A bill to clarify the National Credit Union Administration authority to make stabilization fund expenditures without borrowing from the Treasury.
Public Law 111-382 · S. 4036 · 111th Congress · began in the Senate
Signed by Barack Obama (D) on Jan 4, 2011 · Finance and Financial Sector
Sponsor: Sen. Christopher Dodd (D-CT)
Cosponsors: None
Passage votes
- HouseUnanimous consent
- SenateUnanimous consent
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
Amends the Federal Credit Union Act regarding repayment to the Treasury of advances to the Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund) for payments connected to the conservatorship, liquidation, or threatened conservatorship or liquidation, of a corporate credit union.
Revises requirements for assessments on federally insured credit unions by the National Credit Union Administration Board to ensure that the Stabilization Fund will have sufficient funds to make scheduled repayments to the Treasury. Authorizes the Board to assess a special premium on each insured credit union in an aggregate amount reasonably calculated to make any pending or future expenditure from the Stabilization Fund. Makes the premium due and payable by 60 days after the assessment date. Requires the Board, in setting the amount of any such assessment, to take into consideration any potential impact on credit union earnings that such an assessment may have.
Requires calculation of the equity ratio of the National Credit Union Share Insurance Fund (Insurance Fund), for timing and assessment of premium charges, to use the financial statements of the Insurance Fund alone, without any consolidation or combination with the financial statements of any other fund or entity.
Revises the definition of net worth with respect to any insured credit union to include, at Board discretion, and subject to Board rules and regulations, special assistance to an insured credit union to avoid liquidation that is provided to facilitate a least-cost resolution consistent with the best interests of the credit union system.
Directs the Comptroller General to study and report to Congress and the Financial Stability Oversight Council on the supervision of corporate credit unions and implementation of prompt corrective action by the National Credit Union Administration (NCUA). Requires the Council to report to Congress within six months after receiving the Comptroller General's report on any actions taken in response to it, including any recommendations issued to NCUA under the Dodd-Frank Wall Street Reform and Consumer Protection Act to apply new or heightened standards and safeguards to insured credit unions for financial stability purposes.
Committees
The committees the bill was sent to, and what each did with it.
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Related bills
The record lists no related bills.
Data notes
Related bills are identified by the Congressional Research Service, the House and the Senate: companion and identical bills, bills with similar text, bills that were folded into this law, and rules that brought it to the floor. A bill that is itself a public law in this site’s data links here; the others link to Congress.gov.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 14 actions.
- Jan 4, 2011Became lawBecame law · Became Public Law No: 111-382.
- Became lawBecame law · Signed by President.
- Dec 28, 2010FloorFloor · Presented to President.
- Dec 22, 2010FloorFloor · Motion to reconsider laid on the table Agreed to without objection.
- FloorFloor · On passage Passed without objection.
- FloorFloor · Considered by unanimous consent.
- FloorFloor · Mr. Klein (FL) asked unanimous consent to discharge from committee and consider.
- CommitteeCommittee · Committee on Financial Services discharged.
- OtherOther · Cleared for White House.
- Dec 17, 2010FloorFloor · Message on Senate action sent to the House.
- FloorFloor · Received in the House.
- CommitteeCommittee · Referred to the House Committee on Financial Services.
- Dec 16, 2010FloorFloor · Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent.
- IntroducedIntroduced · Introduced in Senate
Data notes
Every action the Library of Congress lists for the bill, from introduction to signing, plus the dated committee hearings. The source lists many steps twice (the chamber’s own entry and the Library of Congress copy, or a presidential and a became-law entry with the same words); those are shown once. Amendments are listed in their own section.
Amendments
No amendments to this bill are on record.
Data notes
Amendments offered to this bill in either chamber, as the Library of Congress records them: each with a status read from its last recorded step: agreed to, rejected, withdrawn, ruled out of order, fell with another amendment, or offered with no vote recorded (most Senate amendments are only ever offered). The wording of each amendment is the source’s. Amendments to amendments and amendments to other bills are not listed.
Official record
The bill’s full text is on Congress.gov. Data through Oct 7, 2026.