Credit Union Savers Relief Act of 1980
Latest action. Referred to House Committee on Banking, Finance and Urban Affairs.
Credit Union Savers Relief Act of 1980 - Amends the Federal Credit Union Act to establish a maximum interest rate on loans to members of 12 percent per year inclusive of all finance charges. Authorizes the board of directors of each credit union to increase this rate to 15 percent in accordance with regulations promulgated by the National Credit Union Administration Board. Empowers the Board to increase the 15 percent maximum rate for a single, 18-month period if money market interest rates have risen over the preceding six months, and disintermediation threatening credit unions has occurred. Requires the Board to consult with the appropriate committees of the Congress, the Department of the Treasury, and the other Federal agencies regulating financial institutions before exercising such authority. States that required balances need not be considered when determining the interest rate on loans made by agent members of the National Credit Union Administration Central Liquidity Facility.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on February 25, 1980. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on February 25, 1980: Referred to House Committee on Banking, Finance and Urban Affairs.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
FERNAND ST GERMAIN (D-RI) introduced it on February 25, 1980, and 12 members have since signed on as cosponsors.
They come from both major parties: 9 Democrats, 3 Republicans.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on February 25, 1980, 16999 days ago. The most recent recorded action was 16999 days ago, on February 25, 1980.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers