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HR 1042 109th Congress House Finance and Financial Sector Bank mergers Credit unions Deposit insurance Earnings

Net Worth Amendment For Credit Unions Act

Introduced: March 2, 2005 See on congress.gov
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This bill died when the 109th Congress ended
It never became law before the 109th Congress (2005–2006) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 13 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 16, 2005
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jun 14, 2005
Received in the Senate.
Jun 13, 2005
Motion to reconsider laid on the table Agreed to without objection.
Jun 13, 2005
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H4368)
Jun 13, 2005
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H4368)
Jun 13, 2005
DEBATE - The House proceeded with forty minutes of debate on H.R. 1042.
Jun 13, 2005
Considered under suspension of the rules. (consideration: CR H4368-4371)
Jun 13, 2005
Mr. Bachus moved to suspend the rules and pass the bill.
Apr 13, 2005
Subcommittee Hearings Held.
Apr 4, 2005
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Mar 3, 2005
Sponsor introductory remarks on measure. (CR E367)
Mar 2, 2005
Referred to the House Committee on Financial Services.
Mar 2, 2005
Introduced in House
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 Plain-English summary Congressional Research Service

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Net Worth Amendment For Credit Unions Act - (Sec. 2) Amends the Federal Credit Union Act relating to the requirement of prompt corrective action to resolve the problems of an insured credit union at the least possible long-term loss to the National Credit Union Share Insurance Fund.

Redefines net worth as the retained earnings balance of a credit union (as determined under generally accepted accounting principles, as under current law), together with any amounts that were previously retained earnings of any other credit union with which the credit union has combined.

What's happening now June 16, 2005

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Bill text 3 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 3
 Cosponsors 4
All 4 Democratic 1 Independent 1
Brown-Waite, Ginny
· Mar 2, 2005
KANJORSKI, PAUL
· Mar 2, 2005
 I
Sanders, Bernard
Vermont · Mar 2, 2005
 D
Sherman, Brad
California · Mar 2, 2005
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1042: Net Worth Amendment For Credit Unions Act. 109th Congress. Open America. https://openamerica.io/bill/109-HR-1042/
MLA
"H.R. 1042: Net Worth Amendment For Credit Unions Act." 109th Congress, 2026, Open America, https://openamerica.io/bill/109-HR-1042/.
Bluebook (legal)
H.R. 1042, 109th Cong. (2026), https://openamerica.io/bill/109-HR-1042/.
Markdown link
[H.R. 1042: Net Worth Amendment For Credit Unions Act](https://openamerica.io/bill/109-HR-1042/)
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