Federal Credit Union Modernization Act

[AI summary unavailable — showing source text] Federal Credit Union Modernization Act - Redefines a Federal credit union as a cooperative association incorporated in accordance with the provisions of the Federal Credit Union Act for the purpose of encouraging thrift among its members and creating a source of credit at a fair and reasonable rate of interest and providing an opportunity for its members to use and control their own money in order to improve their economic and social condition. Provides that the par value of Federal credit union shares shall be in $5 multiples, not less than $5 and not more than $25 each (presently $5 per share). Requires the advice and consent of the National Credit Union Board concerning examination fees to be charged to credit unions. Removes the maturity period limits on loans by a Federal credit union. Requires the approval of laons to a director or supervisory or credit committee in excess of $2,500 to be approved by the board of directors. Removes the limits on the amount of funds that may be invested in loans to other credit unions, and expands the investment purposes for which credit union funds may be used. Extends to a Federal credit union such interest power as are implied for general c…