Summary: H.R.1042 — 109th Congress (2005-2006)All Information (Except Text)

Bill summaries are authored by CRS.

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Passed House without amendment (06/13/2005)

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Net Worth Amendment For Credit Unions Act - (Sec. 2) Amends the Federal Credit Union Act relating to the requirement of prompt corrective action to resolve the problems of an insured credit union at the least possible long-term loss to the National Credit Union Share Insurance Fund.

Redefines net worth as the retained earnings balance of a credit union (as determined under generally accepted accounting principles, as under current law), together with any amounts that were previously retained earnings of any other credit union with which the credit union has combined.