H.R.3206 - Credit Union Charter Choice Act109th Congress (2005-2006)
|Sponsor:||Rep. McHenry, Patrick T. [R-NC-10] (Introduced 07/12/2005)|
|Committees:||House - Financial Services|
|Latest Action:||05/11/2006 Subcommittee Hearings Held. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3206 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in House (07/12/2005)
Credit Union Charter Choice Act - Amends the Federal Credit Union Act to repeal requirements governing oversight by the National Credit Union Administration of the member vote concerning charter conversions of credit unions to mutual savings banks or savings associations.
Revamps requirements governing credit union notification to the National Credit Union Administration Board of intent to convert to a mutual savings bank or savings association.
Sets forth a Board approval process regarding materials submitted by converting credit unions in connection with such conversions.
Requires the member vote on a proposed conversion to be conducted by secret ballot, with an independent inspector of elections appointed by the converting credit union to receive and tally the votes. Requires the board of directors of the converting credit union to certify vote results to the Board. Denies the Board any further review or approval authority over the conversion process, absent fraud or reckless disregard for fairness during the voting process that affects the vote outcome.