Community Development Credit Union Revolving Loan Fund Transfer Act
PL 99-609 (H.R.5554), enacted 11/06/1986

PUBLIC LAW 99-609—NOV. 6, 1986 
100 STAT. 3475 
Public Law 99-609 
99th Congress 
An Act 
Nov. 6, 1986 
[H.R. 5554] 
Community 
Development 
Credit Union 
Revolving 
Loan Fund 
Transfer Act. 
42 u s e 9822 
note. 
To transfer the Community Development Credit Union Revolving Loan Fund to the 
National Credit Union Administration and to authorize the National Credit Union 
-' Administration Board to administer the Fund. 
Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the "Community Development Credit 
Union Revolving Loan Fund Transfer Act". 
SEC. 2. TRANSFER OF COMMUNITY DEVELOPMENT CREDIT UNION 
REVOLVING LOAN FUND. 
(a) ADMINISTRATION OF FUND BY N C U A . — 
42 use 9822 
(1) IN GENERAL.—Beginning on the date of the enactment of note, 
this Act, the National Credit Union Administration Board shall 
administer the Community Development Credit Union Revolv-
ing Loan Fund. 
(2) TRANSFER OF AUTHORITY.—All authority to carry out the 
purposes of the Fund and to prescribe regulations in connection 
with the administration of the Fund which, on the day before 
the date of the enactment of this Act, was vested in the Sec-
retary of Health and Human Services shall vest on such date in 
the Board. Except as provided in. subsection (c), the Secretary 
shall have no further responsibility with respect to the Fund. 
(b) CONTINUED AVAILABILITY OF APPROPRIATED FUNDS.—All funds 
appropriated to the Fund and interest accumulated in the Fund 
which continue to be available under section 633 of the Omnibus 
Budget Reconciliation Act of 1981 shall continue to be available to 
42 USC 9822. 
the Board to carry out the purposes of the Fund. 
(c) TRANSFER OF ASSETS; ETC.—The Secretary shall transfer to the 
National Credit Union Administration all assets, liabilities, grants, 
contracts, property, records, and funds held, used, arising from, or 
available to the Secretary in connection with the administration of 
the Fund before the end of the 60-day period beginning on the date 
of the enactment of this Act. 
(d) SAVINGS PROVISIONS.— 
(1) REGULATIONS.—Any regulations prescribed by the Sec-
retary in connection with the administration of the Fund shall 
continue in effect until superseded by regulations prescribed by 
the Board. 
(2) EXISTING RIGHTS, DUTIES, AND OBLIGATIONS NOT AFFECTED.— 
Subsection (a) shall not be construed as affecting the validity of 
any right, duty, or obligation of the United States or any other 
person arising under or pursuant to any contract, loan, or other 
instrument or agreement which was in effect on the day before 
the date of the enactment of this Act. 
(3) CONTINUATION OF SUITS.—No action or other proceeding 
commenced by or against the Secretary in connection with the 
100 STAT. 3476 
PUBLIC LAW 99-609—NOV. 6, 1986 
administration of the Fund shall abate by reason of the enact-
ment of this Act, except that the Board shall be substituted for 
the Secretary as a party to any such action or proceeding. 
(e) DEFINITIONS.—For purposes of this section— 
(1) BOARD.—The term "Board" means the National Credit 
' 
Union Administration Board. 
' " • 
' 
(2) FUND.—The term "Fund" means the Community Develop-
ment Credit Union Revolving Loan Fund established under title 
42 use 2981. 
^' 
VII of the Economic Opportunity Act of 1964 (as in effect before 
the date of the enactment of the Omnibus Budget Reconciliation 
; 
Act of 1981). 
• s
^ 
(3) SECRETARY.—The term "Secretary" means the Secretary of 
Health and Human Services. 
'-':\'', 
Approved November 6, 1986. 
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LEGISLATIVE HISTORY—H.R. 5554: 
CONGRESSIONAL RECORD, Vol. 132 (1986): 
Sept. 29, considered and passed House. 
Oct. 18, considered and passed Senate.