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PUBLIC LAW 99-609—NOV. 6, 1986 100 STAT. 3475 Public Law 99-609 99th Congress An Act To transfer the Community Development Credit Union Revolving Loan Fund to the National Credit Union Administration and to authorize the National Credit Union -' Administration Board to administer the Fund. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the "Community Development Credit Union Revolving Loan Fund Transfer Act". SEC. 2. TRANSFER OF COMMUNITY DEVELOPMENT CREDIT UNION REVOLVING LOAN FUND. Nov. 6, 1986 [H.R. 5554] Community Development Credit Union Revolving Loan Fund Transfer Act. 42 u s e 9822 note. (a) ADMINISTRATION OF FUND BY N C U A . — 42 use 9822 (1) IN GENERAL.—Beginning on the date of the enactment of note, this Act, the National Credit Union Administration Board shall administer the Community Development Credit Union Revolving Loan Fund. (2) TRANSFER OF AUTHORITY.—All authority to carry out the purposes of the Fund and to prescribe regulations in connection with the administration of the Fund which, on the day before the date of the enactment of this Act, was vested in the Secretary of Health and Human Services shall vest on such date in the Board. Except as provided in. subsection (c), the Secretary shall have no further responsibility with respect to the Fund. (b) CONTINUED AVAILABILITY OF APPROPRIATED FUNDS.—All funds appropriated to the Fund and interest accumulated in the Fund which continue to be available under section 633 of the Omnibus Budget Reconciliation Act of 1981 shall continue to be available to 42 USC 9822. the Board to carry out the purposes of the Fund. (c) TRANSFER OF ASSETS; ETC.—The Secretary shall transfer to the National Credit Union Administration all assets, liabilities, grants, contracts, property, records, and funds held, used, arising from, or available to the Secretary in connection with the administration of the Fund before the end of the 60-day period beginning on the date of the enactment of this Act. (d) SAVINGS PROVISIONS.— (1) REGULATIONS.—Any regulations prescribed by the Secretary in connection with the administration of the Fund shall continue in effect until superseded by regulations prescribed by the Board. (2) EXISTING RIGHTS, DUTIES, AND OBLIGATIONS NOT AFFECTED.— Subsection (a) shall not be construed as affecting the validity of any right, duty, or obligation of the United States or any other person arising under or pursuant to any contract, loan, or other instrument or agreement which was in effect on the day before the date of the enactment of this Act. (3) CONTINUATION OF SUITS.—No action or other proceeding commenced by or against the Secretary in connection with the 100 STAT. 3476 ' ' ' " • 42 use 2981. ; '-':\'', PUBLIC LAW 99-609—NOV. 6, 1986 administration of the Fund shall abate by reason of the enactment of this Act, except that the Board shall be substituted for the Secretary as a party to any such action or proceeding. (e) DEFINITIONS.—For purposes of this section— (1) BOARD.—The term "Board" means the National Credit Union Administration Board. (2) FUND.—The term "Fund" means the Community Development Credit Union Revolving Loan Fund established under title ^' VII of the Economic Opportunity Act of 1964 (as in effect before the date of the enactment of the Omnibus Budget Reconciliation Act of 1981). • s^ (3) SECRETARY.—The term "Secretary" means the Secretary of Health and Human Services. Approved November 6, 1986. ., >B\ Ki:& ;•" LEGISLATIVE HISTORY—H.R. 5554: CONGRESSIONAL RECORD, Vol. 132 (1986): Sept. 29, considered and passed House. Oct. 18, considered and passed Senate. . > . . , .
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