A bill to permit credit unions to take action to strengthen the National Credit Union Share Insurance Fund, to change the tax status of the Central Liquidity Facility, and to eliminate fees for payroll deductions.

[AI summary unavailable — showing source text] Amends the Federal Credit Union Act to require an application for Federal share insurance to include an agreement by the applicant to pay to and maintain a deposit with the National Credit Union Share Insurance Fund. Requires each insured credit union to include in its certified statement to the National Credit Union Administration Board the amount of its deposit, or adjustment thereof, to the Fund for that year. Requires each insured credit union to pay to and maintain with the Fund a deposit in an amount equaling one percent of the credit union's insured shares. Requires the Board, each year, to return to credit unions on a pro rata basis all funds not required to maintain the equity in the Fund at normal operating levels. Repeals the provision of such Act which authorizes the Board to assess a special premium charge. Provides for penalties against a credit union for: (1) failure to include the amount of deposit in the certified statement; (2) failure to pay the deposit; and (3) payment of dividends when in default on payment of the deposit. Requires that the information on the one percent deposit be included in a credit union's records. Permits the Board to prescribe the dates o…