Source: http://www.law.cornell.edu/uscode/text/12/1752a?quicktabs_8=3
Timestamp: 2014-11-26 04:43:15
Document Index: 601472450

Matched Legal Cases: ['§ 1752', '§ 102', '§ 3', '§ 1', '§ 3', '§ 102', '§ 1', '§ 501', '§ 502', '§ 204', '§ 8', '§ 6', '§ 401', '§ 2606', '§ 1201', '§ 3']

12 U.S. Code § 1752a - National Credit Union Administration | LII / Legal Information Institute
Term of office The term of office of each member of the Board shall be six years, except that the terms of the two members, other than the Chairman, initially appointed shall expire one upon the expiration of two years after the date of appointment, and the other upon the expiration of four years after the date of appointment. Board members shall not be appointed to succeed themselves except the initial members appointed for less than a six-year term may be reappointed for a full six-year term and future members appointed to fill unexpired terms may be reappointed for a full six-year term. Any Board member may continue to serve as such after the expiration of said member’s term until a successor has qualified.
Management of Administration vested in Board; adoption of rules; quorum; report to President and Congress The management of the Administration shall be vested in the Board. The Board shall adopt such rules as it sees fit for the transaction of its business and shall keep permanent and complete records and minutes of its acts and proceedings. A majority of the Board shall constitute a quorum. Not later than April 1 of each calendar year, and at such other times as the Congress shall determine, the Board shall make a report to the President and to the Congress. Such a report shall summarize the operations of the Administration and set forth such information as is necessary for the Congress to review the financial program approved by the Board.
Functions of Chairman The Chairman of the Board shall be the spokesman for the Board and shall represent the Board and the National Credit Union Administration in its official relations with other branches of the Government. The Chairman shall determine each Board member’s area of responsibility and shall review such assignments biennially. It shall be the Chairman’s responsibility to direct the implementation of the adopted policies and regulations of the Board.
Audit by Government Accountability Office The financial transactions of the Administration shall be subject to audit by the Government Accountability Office in accordance with the principles and procedures applicable to commercial corporate transactions and under such rules and regulations as may be prescribed by the Comptroller General of the United States. The audit shall be conducted at the place or places where the accounts of the Administration are kept.
(June 26, 1934, ch. 750, title I, § 102, formerly § 3, as added Pub. L. 86–354, § 1,Sept. 22, 1959, 73 Stat. 628; amended Pub. L. 91–206, § 3,Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 102,Pub. L. 91–468, § 1(2),Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 95–630, title V, § 501,Nov. 10, 1978, 92 Stat. 3680; Pub. L. 97–320, title V, § 502,Oct. 15, 1982, 96 Stat. 1528; Pub. L. 105–219, title II, § 204,Aug. 7, 1998, 112 Stat. 922; Pub. L. 108–271, § 8(b),July 7, 2004, 118 Stat. 814.)
2004—Subsec. (f). Pub. L. 108–271substituted “Government Accountability Office” for “General Accounting Office”.
1998—Subsec. (b). Pub. L. 105–219inserted heading, designated existing provisions as par. (1), and added par. (2).
1982—Subsec. (f). Pub. L. 97–320struck out “on a calendar year basis” after “subject to audit”.
1978—Pub. L. 95–630generally revised section to eliminate the position of Administrator and to vest the management of the National Credit Union Administration in the National Credit Union Administration Board.
1970—Pub. L. 91–206designated existing provisions as subsec. (a), substituted provisions establishing an independent agency known as the National Credit Union Administration and an Administrator of such National Credit Union Administration for provisions establishing a Bureau of Federal Credit Unions under the supervision of a Director, which Director was appointed by, and, under the general direction and supervision of, the Secretary of Health, Education, and Welfare, and added subsecs. (b) to (f).
Pub. L. 91–206, § 6,Mar. 10, 1970, 84 Stat. 51, provided that:
“(a) All functions, property, records, and personnel of the Bureau of Federal Credit Unions are transferred to the National Credit Union Administration created by this Act [which generally amended this chapter].
“(b) The Director of the Bureau of Federal Credit Unions in office on the date of enactment of this Act [Mar. 10, 1970] shall serve as acting Administrator of the National Credit Union Administration pending the appointment of an Administrator in accordance with section 3 of the Federal Credit Union Act as amended by this Act [this section].”
Pub. L. 105–219, title IV, § 401,Aug. 7, 1998, 112 Stat. 934, provided that:
“(a) Study.—The Secretary [of the Treasury] shall conduct a study of—
“(1) the differences between credit unions and other federally insured financial institutions, including regulatory differences with respect to regulations enforced by the Office of Thrift Supervision, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Administration; and
“(2) the potential effects of the application of Federal laws, including Federal tax laws, on credit unions in the same manner as those laws are applied to other federally insured financial institutions.
“(b) Report.—Not later than 1 year after the date of enactment of this Act [Aug. 7, 1998], the Secretary shall submit a report to the Congress on the results of the study required by subsection (a).”
Pub. L. 104–208, div. A, title II, § 2606,Sept. 30, 1996, 110 Stat. 3009–473, provided that:
“(1) Administration.—The term ‘Administration’ means the National Credit Union Administration.
“(2) Board.—The term ‘Board’ means the National Credit Union Administration Board.
“(3) Corporate credit union.—The term ‘corporate credit union’ has the meaning given such term by rule or regulation of the Board.
“(4) Fund.—The term ‘Fund’ means the National Credit Union Share Insurance Fund established under section 203 of the Federal Credit Union Act [12 U.S.C. 1783].
“(5) Secretary.—The term ‘Secretary’ means the Secretary of the Treasury.
“(1) In general.—The Secretary, in consultation with the Board, the Corporation, the Comptroller of the Currency, and the Administration, shall conduct a study and evaluation of—
“(A) the oversight and supervisory practices of the Administration concerning the Fund, including the treatment of amounts deposited in the Fund pursuant to section 202(c) of the Federal Credit Union Act [12 U.S.C. 1782
(c)], including analysis of—
“(I) refundable; or
“(II) treated as expenses; and
“(ii) the use of those amounts in determining equity capital ratios;
“(B) the potential for, and potential effects of, administration of the Fund by an entity other than the Administration;
“(i) the investment practices of those credit unions; and
“(ii) the financial stability, financial operations, and financial controls of those credit unions;
“(D) the regulations of the Administration; and
“(E) the supervision of corporate credit unions by the Administration.
“(c) Report.—Not later than 12 months after the date of enactment of this Act [Sept. 30, 1996], the Secretary shall submit to the appropriate committees of the Congress, a report that includes the results of the study and evaluation conducted under subsection (b), together with any recommendations that the Secretary considers to be appropriate.”
Pub. L. 101–73, title XII, § 1201,Aug. 9, 1989, 103 Stat. 519, directed Comptroller General of the United States to conduct a comprehensive study of Nation’s credit union system and before the close of the 18-month period beginning on Aug. 9, 1989, to submit to Committee on Banking, Finance and Urban Affairs of House of Representatives and Committee on Banking, Housing, and Urban Affairs of Senate a final report containing a detailed statement of findings and conclusions, including recommendations for such administrative and legislative action as Comptroller General deemed advisable.
Pub. L. 86–354, § 3,Sept. 22, 1959, 73 Stat. 639, directed Director of Bureau of Federal Credit Unions to make a study of desirability of providing for federally chartered central credit unions and to submit to Secretary of Health, Education, and Welfare, for transmission to Congress on or before Apr. 15, 1960, a report of results thereof and such recommendations for legislation thereon as Director deemed appropriate.