50,000,000; and
‘‘(II) semi-annually, in the case of
an insured credit union with total as-
sets of $50,000,000 or more.’’;
(3) in subsection (c), by striking paragraphs (2)
and (3) and inserting the following:
‘‘(2) INSURANCE PREMIUM CHARGES.—
‘‘(A) IN
GENERAL.—Each insured credit
union shall, at such times as the Board pre-
scribes (but not more than twice in any calendar
year), pay to the Fund a premium charge for in-
surance in an amount stated as a percentage of
insured shares (which shall be the same for all
insured credit unions).
‘‘(B) RELATION OF PREMIUM CHARGE TO
EQUITY RATIO OF FUND.—The Board may assess
a premium charge only if—
HR 1151 EAS
‘‘(i) the Fund’s equity ratio is less
than 1.3 percent; and
‘‘(ii) the premium charge does not ex-
ceed the amount necessary to restore the eq-
uity ratio to 1.3 percent.
‘‘(C) PREMIUM CHARGE REQUIRED IF EQ-
UITY RATIO FALLS BELOW 1.2 PERCENT.—If the
Fund’s equity ratio is less than 1.2 percent, the
Board shall, subject to subparagraph (B), assess
a premium charge in such an amount as the
Board determines to be necessary to restore the
equity ratio to, and maintain that ratio at, 1.2
percent.
‘‘(3) DISTRIBUTIONS FROM FUND REQUIRED.—
‘‘(A) IN GENERAL.—The Board shall effect a
pro rata distribution to insured credit unions
after each calendar year if, as of the end of that
calendar year—
‘‘(i) any loans to the Fund from the
Federal Government, and any interest on
those loans, have been repaid;
‘‘(ii) the Fund’s equity ratio exceeds
the normal operating level; and
‘‘(iii) the Fund’s available assets ratio
exceeds 1.0 percent.
HR 1151 EAS
‘‘(B) 
AMOUNT
OF
DISTRIBUTION.—The
Board shall distribute under subparagraph (A)
the maximum possible amount that—
‘‘(i) does not reduce the Fund’s equity
ratio below the normal operating level; and
‘‘(ii) does not reduce the Fund’s avail-
able assets ratio below 1.0 percent.
‘‘(C) CALCULATION
BASED
ON
CERTIFIED
STATEMENTS.—In calculating the Fund’s equity
ratio and available assets ratio for purposes of
this paragraph, the Board shall determine the
aggregate amount of the insured shares in all in-
sured credit unions from insured credit unions
certified statements under subsection (b) for the
final reporting period of the calendar year re-
ferred to in subparagraph (A).’’;
(4) in subsection (c), by adding at the end the
following new paragraph:
‘‘(4) TIMELINESS AND ACCURACY OF DATA.—In
calculating the available assets ratio and equity ratio
of the Fund, the Board shall use the most current and
accurate data reasonably available.’’; and
(5) by striking subsection (h) and inserting the
following:
HR 1151 EAS
‘‘(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.
HR 1151 EAS
‘‘(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