Credit Union Modernization Act

[AI summary unavailable — showing source text] Credit Union Modernization Act - Title I: Empowers a Federal credit union to make loans and extend credit to members, other credit unions of financial organizations. Permits credit unions to make loans to members in accordance with the following: (1) loans shall be made in conformity with criteria established by the board of directors and with standards enumerated in the Act; (2) lines of credit shall be established to a stated maximum amount on certain terms and conditions which may be different than those for another borrower; (3) loans to other credit unions shall be approved by the board of directors and not exceed 1 percent of the unimpaired capital surplus; and (4) participation loans shall be in accordance with written policies of the board director. Empowers the credit union to invest funds: (1) in securities or obligation guaranteed by the United States or any agency or instrumentality thereof; (2) in obligations of any State, or the several territories and possessions or any political subdivision thereof; and (3) in shares or obligation of any other organization which advances the development of the credit union. Empowers credit unions to place their funds (1) in share ac…