Credit Union Membership Access Act

The Credit Union Membership Access Act is an Act for the United States government that amended the Federal Credit Union Act in 1998. The bill was proposed on the heels of the Supreme Court decision in NCUA v. First National Bank & Trust against the National Credit Union Administration, a key victory in the American Bankers Association's legislative agenda and a major setback to credit unions. The Act reversed this ruling, authorizing credit unions to have multiple common bonds among their memberships.

H.R. 1151 was introduced to the 105th United States Congress by Congressman Newt Gingrich (R-GA). The Act was signed into law on 7 August 1998 by President Clinton.^[1]

External links

• Text of H.R. 1151 in the 105th Congress

References

1. ^ Bahnmueller, Lori Z. (18 October 1999). "Credit Union Membership Access Act Gives 63 Million Working Americans Access to Nonprofit Financial Cooperatives". Argus-Press. http://news.google.com/newspapers?id=qkgiAAAAIBAJ&sjid=oawFAAAAIBAJ&pg=1478,4360414&dq=credit+union+membership+access+act&hl=en. Retrieved 2010-01-10.