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SECTION 1. STABILIZATION FUND.
(a) Additional Advances.--Section 217(c)(3) of the Federal Credit
Union Act (12 U.S.C. 1790e(c)(3)) is amended by inserting before the
period at the end the following: ''and any additional advances''.
(b) Assessments.--Section 217 of the Federal Credit Union Act (12
U.S.C. 1790e) is amended by striking subsection (d) and inserting the
following:
''(d) Assessment Authority.--
''(1) Assessments relating to expenditures under subsection
(b).--In order to make expenditures, as described in subsection
(b), the Board may assess a special premium with respect to each
insured credit union in an aggregate amount that is reasonably
calculated to make any pending or future expenditure described in
subsection (b), which premium shall be due and payable not later
than 60 days after the date of the assessment. In setting the
amount of any assessment under this subsection, the Board shall
take into consideration any potential impact on credit union
earnings that such an assessment may have.
''(2) Special premiums relating to repayments under subsection
(c)(3).--Not later than 90 days before the scheduled date of each
repayment described in subsection (c)(3), the Board shall set the
amount of the upcoming repayment and shall determine whether the
Stabilization Fund will have sufficient funds to make the
repayment. If the Stabilization Fund is not likely to have
sufficient funds to make the repayment, the Board shall assess with
respect to each insured credit union a special premium, which shall
be due and payable not later than 60 days after the date of the
assessment, in an aggregate amount calculated to ensure that the
Stabilization Fund is able to make the required repayment.
''(3) Computation.--Any assessment or premium charge for an
insured credit union under this subsection shall be stated as a
percentage of its insured shares, as represented on the previous
call report of that insured credit union. The percentage shall be
identical for each insured credit union. Any insured credit union
that fails to make timely payment of the assessment or special
premium is subject to the procedures and penalties described under
subsections (d), (e), and (f) of section 202.''.
SEC. 2. EQUITY RATIO.
Section 202(h)(2) of the Federal Credit Union Act (12 U.S.C.
1782(h)(2)) is amended by striking ''when applied to the Fund,'' and
inserting ''which shall be calculated using the financial statements of
the Fund alone, without any consolidation or combination with the
financial statements of any other fund or entity,''.
SEC. 3. NET WORTH DEFINITION.
Section 216(o)(2) of the Federal Credit Union Act (12 U.S.C.
1790d(o)(2)) is amended to read as follows:
''(2) Net worth.--The term 'net worth'--
''(A) with respect to any insured credit union, means the
retained earnings balance of the credit union, as determined
under generally accepted accounting principles, together with
any amounts that were previously retained earnings of any other
credit union with which the credit union has combined;
''(B) with respect to any insured credit union, includes,
at the Board's discretion and subject to rules and regulations
established by the Board, assistance provided under section 208
to facilitate a least-cost resolution consistent with the best
interests of the credit union system; and
''(C) with respect to a low-income credit union, includes
secondary capital accounts that are--
''(i) uninsured; and
''(ii) subordinate to all other claims against the
credit union, including the claims of creditors,
shareholders, and the Fund.''.
SEC. 4. STUDY OF NATIONAL CREDIT UNION ADMINISTRATION.
(a) Study.--The Comptroller General of the United States shall
conduct a study of the National Credit Union Administration's
supervision of corporate credit unions and implementation of prompt
corrective action.
(b) Issues To Be Studied.--In conducting the study required under
subsection (a), the Comptroller General shall--
(1) determine the reasons for the failure of any corporate
credit union since 2008;
(2) evaluate the adequacy of the National Credit Union
Administration's response to the failures of corporate credit
unions, including with respect to protecting taxpayers, avoiding
moral hazard, minimizing the costs of resolving such corporate
credit unions, and the ability of insured credit unions to bear any
assessments levied to cover such costs;
(3) evaluate the effectiveness of implementation of prompt
corrective action by the National Credit Union Administration for
both insured credit unions and corporate credit unions; and
(4) examine whether the National Credit Union Administration
has effectively implemented each of the recommendations by the
Inspector General of the National Credit Union Administration in
its Material Loss Review Reports, and, if not, the adequacy of the
National Credit Union Administration's reasons for not implementing
such recommendation.
(c) Report to Council.--Not later than 1 year after the date of
enactment of this Act, the Comptroller General shall submit a report on
the results of the study required under this section to--
(1) the Committee on Banking, Housing, and Urban Affairs of the
Senate;
(2) the Committee on Financial Services of the House of
Representatives; and
(3) the Financial Stability Oversight Council.
(d) Council Report of Action.--Not later than 6 months after the
date of receipt of the report from the Comptroller General under
subsection (c), the Financial Stability Oversight Council shall submit
a report to the Committee on Banking, Housing, and Urban Affairs of the
Senate and the Committee on Financial Services of the House of
Representatives on actions taken in response to the report, including
any recommendations issued to the National Credit Union Administration
under section 120 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (12 U.S.C. 5330).

Speaker of the House of Representatives.

Vice President of the United States and
President of the Senate.
Output:
Amends the Federal Credit Union Act regarding repayment to the Treasury of advances to the Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund) for payments connected to the conservatorship, liquidation, or threatened conservatorship or liquidation, of a corporate credit union.

Revises requirements for assessments on federally insured credit unions by the National Credit Union Administration Board to ensure that the Stabilization Fund will have sufficient funds to make scheduled repayments to the Treasury. Authorizes the Board to assess a special premium on each insured credit union in an aggregate amount reasonably calculated to make any pending or future expenditure from the Stabilization Fund. Makes the premium due and payable by 60 days after the assessment date. Requires the Board, in setting the amount of any such assessment, to take into consideration any potential impact on credit union earnings that such an assessment may have.

Requires calculation of the equity ratio of the National Credit Union Share Insurance Fund (Insurance Fund), for timing and assessment of premium charges, to use the financial statements of the Insurance Fund alone, without any consolidation or combination with the financial statements of any other fund or entity.

Revises the definition of net worth with respect to any insured credit union to include, at Board discretion, and subject to Board rules and regulations, special assistance to an insured credit union to avoid liquidation that is provided to facilitate a least-cost resolution consistent with the best interests of the credit union system.

Directs the Comptroller General to study and report to Congress and the Financial Stability Oversight Council on the supervision of corporate credit unions and implementation of prompt corrective action by the National Credit Union Administration (NCUA). Requires the Council to report to Congress within six months after receiving the Comptroller General's report on any actions taken in response to it, including any recommendations issued to NCUA under the Dodd-Frank Wall Street Reform and Consumer Protection Act to apply new or heightened standards and safeguards to insured credit unions for financial stability purposes.