Sec. 3. Business access to Federal credit unions
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/bill/113/hr/4986/ih/section-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Title I of the Federal Credit Union Act ( 12 U.S.C. 1751 et seq. ) is amended by adding at the end the following new section: The Board may not prohibit or otherwise restrict or discourage an insured credit union from providing any product or service to an entity that demonstrates to the insured credit union that such entity— is licensed and authorized to offer such product or service; is registered as a money transmitting business under section 5330 of title 31, United States Code, or regulations promulgated under such section; and has a reasoned legal opinion that demonstrates the legality of the entity’s business under applicable law.
Nothing in this section shall be construed to— require an insured credit union— to provide any products or services to any entity; to regularly review the status of any license of an entity; or to determine the validity or veracity of any reasoned legal opinion obtained under subsection (a)(3); or imply or require that an insured credit union may only provide products or services to an entity that has met any of the requirements of paragraphs
(1)through
(3)of subsection (a). The Board may not issue any guidance under subsection (a). Any rule implementing subsection
(a)shall be promulgated in accordance with section 553 of title 5, United States Code. For purposes of this section, the term reasoned legal opinion — means a written legal opinion by a State-licensed attorney that addresses the facts of a particular business and the legality of the business’s provision of products or services to customers in the relevant jurisdictions under applicable Federal and State law, tribal ordinances, tribal resolutions, and tribal-State compacts; and does not include a written legal opinion that recites the facts of a particular business and states a conclusion. .
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Sec. 3
Business access to Federal credit unions
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