FAITHFUL PERFORMANCE.

SEC. 704. FAITHFUL PERFORMANCE. (a) Financial Officer.— Section 112 of the Federal Credit Union Act (12 U.S.C. 1761a) is amended by striking out the third sentence and inserting in lieu thereof the following: “The board shall elect from their number a financial officer who shall give adequate fidelity coverage in accordance with section 113(2) of this Act.”. (b) Adequate Fidelity Coverage.— Section 113 of the Federal Credit Union Act (12 U.S.C. 1761b) is amended by striking out paragraph (2) and inserting in lieu thereof the following: “(2) provide adequate fidelity coverage for officers and employees having custody of or handling funds according to regulations issued by the Board;”.