legislation: 96-hr-6601

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
96-hr-6601 96 hr 6601 Credit Union Savers Relief Act of 1980 Finance and Financial Sector 1980-02-25 1980-02-25 Referred to House Committee on Banking, Finance and Urban Affairs. House Rep. St Germain, Fernand J. [D-RI-1] RI D S000762 12 Credit Union Savers Relief Act of 1980 - Amends the Federal Credit Union Act to establish a maximum interest rate on loans to members of 12 percent per year inclusive of all finance charges. Authorizes the board of directors of each credit union to increase this rate to 15 percent in accordance with regulations promulgated by the National Credit Union Administration Board. Empowers the Board to increase the 15 percent maximum rate for a single, 18-month period if money market interest rates have risen over the preceding six months, and disintermediation threatening credit unions has occurred. Requires the Board to consult with the appropriate committees of the Congress, the Department of the Treasury, and the other Federal agencies regulating financial institutions before exercising such authority. States that required balances need not be considered when determining the interest rate on loans made by agent members of the National Credit Union Administration Central Liquidity Facility. 2025-09-02T13:54:22Z  

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