NEIGHBORHOOD REINVESTMENT CORPORATION.

SEC. 520. NEIGHBORHOOD REINVESTMENT CORPORATION. (a) Composition of Board.— Section 604 of the Neighborhood Reinvestment Corporation Act is amended— (1) by inserting before the semicolon in subsection (a)(1) the following: “or a member of the Federal Home Loan Bank Board to be designated by the Chairman”; (2) by striking out subsection (a)(3) and inserting in lieu thereof the following: “(3) the Chairman of the Board of Governors of the Federal Reserve System, or a member of the Board of Governors of the Federal Reserve System to be designated by the Chairman;”; (3) by inserting before the semicolon in subsection (a)(4) the following: “or the appointive member of the Board of Directors of the Federal Deposit Insurance Corporation if so designated by the Chairman”; and (4) by striking out “Administrator” in subsection (a)(6) and inserting in lieu thereof the word “Chairman”; and by inserting after “Administration” the following: “or a member of the Board of the National Credit Union Administration to be designated by the Chairman.”. (b) Authorization of Appropriations— Section 608(a) of the Neighborhood Reinvestment Corporation Act is amended to read as follows: “(a) There are authorized to be appropriated to the corporation to carry out this title $19,000,000 for fiscal year 1988, and $19,000,000 for fiscal year 1989.”.