Summary: S.3158 — 93rd Congress (1973-1974)All Information (Except Text)

There is one summary for S.3158. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (03/12/1974)

Federal Credit Union Amendments Act - Extends the powers of Federal Credit Unions to enable them to invest funds in the purchase of conditional sales contracts and similar instruments of members. States that the Board of Directors shall have charge of investments other than loans to members, except that the Board may designate a committee of their number to act as an investment committee or designate any qualified individual to act as an investment officer, to have charge of making investments under rules and procedures established by the Board of Directors. Provides that the Federal Credit Union Supervisory Committee shall make an annual audit and shall submit a report of that audit to the Board of Directors.

States that any insured credit union other than a Federal Credit Union may, upon not less than ninety-days' written notice to the Administrator and upon the affirmative vote of a majority of its members within one year prior to the giving of such notice or upon obtaining a certificate of insurance from a corporation authorized and duly licensed to insure the accounts of such credit union, terminate its status as an insured credit union.