Page:United States Statutes at Large Volume 112 Part 2.djvu/36

 112 STAT. 920 PUBLIC LAW 105-219—AUG. 7, 1998 the credit union shall no longer be subject to any of the provisions of this Act. "(F) LIMIT ON COMPENSATION OF OFFICIALS.— "(i) IN GENERAL. —No director or senior management official of an insured credit union may receive any economic benefit in connection with a conversion of the credit union as described in subparagraph (A), other than— "(I) director fees; and "(II) compensation and other benefits paid to directors or senior management officials of the converted institution in the ordinary course of business. "(ii) SENIOR MANAGEMENT OFFICIAL. —For purposes of this subparagraph, the term 'senior management official' mesms a chief executive officer, an assistant chief executive officer, a chief financial officer, and any other senior executive officer (as defined by the appropriate Federal banking agency pursuant to section 32(f) of the Federal Deposit Insurance Act). "(G) CONSISTENT RULES.— Deadline. "(i) IN GENERAL.— Not later than 6 months after the date of enactment of the Credit Union Membership Access Act, the Administration shall promulgate final, rules applicable to charter conversions described in this paragraph that are consistent with rules promulgated by other financial regulators, including the Office of Thrift Supervision and the Office of the Comptroller of the Currency. The miles required by this clause shall provide that charter conversion by an insured credit union shall be subject to regulation that is no more or less restrictive than that applicable to charter conversions by other financial institutions. "(ii) OVERSIGHT OF MEMBER VOTE.— The member vote concerning charter conversion under this paragraph shall be administered by the Administration, and shall be verified by the Federal or State regulatory agency that would have jurisdiction over the institution after the conversion. If either the Administration or that regulatory agency disapproves of the methods by which the member vote was taken or procedures applicable to the member vote, the member vote shall be taken again, as directed by the Administration or the agency.". SEC. 203. LIMITATION ON MEMBER BUSINESS LOANS. (a) IN GENERAL.— The Federal Credit Union Act (12 U.S.C. 1701 et seq.) is amended by inserting after section 107 the following new section: 12 USC 1757a. "SEC. 107A. LIMITATION ON MEMBER BUSINESS LOANS. "(a) IN GENERAL.— On and after the date of enactment of this section, no insured credit union may make any member business loan that would result in a total amount of such loans outstanding at that credit union at any one time equal to more than the lesser of— "(1) 1.75 times the actual net worth of the credit union; or

�