Page:United States Statutes at Large Volume 112 Part 2.djvu/30

 112 STAT. 914 PUBLIC LAW 105-219—AUG. 7, 1998 (3) To promote thrift and credit extension, a meaningful affinity and bond among members, manifested by a commonality of routine interaction, shared and related work experiences, interests, or activities, or the maintenance of an otherwise well-understood sense of cohesion or identity is essential to the fulfillment of the public mission of credit unions. (4) Credit unions, unlike many other participants in the financial services market, are exempt from Federal and most State taxes because they are member-owned, democratically operated, not-for-profit organizations generally managed by volunteer boards of directors and because they have the specified mission of meeting the credit and savings needs of consumers, especially persons of modest means. (5) Improved credit union safety and soundness provisions will enhance the public benefit that citizens receive from these cooperative financial services institutions. 12 USC 1790d SEC. 3. DEFINITIONS. As used in this Act— (1) the term "Administration" means the National Credit Union Administration; (2) the term "Board" means the National Credit Union Administration Board; (3) the term "Federal banking agencies" has the same meaning as in section 3 of the Federal Deposit Insurance Act; (4) the terms "insured credit union" and "State-chartered insured credit union" have the same meanings as in section 101 of the Federal Credit Union Act; and (5) the term "Secretary" means the Secretary of the Treasury. TITLE I—CREDIT UNION MEMBERSHIP SEC. 101. FIELDS OF MEMBERSHIP. Section 109 of the Federal Credit Union Act (12 U.S.C. 1759) is amended— (1) in the first sentence— (A) by striking "Federal credit union membership shall consist of" and inserting "(a) IN GENERAL. —Subject to subsection (b). Federal credit union membership shall consist of"; and (B) by striking ", except that" and all that follows through "rural district"; and (2) by adding at the end the following new subsections: "(b) MEMBERSHIP FIELD. — Subject to the other provisions of this section, the membership of any Federal credit union shall be limited to the membership described in one of the following categories: "(1) SINGLE COMMON-BOND CREDIT UNION.— One group that has a common bond of occupation or association. "(2) MULTIPLE COMMON-BOND CREDIT UNION.— More than one group— (A) each of which has (within the group) a common bond of occupation or association; and

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