Page:United States Statutes at Large Volume 124.djvu/4160

 124 STAT. 4134 PUBLIC LAW 111–382—JAN. 4, 2011 Public Law 111–382 111th Congress An Act To clarify the National Credit Union Administration authority to make stabilization fund expenditures without borrowing from the Treasury. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. STABILIZATION FUND. (a) ADDITIONAL ADVANCES.—Section 217(c)(3) of the Federal Credit Union Act (12 U.S.C. 1790e(c)(3)) is amended by inserting before the period at the end the following: ‘‘and any additional advances’’. (b) ASSESSMENTS.—Section 217 of the Federal Credit Union Act (12 U.S.C. 1790e) is amended by striking subsection (d) and inserting the following: ‘‘(d) ASSESSMENT AUTHORITY.— ‘‘(1) ASSESSMENTS RELATING TO EXPENDITURES UNDER SUB- SECTION (B).—In order to make expenditures, as described in subsection (b), the Board may assess a special premium with respect to each insured credit union in an aggregate amount that is reasonably calculated to make any pending or future expenditure described in subsection (b), which premium shall be due and payable not later than 60 days after the date of the assessment. In setting the amount of any assessment under this subsection, the Board shall take into consideration any potential impact on credit union earnings that such an assessment may have. ‘‘(2) SPECIAL PREMIUMS RELATING TO REPAYMENTS UNDER SUBSECTION (C)(3).—Not later than 90 days before the scheduled date of each repayment described in subsection (c)(3), the Board shall set the amount of the upcoming repayment and shall determine whether the Stabilization Fund will have sufficient funds to make the repayment. If the Stabilization Fund is not likely to have sufficient funds to make the repayment, the Board shall assess with respect to each insured credit union a special premium, which shall be due and payable not later than 60 days after the date of the assessment, in an aggregate amount calculated to ensure that the Stabilization Fund is able to make the required repayment. ‘‘(3) COMPUTATION.—Any assessment or premium charge for an insured credit union under this subsection shall be stated as a percentage of its insured shares, as represented on the previous call report of that insured credit union. The percentage shall be identical for each insured credit union. Any insured credit union that fails to make timely payment Deadlines. Jan. 4, 2011 [S. 4036]