NATIONAL CREDIT UNION SHARE INSURANCE FUND EQUITY RATIO, AVAILABLE ASSETS RATIO, AND STANDBY PREMIUM CHARGE.

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:112 STAT. 932 “(b) Certified Statement.— “(1) Statement required.— “(A) In general.—For each calendar year, in the case of an insured credit union with total assets of not more than $50,000,000, and for each semi-annual period in the case of an insured credit union with total assets of $50,000,000 or more, an insured credit union shall file with the Board, at such time as the Board prescribes, a certified statement showing the total amount of insured shares in the credit union at the close of the relevant period and both the amount of its deposit or adjustment of deposit and the amount of the insurance charge due to the Fund for that period, both as computed under subsection (c). “(B) Exception for newly insured credit union—Subparagraph (A) shall not apply with respect to a credit union that became insured during the reporting period. “(2) Form.—The certified statements required to be filed with the Board pursuant to this subsection shall be in such form and shall set forth such supporting information as the Board shall require. “(3) Certification.—The president of the credit union or any officer designated by the board of directors shall certify, with respect to each statement required to be filed with the Board pursuant to this subsection, that to the best of his or her knowledge and belief the statement is true, correct, complete, and in accordance with this title and the regulations issued under this title.”; (2) in subsection (c)(1)(A), by striking clause (iii) and inserting the following: “(iii) Periodic adjustment.—The amount of each insured credit union’s deposit shall be adjusted as follows, in accordance with procedures determined by the Board, to reflect changes in the credit union’s insured shares: “(I) annually, in the case of an insured credit union with total assets of not more than $50,000,000; and “(II) semi-annually, in the case of an insured credit union with total assets of $50,000,000 or more.”; (3) in subsection (c), by striking paragraphs (2) and (3) and inserting the following: “(2) Insurance premium charges.— “(A) In general.—Each insured credit union shall, at such times as the Board prescribes (but not more than twice in any calendar year), pay to the Fund a premium charge for insurance in an amount stated as a percentage of insured shares (which shall be the same for all insured credit unions). “(B) Relation of premium charge to equity ratio of fund.—The Board may assess a premium charge only if— “(i) the Fund’s equity ratio is less than 1.3 percent; and 112 STAT. 933 “(ii) the premium charge does not exceed the amount necessary to restore the equity ratio to 1.3 percent. “(C) Premium charge required if equity ratio falls below 1.2 percent.—If the Fund’s equity ratio is less than 1.2 percent, the Board shall, subject to subparagraph (B), assess a premium charge in such an amount as the Board determines to be necessary to restore the equity ratio to, and maintain that ratio at, 1.2 percent. “(3) Distributions from fund required.— “(A) In general.—The Board shall effect a pro rata distribution to insured credit unions after each calendar year if, as of the end of that calendar year—. “(i) any loans to the Fund from the Federal Government, and any interest on those loans, have been repaid; “(ii) the Fund’s equity ratio exceeds the normal operating level; and “(iii) the Fund’s available assets ratio exceeds 1.0 percent. “(B) Amount of distribution.—The Board shall distribute under subparagraph (A) the maximum possible amount that— “(i) does not reduce the Fund’s equity ratio below the normal operating level; and “(ii) does not reduce the Fund’s available assets ratio below 1.0 percent. “(C) Calculation based on certified statements.—In calculating the Fund’s equity ratio and available assets ratio for purposes of this paragraph, the Board shall determine the aggregate amount of the insured shares in all insured credit unions from insured credit unions certified statements under subsection (b) for the final reporting period of the calendar year referred to in subparagraph (A).”; (4) in subsection (c), by adding at the end the following new paragraph: “(4) Timeliness and accuracy of data.—In calculating the available assets ratio and equity ratio of the Fund, the Board shall use the most current and accurate data reasonably available.”; and (5) by striking subsection (h) and inserting the following: “(h) Definitions.—For purposes of this section, the following definitions shall apply: “(1) Available assets ratio.—The term ‘available assets ratio’, when applied to the Fund, means the ratio of— “(A) the amount determined by subtracting— “(i) direct liabilities of the Fund and contingent liabilities for which no provision for losses has been made, from “(ii) the sum of cash and the market value of unencumbered investments authorized under section 203(c), to “(B) the aggregate amount of the insured shares in all insured credit unions. “(2) Equity ratio.—The term ‘equity ratio’, when applied to the Fund, means the ratio of—112 STAT. 934 “(A) the amount of Fund capitalization, including insured credit unions’ 1 percent capitalization deposits and the retained earnings balance of the Fund (net of direct liabilities of the Fund and contingent liabilities for which no provision for losses has been made); to “(B) the aggregate amount of the insured shares in all insured credit unions. “(3) Insured shares.—The term ‘insured shares’, when applied to this section, includes share, share draft, share certificate, and other similar accounts as determined by the Board, but does not include amounts exceeding the insured account limit set forth in section 207(c)( 1). “(4) Normal operating level.—The term ‘normal operating level’, when applied to the Fund, means an equity ratio specified by the Board, which shall be not less than 1.2 percent and not more than 1.5 percent.”. (b) Effective Date.—This section and the amendments made by this section shall become effective on January 1 of the first calendar year beginning more than 180 days after the date of enactment of this Act.