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12 U.S.C. § 1790a (BANKS AND BANKING)
§ 1790a. Board disapproval of directors, committee members, and senior executive officers of insured credit unions
(a) Prior notice required
An insured credit union shall notify the Board of the proposed addition of any individual to the board of directors or committee or the employment of any individual as a senior executive officer of such credit union at least 30 days before such addition or employment becomes effective, if the insured credit union—
(1) has been chartered less than 2 years; or
(2) is in troubled condition, as determined on the basis of such credit union’s most recent report of condition or report of examination.
(b) Disapproval by Board
An insured credit union may not add any individual to the board of directors or employ any individual as a senior executive officer if the Board issues a notice of disapproval of such addition or employment before the end of the 30-day period beginning on the date the agency receives notice of the proposed action pursuant to subsection (a) of this section.
(c) Exception in extraordinary circumstances
(1) In general
The Board may prescribe by regulation conditions under which the prior notice requirement of subsection (a) of this section may be waived in the event of extraordinary circumstances.
(2) No effect on disapproval authority of Board
Such waivers shall not affect the authority of the Board to issue notices of disapproval of such additions or employment of such individuals within 30 days after each such waiver.
(d) Additional information
Any notice submitted to the Board by any insured credit union pursuant to subsection (a) of this section shall include—
(1) the information described in section 1817(j)(6)(A) of this title about the individual; and
(2) such other information as the Board may prescribe by regulation.
(e) Standard for disapproval
The Board shall issue a notice of disapproval with respect to a notice submitted pursuant to subsection (a) of this section if the competence, experience, character, or integrity of the individual with respect to whom such notice is submitted indicates that it would not be in the best interests of the depositors of the insured credit union or in the best interests of the public to permit the individual to be employed by, or associated with, such insured credit union.
(f) Definition regulations
The Board shall prescribe by regulation a definition for the terms “troubled condition” and “senior executive officer” for purposes of subsection (a) of this section.
(June 26, 1934, ch. 750, title II, § 212, as added Pub. L. 101–73, title IX, § 914(b), Aug. 9, 1989, 103 Stat. 485.)
heading: Codification
text: Section 914(b) of Pub. L. 101–73, which directed that this section be added to title II of “the Federal Credit Union Insurance Act (12 U.S.C. 1781 et seq.)” was executed by adding this section to the Federal Credit Union Act, which comprises this chapter, as the probable intent of Congress.
12 U.S.C. § 1790c (BANKS AND BANKING)
§ 1790c. Reward for information leading to recoveries or civil penalties
The Board may pay rewards in connection with an offense affecting an insured credit union, under the same circumstances and subject to the same limitations that a Federal banking agency may pay rewards under section 1831j of this title in connection with an offense affecting a depository institution insured by the Federal Deposit Insurance Corporation.
(June 26, 1934, ch. 750, title II, § 214, as added Pub. L. 101–73, title IX, § 933(b), Aug. 9, 1989, 103 Stat. 496.)
12 U.S.C. § 1795 (BANKS AND BANKING)
§ 1795. Congressional findings
The Congress finds that the establishment of a National Credit Union Central Liquidity Facility is needed to improve general financial stability by meeting the liquidity needs of credit unions and thereby encourage savings, support consumer and mortgage lending, and provide basic financial resources to all segments of the economy.
(June 26, 1934, ch. 750, title III, formerly subch. III, § 301, as added Pub. L. 95–630, title XVIII, § 1802, Nov. 10, 1978, 92 Stat. 3719; amended Pub. L. 96–221, title III, § 309(b)(1), Mar. 31, 1980, 94 Stat. 149.)
heading: Codification
text: Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
heading: Effective Date
text: Pub. L. 95–630, title XVIII, § 1806, Nov. 10, 1978, 92 Stat. 3724, provided that: “This title [enacting this subchapter and amending section 1757 of this title, section 709 of Title 18, Crimes and Criminal Procedure, and section 856 of former Title 31, Money and Finance] shall take effect on October 1, 1979.”
heading: Short Title
text: For short title of title XVIII of Pub. L. 95–630, Nov. 10, 1978, 92 Stat. 3719, as the “National Credit Union Central Liquidity Facility Act”, see section 1801 of Pub. L. 95–630, set out as a Short Title of 1978 Amendment note under section 1751 of this title.
12 U.S.C. § 1795a (BANKS AND BANKING)
§ 1795a. Definitions
As used in this subchapter, the term—
(1) “liquidity needs” means the needs of credit unions primarily serving natural persons for—
(A) short-term adjustment credit available to assist in meeting temporary requirements for funds or to cushion more persist­ent outflows of funds pending an orderly adjustment of credit union assets and liabilities;
(B) seasonal credit available for longer periods to assist in meeting seasonal needs for funds arising from a combination of expected patterns of movement in share and deposit accounts and loans; and
(C) protracted adjustment credit available in the event of unusual or emergency circumstances of a longer term nature resulting from national, regional or local difficulties.1
(2) “Central Liquidity Facility” or “Facility” means the National Credit Union Central Liquidity Facility;
(3) “paid-in and unimpaired capital and surplus” means the balance of the paid-in share accounts and deposits as of a given date, less any loss that may have been incurred for which there is no reserve or which has not been charged against undivided earnings, plus the credit balance (or less the debit balance) of the undivided earnings account as of a given date, after all losses have been provided for and net earnings or net losses have been added thereto or deducted therefrom. Reserves shall not be considered as part of surplus,2 and
(4) “member” means a Regular or an Agent member of the Facility.
(June 26, 1934, ch. 750, title III, formerly subch. III, § 302, as added Pub. L. 95–630, title XVIII, § 1802, Nov. 10, 1978, 92 Stat. 3719; amended Pub. L. 96–221, title III, § 309(b)(1), (2), Mar. 31, 1980, 94 Stat. 149.)
heading: Codification
text: Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
heading: Amendments
text: 1980—Pub. L. 96–221, § 309(b)(2), substituted “title” for “subchapter”, which for purposes of codification has been editorially translated as “subchapter”, thereby requiring no further change in text.
12 U.S.C. § 1795b (BANKS AND BANKING)
§ 1795b. National Credit Union Administration Central Liquidity Facility; establishment; management; jurisdiction
There is created the National Credit Union Administration Central Liquidity Facility. The Central Liquidity Facility, an instrumentality of the United States, shall exist within the National Credit Union Administration and be managed by the Board. The United States district court shall have original jurisdiction over any case to which the Board on behalf of the Facility is a party, without regard to the amount in controversy.
(June 26, 1934, ch. 750, title III, formerly subch. III, § 303, as added and amended Pub. L. 95–630, title V, § 502(b), title XVIII, § 1802, Nov. 10, 1978, 92 Stat. 3681, 3720; Pub. L. 96–221, title III, § 309(a)(4), (b)(1), Mar. 31, 1980, 94 Stat. 149; Pub. L. 98–369, div. B, title VIII, § 2813(a)(1), July 18, 1984, 98 Stat. 1206.)
heading: Codification
text: Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
heading: Amendments
text: 1984—Pub. L. 98–369 inserted “, an instrumentality of the United States,”.
1980—Pub. L. 96–221, § 309(a)(4), substituted “Board” for “Administrator” in two places, such change having been made previously by Pub. L. 95–630.
1978—Pub. L. 95–630, § 502(b), substituted “Board” for “Administrator” in two places.
heading: Effective Date of 1984 Amendment
text: Amendment by Pub. L. 98–369 effective Oct. 1, 1979, see section 2813(c) of Pub. L. 98–369, set out as an Effective Date note under section 1795k of this title.
heading: Effective Date of 1978 Amendment
text: Amendment effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
12 U.S.C. § 1795d (BANKS AND BANKING)
§ 1795d. Capital stock
(a) Opening of books; minimum subscription
As soon as practicable, the Board shall open books for subscriptions to the capital stock of the Facility. The minimum subscription shall be $50.
(b) Requirements
The capital stock of the Facility—
(1) shall be divided into shares having a par value of $50 each;
(2) shall be paid for with cash or with securities of the United States or any Agency thereof in accordance with requirements the Board may impose;
(3) shall share in dividend distributions at rates determined by the Board. However, rates on the required capital stock shall be without preference; and
(4) shall not be transferred or hypothecated except as provided for herein.
(c) Redemption of stock
When circumstances require that all or a portion of a member’s stock be redeemed by the Facility, the Board shall pay an amount equal to what the member originally paid for the stock less any amount owed by the member to the Facility.
(d) Use of subscription amount
At least one-half of the payment for the subscription amount required for membership under section 1795c of this title shall be transferred to the Facility. The remainder may be held by the member on call of the Board and shall be invested in assets designated by the Board.
(e) Restriction on advances to credit unions
A credit union or credit union group that becomes a member of the Facility later than six months after the date the Board opens books for capital stock subscriptions, may not borrow or receive advances from the Facility without approval by the Board for a period of six months after becoming a member.
(June 26, 1934, ch. 750, title III, formerly subch. III, § 305, as added and amended Pub. L. 95–630, title V, § 502(b), title XVIII, § 1802, Nov. 10, 1978, 92 Stat. 3681, 3721; Pub. L. 96–221, title III, § 309(a)(2), (4), (b)(1), Mar. 31, 1980, 94 Stat. 148, 149.)
heading: Codification
text: Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
heading: Amendments
text: 1980—Subsec. (a). Pub. L. 96–221, § 309(a)(4), substituted “Board” for “Administrator”, such change having been previously made by Pub. L. 95–630.
Subsec. (b). Pub. L. 96–221, § 309(a)(2), (4), substituted “Board” for “Administrator” wherever appearing, such change having been previously made by Pub. L. 95–630, and in par. (3) inserted specific requirement that rates on required capital stock be without preference.
Subsecs. (c) to (e). Pub. L. 96–221, § 309(a)(4), substituted “Board” for “Administrator” wherever appearing, such change having been previously made by Pub. L. 95–630.
1978—Pub. L. 95–630, § 502(b), substituted “Board” for “Administrator” wherever appearing.
heading: Effective Date of 1978 Amendment
text: Amendment effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
12 U.S.C. § 1795e (BANKS AND BANKING)
§ 1795e. Extensions of credit
(a)
(1) A member may apply for an extension of credit from the Facility to meet its liquidity needs. The Board shall approve or deny any such application within five working days after receiving it. The Board shall not approve an application for credit the intent of which is to expand credit union portfolios.
(2) The Board may advance funds to a member on terms and conditions prescribed by the Board after giving due consideration to creditworthiness.
(3) The Board shall not advance funds for the benefit of a credit union whose share or deposit accounts are insured by a State share or deposit guaranty credit union, insurance corporation, or guaranty association, without consultation with the appropriate State share or deposit guaranty credit union, insurance corporation, or guaranty association.
(b) The Secretary of the Treasury is authorized to lend to the Facility up to $500,000,000, in the event the Board certifies to the Secretary that the Facility does not have sufficient funds to meet liquidity needs of credit unions. Any such loan shall bear an interest rate not greater than one-eighth of 1 per centum above the current average market yield on outstanding obligations of the United States with remaining time to maturity comparable to the maturity of such loan. The authority of the Secretary to lend under this subsection shall be limited to such extent or in such amounts as are provided in advance in appropriation Acts.
(June 26, 1934, ch. 750, title III, formerly subch. III, § 306, as added and amended Pub. L. 95–630, title V, § 502(b), title XVIII, § 1802, Nov. 10, 1978, 92 Stat. 3681, 3721; Pub. L. 96–221, title III, § 309(a)(4), (b)(1), Mar. 31, 1980, 94 Stat. 149.)
heading: Codification
text: Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
heading: Amendments
text: 1980—Subsecs. (a), (b). Pub. L. 96–221, § 309(a)(4), substituted “Board” for “Administrator” wherever appearing, such change having been previously made by Pub. L. 95–630.
1978—Pub. L. 95–630, § 502(b), substituted “Board” for “Administrator” wherever appearing.
heading: Effective Date of 1978 Amendment
text: Amendment effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
12 U.S.C. § 1795g (BANKS AND BANKING)
§ 1795g. Depositories, custodians, and fiscal agents
The Federal Reserve Banks are authorized to act as depositories, custodians and/or fiscal agents for the Central Liquidity Facility in the general performance of its powers conferred by this subchapter. Each Federal Reserve Bank when designated by the Board as fiscal agent for the Central Liquidity Facility, shall be entitled to be reimbursed for all expenses incurred as such fiscal agent.
(June 26, 1934, ch. 750, title III, formerly subch. III, § 308, as added and amended Pub. L. 95–630, title V, § 502(b), title XVIII, § 1802, Nov. 10, 1978, 92 Stat. 3681, 3723; Pub. L. 96–221, title III, § 309(a)(4), (b)(1), (2), Mar. 31, 1980, 94 Stat. 149.)
heading: Codification
text: Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
heading: Amendments
text: 1980—Pub. L. 96–221, § 309(a)(4), (b)(2), substituted “Board” for “Administrator”, such change having been made previously by Pub. L. 95–630, and “title” for “subchapter”, which for purposes of codification has been editorially translated as “subchapter”, thereby requiring no further change in text.
1978—Pub. L. 95–630, § 502(b), substituted “Board” for “Administrator”.
heading: Effective Date of 1978 Amendment
text: Amendment effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
12 U.S.C. § 1795h (BANKS AND BANKING)
§ 1795h. Audit of financial transactions
The Comptroller General of the United States shall audit the Central Liquidity Facility under such rules and regulations as the Comptroller may prescribe.
(June 26, 1934, ch. 750, title III, formerly subch. III, § 309, as added Pub. L. 95–630, title XVIII, § 1802, Nov. 10, 1978, 92 Stat. 3723; amended Pub. L. 96–221, title III, § 309(b)(1), Mar. 31, 1980, 94 Stat. 149.)
heading: Codification
text: Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
12 U.S.C. § 1795i (BANKS AND BANKING)
§ 1795i. Annual report
The annual report required by section 1752a(d) of this title shall include a full report of the activities of the Facility.
(June 26, 1934, ch. 750, title III, formerly subch. III, § 310, as added Pub. L. 95–630, title XVIII, § 1802, Nov. 10, 1978, 92 Stat. 3723; amended Pub. L. 96–221, title III, § 309(b)(1), Mar. 31, 1980, 94 Stat. 149; Pub. L. 109–351, title VII, § 726(27), Oct. 13, 2006, 120 Stat. 2003.)
heading: Codification
text: Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
heading: Amendments
text: 2006—Pub. L. 109–351 substituted “section 1752a(d)” for “section 1752a(e)”.
12 U.S.C. § 1795j (BANKS AND BANKING)
§ 1795j. Agent of Federal Reserve System
The facility is authorized to act upon the request of the Board of Governors of the Federal Reserve System as an agent of the Federal Reserve System in matters pertaining to credit unions under such terms and conditions as may be established by the Board of Governors of the Federal Reserve System.
(June 26, 1934, ch. 750, title III, § 311, as added Pub. L. 97–320, title V, § 532, Oct. 15, 1982, 96 Stat. 1536.)
12 U.S.C. § 1795k (BANKS AND BANKING)
§ 1795k. State and local tax exemption
(a) Franchise, activities, etc., of Central Liquidity Facility; exception
The Central Liquidity Facility, and its franchise, activities, capital reserves, surplus, and income, shall be exempt from all State and local taxation now or hereafter imposed, other than taxes on real property held by the Facility (to the same extent, according to its value, as other similar property held by other persons is taxed).
(b) Notes, bonds, debentures and other obligations of Central Liquidity Facility; exceptions
(1) Except as provided in paragraph (2), the notes, bonds, debentures, and other obligations issued on behalf of the Central Liquidity Facility and the income therefrom shall be exempt from all State and local taxation now or hereafter imposed.
(2) Any obligation described in paragraph (1) shall not be exempt from State or local gift, estate, inheritance, legacy, succession, or other wealth transfer taxes.
(c) “State” defined; tax status
For purposes of this section—
(1) the term “State” includes the District of Columbia; and
(2) taxes imposed by counties or municipalities, or any territory, dependency, or possession of the United States shall be treated as local taxes.
(June 26, 1934, ch. 750, title III, § 312, as added Pub. L. 98–369, div. B, title VIII, § 2813(a)(2), July 18, 1984, 98 Stat. 1206.)
heading: Effective Date
text: Pub. L. 98–369, div. B, title VIII, § 2813(c), July 18, 1984, 98 Stat. 1207, provided that: “The amendments made by this section [enacting this section and amending section 1795b of this title and section 501 of Title 26, Internal Revenue Code] shall take effect on October 1, 1979.”
12 U.S.C. § 1801 to 1805 (BANKS AND BANKING)
§§ 1801 to 1805. Omitted
heading: Codification
text: Sections, acts Feb. 24, 1945, ch. 4, §§ 1, 2, 4, 5, 59 Stat. 5, 6; Apr. 25, 1945, ch. 95, title I, 59 Stat. 81, related to the Federal Loan Agency which was established by Reorg. Plan No. I of 1939, § 402, set out in the Appendix to Title 5, Government Organization and Employees, and continued as an independent establishment of the Government by act Feb. 24, 1945, ch. 4, 59 Stat. 5, and was abolished by section 204 of act June 30, 1947, ch. 166, title II, 61 Stat. 208, and its property and records were transferred to the Reconstruction Finance Corporation. By act June 24, 1954, ch. 410, § 2(a), 68 Stat. 320, section 609 of Title 15, Commerce and Trade, the Secretary of the Treasury was authorized to liquidate the Reconstruction Finance Corporation. Section 6(a) of Reorg. Plan No. 1 of 1957, eff. June 30, 1957, 22 F.R. 4633, 71 Stat. 647, set out as a note under section 601 of Title 15, Commerce and Trade, abolished the Reconstruction Finance Corporation.
12 U.S.C. § 1820a (BANKS AND BANKING)
§ 1820a. Examination of investment companies
(a) Exclusive Commission authority
Except as provided in subsection (c) of this section, a Federal banking agency may not inspect or examine any registered investment company that is not a bank holding company or a savings and loan holding company.
(b) Examination results and other information
The Commission shall provide to any Federal banking agency, upon request, the results of any examination, reports, records, or other information with respect to any registered investment company to the extent necessary for the agency to carry out its statutory responsibilities.
(c) Certain examinations authorized
Nothing in this section shall prevent the Corporation, if the Corporation finds it necessary to determine the condition of an insured depository institution for insurance purposes, from examining an affiliate of any insured depository institution, pursuant to its authority under section 1820(b)(4) of this title, as may be necessary to disclose fully the relationship between the insured depository institution and the affiliate, and the effect of such relationship on the insured depository institution.
(d) Definitions
For purposes of this section, the following definitions shall apply:
(1) Bank holding company
The term “bank holding company” has the meaning given the term in section 1841 of this title.
(2) Commission
The term “Commission” means the Securities and Exchange Commission.
(3) Corporation
The term “Corporation” means the Federal Deposit Insurance Corporation.
(4) Federal banking agency
The term “Federal banking agency” has the meaning given the term in section 1813(z) of this title.
(5) Insured depository institution
The term “insured depository institution” has the meaning given the term in section 1813(c) of this title.
(6) Registered investment company
The term “registered investment company” means an investment company that is registered with the Commission under the Investment Company Act of 1940 [15 U.S.C. 80a–1 et seq.].
(7) Savings and loan holding company
The term “savings and loan holding company” has the meaning given the term in section 1467a(a)(1)(D) of this title.
(Pub. L. 106–102, title I, § 115, Nov. 12, 1999, 113 Stat. 1371.)
heading: References in Text
text: The Investment Company Act of 1940, referred to in subsec. (d)(6), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, as amended, which is classified generally to subchapter I (§ 80a–1 et seq.) of chapter 2D of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 80a–51 of Title 15 and Tables.
heading: Codification
text: Section was enacted as part of the Gramm-Leach-Bliley Act, and not as part of the Federal Deposit Insurance Act which comprises this chapter.
heading: Effective Date
text: Section effective 120 days after Nov. 12, 1999, see section 161 of Pub. L. 106–102, set out as an Effective Date of 1999 Amendment note under section 24 of this title.