Credit Union Charter Choice Act
Latest action · May 11, 2006 Subcommittee Hearings Held.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 12, 2005
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 4
Members who signed on, in the order they did. All signed on Jul 12, 2005.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Edolphus Towns | Original | Jul 12, 2005 |
| R-OH | Paul E. Gillmor | Original | Jul 12, 2005 |
| R-NY | Peter T. King | Original | Jul 12, 2005 |
| R-TX | Sam Johnson | Original | Jul 12, 2005 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jul 12, 2005 |
| Consumer Protection and Financial Institutions Subcommittee | Referred Jul 29, 2005Hearings May 11, 2006 |
Actions 4
Everything that happened, newest first.
- May 11, 2006Subcommittee Hearings Held.
- Jul 29, 2005Referred to the Subcommittee on Financial Institutions and Consumer Credit.
- Jul 12, 2005Introduced in House
- Jul 12, 2005Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 2
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 109-91 | H.R. 3206, THE CREDIT UNION CHARTER CHOICE ACT267 pages | Financial Services Committee | May 11, 2006 |
| Serial No. 109-59 | H.R. 3505--FINANCIAL SERVICES REGULATORY RELIEF ACT OF 2005150 pages | Financial Services Committee | Oct 18, 2005 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Federal Credit Union Act provisions relating to any conversion of a credit union charter to a mutual savings bank or savings association charter, and for other purposes.
- Short Titles as Introduced
- Credit Union Charter Choice Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative procedure
- Administrative remedies
- Ballots
- Commerce
- Corporate reorganizations
- Corporation directors
- Credit unions
- Election administration
- Finance and Financial Sector
- Government Operations and Politics
- Government paperwork
- Law
- National Credit Union Administration
- Savings and loan associations
- Savings banks
- Voting
Text 1
Each version as it was printed, newest first.
- Jul 12, 2005Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.