H.R.3439 - Credit Union Community Reinvestment Act105th Congress (1997-1998)
|Sponsor:||Rep. Kennedy, Joseph P., II [D-MA-8] (Introduced 03/11/1998)|
|Committees:||House - Banking and Financial Services|
|Latest Action:||03/17/1998 Referred to the Subcommittee on Financial Institutions and Consumer Credit. (All Actions)|
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- Finance and Financial Sector
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Summary: H.R.3439 — 105th Congress (1997-1998)All Bill Information (Except Text)
Introduced in House (03/11/1998)
Credit Union Community Reinvestment Act - Amends the Community Reinvestment Act of 1977 to declare that: (1) the field of membership of a credit union shall be treated as the community served by such union; and (2) insured credit unions have a continuing and affirmative obligation to help meet the credit needs of the community served by such unions.
Directs the National Credit Union Administration Board to: (1) exercise its authority under the Federal Credit Union Act to encourage any insured credit union whose total assets exceed $25 million to help meet the credit needs of the community it serves; and (2) take such a credit union's record of meeting those needs into account in its evaluation of any application to expand the credit union's field of membership or to establish a deposit facility.
Authorizes Board deference to the State regulator of a credit union for enforcement of any State law requirements that are no less stringent than those of the Act.