dreamproit/uscode huggingface dataset:
12 U.S.C. § 1772c (BANKS AND BANKING)
§ 1772c. Trust fund
Notwithstanding any other provision of law, all moneys of the Board shall be treated as trust funds for the purpose of section 906(a)(2) 1 of title 2. This section is effective for fiscal year 1986 and every fiscal year thereafter.
(June 26, 1934, ch. 750, title I, § 129, as added Pub. L. 100–86, title VII, § 708, Aug. 10, 1987, 101 Stat. 653.)
heading: Editorial Notes
heading: References in Text
text: Section 906(a) of title 2, referred to in text, was amended generally by Pub. L. 101–508, title XIII, § 13101(d)(1), Nov. 5, 1990, 104 Stat. 1388–589, and subsequently repealed by Pub. L. 111–139, title I, § 10(a), Feb. 12, 2010, 124 Stat. 21. Provisions similar to those formerly appearing in section 906(a)(2) are now contained in section 906(k)(6) of Title 2, The Congress.
12 U.S.C. § 1772c–1 (BANKS AND BANKING)
§ 1772c–1. Community development revolving loan fund for credit unions
(a) In general
The Board may exercise the authority granted to it by the Community Development Credit Union Revolving Loan Fund Transfer Act, including any additional appropriation made or earnings accrued, subject only to this section and to regulations prescribed by the Board.
(b) Investment
The Board may invest any idle Fund moneys in United States Treasury securities. Any interest accrued on such securities shall become a part of the Fund.
(c) Loans
The Board may require that any loans made from the Fund be matched by increased shares in the borrower credit union.
(d) Interest
Interest earned by the Fund may be allocated by the Board for technical assistance to community development credit unions, subject to an appropriations Act.
(e) “Fund” defined
As used in this section, the term “Fund” means the Community Development Credit Union Revolving Loan Fund.
(June 26, 1934, ch. 750, title I, § 130, as added Pub. L. 103–325, title I, § 120(b), Sept. 23, 1994, 108 Stat. 2188.)
heading: Editorial Notes
heading: References in Text
text: The Community Development Credit Union Revolving Loan Fund Transfer Act, referred to in subsec. (a), is Pub. L. 99–609, Nov. 6, 1986, 100 Stat. 3475, which is set out as a note under section 9822 of Title 42, The Public Health and Welfare.
12 U.S.C. § 1773 (BANKS AND BANKING)
§ 1773. District of Columbia credit unions; conversion to Federal status
Any credit union organized under the District of Columbia Credit Unions Act, as amended, may apply for conversion into a Federal credit union by filing with the National Credit Union Administration Board (in sections 1773 to 1775 of this title referred to as the Board), pursuant to a resolution adopted by a majority of its directors, an organization certificate meeting the requirements of section 1753 of this title.
(Pub. L. 88–395, § 1, Aug. 1, 1964, 78 Stat. 377; Pub. L. 91–206, § 3, Mar. 10, 1970, 84 Stat. 49; Pub. L. 95–630, title V, § 501, Nov. 10, 1978, 92 Stat. 3680.)
heading: Editorial Notes
heading: References in Text
text: The District of Columbia Credit Unions Act, referred to in text, was repealed by Pub. L. 88–395, § 4, Aug. 1, 1964, 78 Stat. 377.
heading: Codification
text: Section was not enacted as part of the Federal Credit Union Act which comprises this chapter.
heading: Statutory Notes and Related Subsidiaries
heading: Transfer of Functions
text: “National Credit Union Administration Board” and “Board” substituted in text for “Director of the Bureau of Federal Credit Unions” and “Director”, respectively, pursuant to section 3 of Pub. L. 91–206 and section 501 of Pub. L. 95–630 [12 U.S.C. 1752a] which transferred functions of Bureau of Federal Credit Unions, and Director thereof, to National Credit Union Administration and vested authority for management of Administration in National Credit Union Administration Board.
heading: Repeals; Revocation of Organization Certificates Issued Under District of Columbia Credit Unions Act
text: Pub. L. 88–395, § 4, Aug. 1, 1964, 78 Stat. 377, provided that: “Effective thirty days after enactment of this Act [Aug. 1, 1964], the District of Columbia Credit Unions Act (47 Stat. 326), as amended, is repealed and all organization certificates issued thereunder and still in force are revoked.”
12 U.S.C. § 1774 (BANKS AND BANKING)
§ 1774. Approval of certificate; assets and obligations of applicant credit union
The Board shall approve any such organization certificate meeting such requirements. Upon such approval, the applicant credit union shall become a Federal credit union, and shall be vested with all of the assets and shall continue responsible for all of the obligations of such applicant credit union to the same extent as though the conversion had not taken place.
(Pub. L. 88–395, § 2, Aug. 1, 1964, 78 Stat. 377; Pub. L. 91–206, § 3, Mar. 10, 1970, 84 Stat. 49; Pub. L. 95–630, title V, § 501, Nov. 10, 1978, 92 Stat. 3680.)
heading: Editorial Notes
heading: Codification
text: Section was not enacted as part of the Federal Credit Union Act which comprises this chapter.
heading: Statutory Notes and Related Subsidiaries
heading: Transfer of Functions
text: “Board”, meaning the National Credit Union Administration Board, substituted in text for “Director”, meaning Director of Bureau of Federal Credit Unions, pursuant to section 3 of Pub. L. 91–206 and section 501 of Pub. L. 95–630 [12 U.S.C. 1752a] which transferred functions of Bureau of Federal Credit Unions, and Director thereof, to National Credit Union Administration and vested authority for management of Administration in National Credit Union Administration Board.
12 U.S.C. § 1775 (BANKS AND BANKING)
§ 1775. Conditions upon conversion to Federal status
Any District of Columbia credit union converting into a Federal credit union in accordance with sections 1773 to 1775 of this title shall thereupon be subject to the limitations, vested with the powers, and charged with the liabilities conferred and imposed by the Federal Credit Union Act [12 U.S.C. 1751 et seq.] upon credit unions organized thereunder, except that—
(1) no fee shall be imposed upon a credit union converting pursuant to sections 1773 to 1775 of this title as an incident to its conversion;
(2) any loan or investment made by a credit union converting pursuant to sections 1773 to 1775 of this title in conformity with the District of Columbia Credit Unions Act prior to its conversion, which does not conform to the requirements of the Federal Credit Union Act and is still outstanding at the time of conversion, shall be liquidated at or before its maturity or, if it has no maturity date, in a prudent manner and within a reasonable period of time;
(3) a credit union converting pursuant to sections 1773 to 1775 of this title shall submit proposed bylaws to the Board for the Board’s approval after its conversion, but not later than thirty days following its next annual meeting or six months after August 1, 1964, whichever is later: Provided, That any existing bylaw inconsistent with any other requirements of the Federal Credit Union Act shall be deemed null and void.
(Pub. L. 88–395, § 3, Aug. 1, 1964, 78 Stat. 377; Pub. L. 91–206, § 3, Mar. 10, 1970, 84 Stat. 49; Pub. L. 95–630, title V, § 501, Nov. 10, 1978, 92 Stat. 3680.)
heading: Editorial Notes
heading: References in Text
text: The Federal Credit Union Act, referred to in text, is act June 26, 1934, ch. 750, 48 Stat. 1216, which is classified generally to this chapter. For complete classification of this Act to the Code, see section 1751 of this title and Tables.
The District of Columbia Credit Unions Act, referred to in par. (2), was act June 23, 1932, ch. 272, 47 Stat. 326, and was repealed by Pub. L. 88–395, § 4, Aug. 1, 1964, 78 Stat. 377.
heading: Codification
text: Section was not enacted as part of the Federal Credit Union Act which comprises this chapter.
heading: Statutory Notes and Related Subsidiaries
heading: Transfer of Functions
text: “Board” and “the Board’s”, meaning the National Credit Union Administration Board, substituted in par. (3) for “Director” and “his”, respectively, meaning Director of Bureau of Federal Credit Unions, pursuant to section 3 of Pub. L. 91–206 and section 501 of Pub. L. 95–630 [12 U.S.C. 1752a] which transferred functions of Bureau of Federal Credit Unions, and Director thereof, to National Credit Union Administration and vested authority for management of Administration in National Credit Union Administration Board.
12 U.S.C. § 1786a (BANKS AND BANKING)
§ 1786a. Omitted
heading: Editorial Notes
heading: Codification
text: Section, act June 26, 1934, ch. 750, title II, § 206A, as added Pub. L. 105–164, § 3(b), Mar. 20, 1998, 112 Stat. 35; amended Pub. L. 109–351, title VII, § 726(20), Oct. 13, 2006, 120 Stat. 2003, which related to regulation and examination of credit union organizations and service providers by the National Credit Union Administration Board, ceased to be effective as of Dec. 31, 2001, pursuant to subsec. (f) of the section.
12 U.S.C. § 1789a (BANKS AND BANKING)
§ 1789a. Credit unions as depositaries of public money; fiscal agents; duties
Any credit union the accounts of which are insured under this subchapter shall be a depositary of public money and may be employed as fiscal agent of the United States. The Secretary of the Treasury is authorized to deposit public money in any such insured credit union, and shall prescribe such regulations as may be necessary to enable such credit unions to become depositaries of public money and fiscal agents of the United States. Each credit union shall perform all such reasonable duties as depositaries of public money and fiscal agent of the United States as may be required of it including services in connection with the collection of taxes and other obligations owed the United States.
(June 26, 1934, ch. 750, title II, § 210, as added Pub. L. 95–147, § 2(c)(1), Oct. 28, 1977, 91 Stat. 1227.)
heading: Editorial Notes
heading: Prior Provisions
text: A prior section 210 of act June 26, 1934, ch. 750, was renumbered section 211 and is classified to section 1790 of this title.
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).
(c) Exception in extraordinary circumstances
(1) In general
The Board may prescribe by regulation conditions under which the prior notice requirement of subsection (a) 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) 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) 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).
(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: Editorial Notes
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. § 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: Editorial Notes
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: Statutory Notes and Related Subsidiaries
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. § 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: Editorial Notes
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: Statutory Notes and Related Subsidiaries
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.
heading: Effective Date
text: Section effective Oct. 1, 1979, see section 1806 of Pub. L. 95–630, set out as a note under section 1795 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: Editorial Notes
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: Statutory Notes and Related Subsidiaries
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.
heading: Effective Date
text: Section effective Oct. 1, 1979, see section 1806 of Pub. L. 95–630, set out as a note under section 1795 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: Editorial Notes
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: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective Oct. 1, 1979, see section 1806 of Pub. L. 95–630, set out as a note under section 1795 of this title.
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: Editorial Notes
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)”.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective Oct. 1, 1979, see section 1806 of Pub. L. 95–630, set out as a note under section 1795 of this title.
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: Statutory Notes and Related Subsidiaries
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...1805 (BANKS AND BANKING)
§§ 1801 to 1805. Omitted
heading: Editorial Notes
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.