Financial Reform Act

[AI summary unavailable — showing source text] Financial Reform Act - Title I: Credit Unions - Revises the definition of terms used in the Federal Credit Union Act. Changes the application approval guidelines for granting insurance to member accounts. Provides that the par value of shares for Federal credit unions may range from $5 to $25. Expands the loan making power of Federal credit unions to include: (1) residential real estate loans; and (2) loans to finance the purchase of mobile homes. Extends the allowable investment possibilities for Federal credit unions to include obligations of the District of Columbia and several of its territories and possessions. Allows Federal credit unions to deposit funds in any bank or trust company insured by the Federal Deposit Insurance Corporation and in any credit union operating in a foreign country which has been approved by the Department of Defense. Establishes in the executive branch of the Government an independent agency to be known as the National Credit Union Administration. States that the Administration shall be under the management of a National Credit Union Administration Board, consisting of three members appointed by the President by and with the advice and consent of the…