Summary: H.R.3720 — 101st Congress (1989-1990)All Information (Except Text)

There is one summary for H.R.3720. Bill summaries are authored by CRS.

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Introduced in House (11/17/1989)

National Consumer Cooperative Bank Amendments of 1989 - Amends the National Consumer Cooperative Bank Act to provide that the holder of class A notes shall be entitled to interest rates determined by the Secretary of the Treasury, taking into consideration the current average yield on comparable outstanding marketable U.S. obligations as of the last day of the month preceding each issuance of such notes to the Secretary. Limits interest payments until 1990 to 25 percent of gross revenues.

Authorizes the Bank to issue replacement class A notes with the Secretary's approval. Mandates that all class A notes be redeemed by October 31, 2020.