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Credit Union Membership Access Act: Background and Issues (CRS Report for Congress)

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Release Date Jan. 5, 2001
Report Number 98-933
Authors Pauline Smale, Economics Division
Source Agency Congressional Research Service
Summary:

On August 7, 1998, P.L. 105-219, the Credit Union Membership Access Act was enacted. It grandfathers all current FCUs and all current credit union members. The Act provides for future multiple- group formations subject to limitations that the NCUA must consider when authorizing charters. In addition, the statute contains provisions for stricter regulatory, supervisory, and commercial lending requirements for credit unions.