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COMMUNITY DEVELOPMENT CREDIT UNION
REVOLVING LOAN FUND TRANSFER ACT

AN ACT To transfer the Community Development Credit Union Revolving Loan

Fund to the National Credit Union Administration and to authorize the National Credit Union Administration Board to administer the Fund.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. (42 U.S.C. 9822 nt.) SHORT TITLE.

This Act may be cited as the “Community Development Credit Union Revolving Loan Fund Transfer Act”.) SEC. 2. (42 U.S.C. 9822 nt.) TRANSFER OF COMMUNITY DEVELOPMENT

CREDIT UNION REVOLVING LOAN FUND. (a) ADMINSTRATION OF FUND BY NCUA.

(1) IN GENERAL.-Beginning on the date of the enactment of this Act, the National Credit Union Administration Board shall administer the Community Development Credit Union Revolving Loan Fund.

(2) TRANSFER OF AUTHORITY.-All authority to carry out the purposes of the Fund and to prescribe regulations in connection with the administration of the Fund which, on the day before the date of the enactment of this Act, was vested in the Secretary of Health and Human Services shall vest on such date in the Board. Except as provided in subsection (c), the Secretary shall have no further responsibility with respect to the Fund.

(b) CONTINUED AVAILABILITY OF APPROPRIATED FUNDS.-All funds appropriated to the Fund and interest accumulated in the Fund which continue to be available under section 633 of the Omnibus Budget Reconciliation Act of 1981 shall continue to be available to the Board to carry out the purposes of the Fund.

(c) TRANSFER OF ASSETS; ETC.—The Secretary shall transfer to the National Credit Union Administration all assets, liabilities, grants, contracts, property, records, and funds held, used, arising from, or available to the Secretary in connection with the administration of the Fund before the end of the 60-day period beginning on the date of the enactment of this Act. (d) SAVINGS PROVISIONS.—

(1) REGULATIONS.-Any regulations prescribed by the Secretary in connection with the administration of the Fund shall continue in effect until superseded by regulations prescribed by the Board.

(2) EXISTING RIGHTS, DUTIES, AND OBLIGATIONS NOT AFFECTED.-Subsection (a) shall not be construed as affecting the validity of any right, duty, or obligation of the United States or any other person arising under or pursuant to any contract, loan, or other instrument or agreement which was in effect on the day before the date of the enactment of this Act.

(3) CONTINUATION OF SUITS.-No action or other proceeding commenced by or against the Secretary in connection with the administration of the Fund shall abate by reason of the enactment of this Act, except that the Board shall be substituted for the Secretary as a party to any such action or proceeding. (e) DEFINITIONS.—For purposes of this section

(1) BOARD.-The term “Board” means the National Credit Union Administration Board.

(2) FUND.-The term "Fund” means the Community Development Credit Union Revolving Loan Fund established under title VII of the Economic Opportunity Act of 1964 (as in effect before the date of the enactment of the Omnibus Budget Reconciliation Act of 1981).1

(3) SECRETARY.-The term "Secretary" means the Secretary of Health and Human Services.

1 Such date was August 13, 1981.

COMMUNITY REINVESTMENT ACT OF 1977

COMMUNITY REINVESTMENT ACT OF 1977

(Title VIII of Public Law 95–128; 91 Stat. 1147; 12 U.S.C. 2901 et seq.) TITLE VIII-COMMUNITY REINVESTMENT

(SHORT TITLE] SEC. 801.1 (12 U.S.C. 2901 note) This title may be cited as the “Community Reinvestment Act of 1977".

(FINDINGS AND PURPOSES)
SEC. 802.1 (12 U.S.C. 2901) (a) The Congress finds that,

(1) regulated financial institutions are required by law to demonstrate that their deposit facilities serve the convenience and needs of the communities in which they are chartered to do business;

(2) the convenience and needs of communities include the need for credit services as well as deposit services; and

(3) regulated financial institutions have continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered.

(b) It is the purpose of this title to require each appropriate Federal financial supervisory agency to use its authority when examining financial institutions, to encourage such institutions to help meet the credit needs of the local communities in which they are chartered consistent with the safe and sound operation of such institutions.

(DEFINITIONS) SEC. 803.1 (12 U.S.C. 2902) For the purposes of this title

(1) the term “appropriate Federal financial supervisory agency" means

(A) the Comptroller of the Currency with respect to national banks;

(B) the Board of Governors of the Federal Reserve System with respect to State chartered banks which are members of the Federal Reserve System and bank holding companies;

(C) the Federal Deposit Insurance Corporation with respect to State chartered banks and savings banks which are not members of the Federal Reserve System and the deposits of which are insured by the Corporation; and

No section headings in law.

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