Page:United States Statutes at Large Volume 112 Part 2.djvu/47

 PUBLIC LAW 105-219—AUG. 7, 1998 112 STAT. 931 than and 270 days after the date of enactment of this Act; (B) promulgate final regulations to implement section 216 not later than 18 months after the date of enactment of this Act. (2) RISK-BASED NET WORTH REQUIREMENT. — (A) ADVANCE NOTICE OF PROPOSED RULEMAKING. —Not later than 180 days after the date of enactment of this Act, the Board shall publish in the Federal Register an advance notice of proposed rulemaking, as required by section 216(d) of the Federal Credit Union Act, as added by this Act. (B) FINAL REGULATIONS. —The Board shall promulgate final regulations, as required by section 216(d) not later than 2 years after the date of enactment of this Act. (e) EFFECTIVE DATE. — (1) IN GENERAL. — Except as provided in paragraph (2), section 216 of the Federal Credit Union Act (as added by this section) shall become effective 2 years after the date of enactment of this Act. (2) RISK-BASED NET WORTH REQUIREMENT. —Section 216(d) of the Federal Credit Union Act (as added by this section) shall become effective on January 1, 2001. (f) REPORT TO CONGRESS REQUIRED. — When the Board publishes proposed regulations pursuant to subsection (d)(1)(A), or promulgates final regulations pursuant to subsection (d)(1)(B), the Board shall submit to the Congress a report that specifically explains— (1) how the regulations carry out section 216(b)(1)(B) of the Federal Credit Union Act (as added by this section), relating to the cooperative character of credit unions; and (2) how the regulations differ from section 38 of the Federal Deposit Insurance Act, and the reasons for those differences. (g) CONFORMING AMENDMENTS.— (1) AMENDMENTS RELATING TO ENFORCEMENT OF PROMPT CORRECTIVE ACTION.—Section 206(k) of the Federal Credit Union Act (12 U.S.C. 1786(k)) is amended— (A) in paragraph (1), by inserting "or section 216" after "this section" each place it appears; and (B) in paragraph (2)(A)(ii), by inserting ", or any final order under section 216" before the semicolon. (2) CONFORMING AMENDMENT REGARDING APPOINTMENT OF STATE CREDIT UNION SUPERVISOR AS CONSERVATOR. — Section 206(h)(1) of the Federal Credit Union Act (12 U.S.C. 1786(h)(1)) is amended by inserting "or another (including, in the case of a State-chartered insured credit union, the State official having jurisdiction over the credit union)" after "appoint itself". (3) AMENDMENT REPEALING SUPERSEDED PROVISION.— Section 116 of the Federal Credit Union Act (12 U.S.C. 1762) is repealed. SEC. 302. NATIONAL CREDIT UNION SHARE INSURANCE FUND EQUITY RATIO, AVAILABLE ASSETS RATIO, AND STANDBY PREMIUM CHARGE. (a) IN GENERAL. —Section 202 of the Federal Credit Union Act (12 U.S.C. 1782) is amended— (1) by striking subsection (b) and inserting the following: Federal Register, publication. 12 USC 1790d note. 12 USC 1790d note.

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