A bill to amend the Federal Credit Union Act to provide a sunset for certain ways in which credit unions may be Agent members of the National Credit Union Administration Central Liquidity Facility.

Bill: 118-s-544
Sponsor: full_name: Sen. Padilla, Alex [D-CA]
Introduced: 2023-02-28
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-02-28
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S533)

Summaries:
action_date: 2023-02-28
action_desc: Introduced in Senate
text: <p>This bill temporarily grants the National Credit Union Administration Board discretion in determining the amount of capital stock in the National Credit Union Administration Central Liquidity Facility is required for a corporate credit union to become an agent member of the facility. The facility serves as a liquidity lender to member credit unions.</p>

tv_txt: II 118th CONGRESS 1st Session S. 544 IN THE SENATE OF THE UNITED STATES February 28, 2023 Mr. Padilla (for himself and Mr. Cramer ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Federal Credit Union Act to provide a sunset for certain ways in which credit unions may be Agent members of the National Credit Union Administration Central Liquidity Facility.

1. Agent membership (a) In general 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 . (b) Sunset (1) In general Section 304(b)(2) of the Federal Credit Union Act ( 12 U.S.C. 1795c(b)(2) ) is amended by striking such credit unions as the Board may in its discretion determine and inserting all those credit unions . (2) Effective date The amendments made by paragraph (1) shall take effect on the date that is 3 years after the date of enactment of this Act.