A bill to amend the Federal Credit Union Act to provide a sunset for certain ways in which credit unions may be Agent members of the National Credit Union Administration Central Liquidity Facility.
Source: Congress.gov ·
302 words in original text
What This Bill Does
This bill changes how credit unions can become member-agents of a federal lending facility. It first allows the Board to pick which credit unions become agents, then automatically switches back to allowing all credit unions to become agents after three years.
Who It Affects
Credit unions and the Board that oversees the National Credit Union Administration Central Liquidity Facility.
Key Provisions
• The Board can decide which specific credit unions become Agent members of the National Credit Union Administration Central Liquidity Facility, rather than automatically including all credit unions. (Sec. 1(a))
• The rule allowing the Board to pick certain credit unions automatically expires and changes back to allowing all credit unions to become Agent members. (Sec. 1(b)(1))
What Changes
If this bill becomes law, credit unions cannot automatically become Agent members. Instead, the Board gets to choose which ones qualify. Three years after the law is signed, this choice power goes away and all credit unions become eligible again automatically.
Important Definitions
Agent member: A credit union that belongs to the National Credit Union Administration Central Liquidity Facility in a special membership role.
Effective Date
The sunset provision takes effect three years after the date the bill becomes law. (Sec. 1(b)(2))
Important: This plain English summary was generated by AI and is provided for informational purposes only.
It is not legal advice. Always consult the official bill text on Congress.gov
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