HR 2351 · 111th Congress · Finance and Financial Sector

Credit Union Share Insurance Stabilization Act

Introduced 2009-05-12· Sponsored by Rep. Kanjorski, Paul E. [D-PA-11]· House

Bill Progress

Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the House Committee on Financial Services.(2009-05-12)

Plain Language Summary

[AI summary unavailable — showing source text] Credit Union Share Insurance Stabilization Act - Amends the Federal Credit Union Act (FCUA) to grant the National Credit Union Administration (NCUA) increased borrowing authority until December 31, 2010. Requires the NCUA Board to: (1) establish a National Credit Union Share Insurance Fund (NCUSIF) Restoration Plan whenever it projects that the equity ratio of the NCUSIF will fall below a designated minimum equity ratio; and (2) establish the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) to make payments connected to the actual or threatened conservatorship or liquidation of a corporate credit union. Authorizes the TCCUSF to borrow from the Secretary of the Treasury, subject to specified conditions.…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (5)

3 Democrats2 Republicans