Source: http://law2.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1795e&num=0&edition=prelim
Timestamp: 2019-04-26 10:10:25
Document Index: 470530627

Matched Legal Cases: ['§ 1795', '§1795', '§306', '§502', '§1802', '§309', '§309', '§502']

[USC03] 12 USC 1795e: Extensions of credit
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12 USC 1795e: Extensions of credit Text contains those laws in effect on April 25, 2019
§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.
(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 .)
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.