Summary: H.R.3365 — 95th Congress (1977-1978)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Conference report filed in House (04/04/1977)

(Conference report filed in House, H. Rept. 95-160)

=Title I:= Extends for nine months the effectiveness of provisions authorizing flexible regulation of maximum interest rates and open market operations in agency issues by Federal Reserve banks.

=Title II:= Amends the Federal Reserve Act to extend until November 1, 1978, the limitation on the aggregate amount of specified obligations of the United States which may be purchased or sold. Extends until October 31, 1978, the period during which direct purchases of the United States obligations may be made.

=Title III:= Amends the Federal Credit Union Act to remove specified requirements that State credit unions must fulfill in order to gain approval of their applications for insurance of members' accounts.

Empowers a Federal credit union to make loans and extend credit to members, other credit unions or, financial organizations. Permits credit unions to make loans to members in accordance with the following: (1) loans shall be made in conformity with criteria established by the board of directors and with standards enumerated in this Act; (2) a self-replenishing line of credit may be established to a stated maximum amount on certain terms and conditions which may be different than those for another borrower; (3) loans to other credit unions shall be approved by the board of directors; (4) loans to credit union organizations are not to exceed one percent of the paid-in and unimpaired capital and surplus of the credit union; and (5) participation loans shall be in accordance with written policies of the board of directors.

Prohibits a Federal credit union from making loans to its directors and to members of its supervisory credit committees.

Permits Federal credit unions to invest up to one percent of their total paid-in and unimpaired capital and surplus in the securities of organizations which strengthen or advance credit union development.

Makes various changes in the powers of Federal credit unions, including the power to sell all or part of its assets to another credit union, to purchase all or part of the assets of another credit union and to assume the liabilities of the selling credit union.

Revises the powers and duties of the credit committee of a Federal credit union. Makes changes with respect to loan limits; security for loans; the amount of funds to be set aside by the credit unions to protect itself from losses; and the issuance of dividends by the board of directors.