1、Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS Web98-162 AUpdated August 13, 1998Credit Union Common Bond Ruling:NCUA v. First National Bank & Trust Co. U. S. (No. 96- 843)M. Maureen MurphyLegislative AttorneyAmerican Law DivisionSummaryOn Febru
2、ary 25, 1998, the Supreme Court ruled that federal credit unions may notconsist of more than one occupational group having a single common bond. On April1, the House passed H.R. 1151 (H.Rept. 105-472), which grandfathers existing creditunions and sets standards for future multi-group credit unions.
3、On July 28, the Senatepassed an amended version (S.Rept. 105-193), which became P. L. 105-219, having beenpassed by the House on August 4. It preserves existing multiple group, occupationalcommon bond credit unions and restricts the initial size of a group having that may beadded to a credit union t
4、hat has a different common bond. It includes Senate BankingCommittee amendments limiting credit union commercial loans and establishingstandards for prompt corrective action. It makes no changes in the tax-exempt status of credit unions. Although the HouseBanking Committee version contained provisio
