GAO STUDY OF CREDIT UNION SYSTEM.

SEC. 1201. GAO STUDY OF CREDIT UNION SYSTEM. (a) In General.—The Comptroller General of the United States shall conduct a comprehensive study of the Nation’s credit union system. In conducting the study, the Comptroller General shall examine— (1) credit unions’ present and future role in the financial marketplace; (2) the financial condition of credit unions; (3) credit union capital; (4) credit union regulation and supervision on both the Federal and State levels; (5) whether the National Credit Union Administration examinations of credit unions are comparable in frequency and quality to supervisory examinations of insured banks and savings associations; (6) the structure and financial condition of the National Credit Union Share Insurance Fund, including whether supervision of that Fund should be separated from the other functions of the National Credit Union Administration Board; and (7) whether the common bond rules regarding credit union membership continue to serve their original purpose. Comparative information with other types of depository institutions should be included. (b) Submission.—Before the close of the 18-month period beginning on the date of the enactment of this Act, the Comptroller General shall submit to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a final report which shall contain a detailed statement of findings and conclusions, including recommendations for such administrative and legislative action as the Comptroller General deems advisable.