This bill amends the Federal Credit Union Act to allow a federal credit union, other than a low-income credit union, to receive payments on uninsured non-share accounts that:
do not alter the cooperative nature of the credit union;
are subordinate to all other claims against the credit union;
are available to cover operating losses in excess of retained earnings and, to the extent so applied, will not be replenished;
meet applicable requirements with respect to maturity;
are subject to disclosure and consumer-protection requirements as determined by the National Credit Union Administration Board;
are offered by a credit union that is sufficiently capitalized and well-managed; and
are subject to such rules and regulations as the board may establish.
Actions
Feb 28, 2017
Referred to the House Committee on Financial Services.