Instructs the Board to prescribe criteria for continued membership of certain member groups in community charter conversions.
Includes electronic fund transfers among the services available to persons in the field of membership (but not members).
Raises the ceiling on member business loans.
Amends the Small Business Act (SBA) to allow credit union participation in SBA guaranteed loan programs.
Amends the FCUA to declare that if a credit union provides debt management and counseling services it may expand its membership in underserved communities that show both: (1) significant unmet needs for affordable short-term credit from depository institutions; and (2) a high concentration of noninsured commercial credit facilities offering high-cost credit and money transfer services.
Amends the Community Development Banking and Financial Institutions Act of 1994, with respect to business loans to credit union members, to extend the meaning of insured credit union to include a nonprofit organization owned collectively by insured credit unions.
Amends the FCUA to prescribe guidelines governing: (1) investments for the credit union's own account; (2) conversion of insured credit unions to mutual savings banks; (3) member participation in credit union decisions to terminate share insurance; and (4) membership and activities of insured state-chartered credit unions.