Source: http://www.gpo.gov/fdsys/pkg/USCODE-2011-title12/html/USCODE-2011-title12-chap14.htm
Timestamp: 2014-12-18 17:27:48
Document Index: 290657512

Matched Legal Cases: ['§1', '§701', '§1801', '§2', '§1751', '§2', '§726', '§726', '§307', '§103', '§502', '§502', '§502', '§503', '§503', '§504', '§4', '§362', '§1073', '§502', '§726', '§726', '§503', '§726', '§702', '§703', '§25', '§26', '§507', '§510', '§511', '§512', '§517', '§518', '§502', '§502', '§502', '§502', '§502', '§502', '§2', '§107', '§203', '§101', '§101', '§205', '§1760']

CHAPTER 14—FEDERAL CREDIT UNIONS
1751.Short title.
1751a.Omitted.
1752.Definitions.
1752a.National Credit Union Administration.
1753.Federal credit union organization.
1754.Approval of organization certificate.
1755.Fees.
1756.Reports and examinations.
1756a.Omitted.
1757.Powers.
1757a.Limitation on member business loans.
1758.Bylaws.
1759.Membership.
1760.Members’ meetings.
1761.Management.
1761a.Officers of the board.
1761b.Board of directors; meetings; powers and duties; executive committee; membership officers; membership application.
1761c.Credit committee.
1761d.Supervisory committee; powers and duties; suspension of members; passbook.
1763.Dividends.
1764.Expulsion and withdrawal.
1765.Minors.
1766.Powers of Board.
1767.Fiscal agents and depositories; authorization to secure deposits by governmental bodies.
1768.Taxation.
1769.Separability; right to alter, amend, or repeal chapter.
1770.Allotment of space in Federal buildings or Federal land.
1771.Conversion from Federal to State credit union and from State to Federal credit union.
1772.Territorial application of chapter.
1772a.Gifts; acceptance of conditional gifts; deposit.
1772b.Apportionment.
1772c.Trust fund.
1772c–1.Community development revolving loan fund for credit unions.
1772d.Forfeiture of organization certificate for money laundering or cash transaction reporting offenses.
1773.District of Columbia credit unions; conversion to Federal status.
1774.Approval of certificate; assets and obligations of applicant credit union.
1775.Conditions upon conversion to Federal status.
1781.Insurance of member accounts.
1782.Administration of insurance fund.
1783.National Credit Union Share Insurance Fund.
1784.Examination of insured credit unions.
1785.Requirements governing insured credit unions.
1786.Termination of insured credit union status; cease and desist orders; removal or suspension from office; procedure.
1786a.Omitted.
1787.Payment of insurance.
1788.Special assistance to avoid liquidation.
1789.Administrative provisions.
1789a.Credit unions as depositaries of public money; fiscal agents; duties.
1790.Nondiscriminatory provision.
1790a.Board disapproval of directors, committee members, and senior executive officers of insured credit unions.
1790b.Credit union employee protection remedy.
1790c.Reward for information leading to recoveries or civil penalties.
1790d.Prompt corrective action.
1790e.Temporary Corporate Credit Union Stabilization Fund.
1795.Congressional findings.
1795a.Definitions.
1795b.National Credit Union Administration Central Liquidity Facility; establishment; management; jurisdiction.
1795c.Membership.
1795d.Capital stock.
1795e.Extensions of credit.
1795f.Powers of Board.
1795g.Depositories, custodians, and fiscal agents.
1795h.Audit of financial transactions.
1795i.Annual report.
1795j.Agent of Federal Reserve System.
1795k.State and local tax exemption.
Pub. L. 105–219, §1(a), Aug. 7, 1998, 112 Stat. 913, provided that: “This Act [enacting sections 1757a and 1790d of this title, amending sections 1752a, 1759, 1782, and 1784 to 1787 of this title, repealing section 1762 of this title, and enacting provisions set out as notes under this section and sections 1752a, 1757a, 1759, 1790d, 4801, and 4803 of this title] may be cited as the ‘Credit Union Membership Access Act’.”
Pub. L. 100–86, title VII, §701, Aug. 10, 1987, 101 Stat. 652, provided that: “This title [enacting section 1772c of this title and amending sections 1757, 1761a, 1761b, 1764, 1766, 1767, and 1786 to 1788 of this title and sections 45, 46, and 57a of Title 15, Commerce and Trade] may be cited as the ‘Credit Union Amendments of 1987’.”
Pub. L. 95–630, title XVIII, §1801, Nov. 10, 1978, 92 Stat. 3719, provided that: “This title [enacting subchapter III of this chapter 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] may be cited as the ‘National Credit Union Central Liquidity Facility Act’.”
Pub. L. 105–219, §2, Aug. 7, 1998, 112 Stat. 913, provided that: “The Congress finds the following:
§1751a. Omitted
Section, act June 29, 1948, ch. 711, §2, 62 Stat. 1091, related to establishment of Bureau of Federal Credit Unions. See section 1752a of this title.
(1) the term “Federal credit union” means a cooperative association organized in accordance with the provisions of this chapter for the purpose of promoting thrift among its members and creating a source of credit for provident or productive purposes;
(2) the term “Chairman” means the Chairman of the National Credit Union Administration Board;
(3) the term “Administration” means the National Credit Union Administration;
(4) the term “Board” means the National Credit Union Administration Board;
(5) The terms “member account” and “account” mean a share, share certificate, or share draft account of a member of a credit union of a type approved by the Board which evidences money or its equivalent received or held by a credit union in the usual course of business and for which it has given or is obligated to give credit to the account of the member, and, in the case of a credit union serving predominantly low-income members (as defined by the Board), such terms (when referring to the account of a nonmember served by such credit union) mean a share, share certificate, or share draft account of such nonmember which is of a type approved by the Board and evidences money or its equivalent received or held by such credit union in the usual course of business and for which it has given or is obligated to give credit to the account of such nonmember, and such terms mean share, share certificate, or share draft account of nonmember credit unions and nonmember units of Federal, State, or local governments and political subdivisions thereof enumerated in section 1787 of this title, and such terms mean custodial accounts established for loans sold in whole or in part pursuant to section 1757(13) of this title: Provided, That for purposes of insured State credit unions, reference in this paragraph to “share”, “share certificate”, or “share draft”, accounts includes, as determined by the Board, the equivalent of such accounts under State law;
(6) The terms “State credit union” and “State-chartered credit union” mean a credit union organized and operated according to the laws of any State, the District of Columbia, the several territories and possessions of the United States, the Panama Canal Zone, or the Commonwealth of Puerto Rico, which laws provide for the organization of credit unions similar in principle and objectives to Federal credit unions;
(7) The term “insured credit union” means any credit union the member accounts of which are insured in accordance with the provisions of subchapter II of this chapter, and the term “noninsured credit union” means any credit union the member accounts of which are not so insured;
(8) The term “Fund” means the National Credit Union Share Insurance Fund; and
(9) The term “branch” includes any branch credit union, branch office, branch agency, additional office, or any branch place of business located in any State of the United States, the District of Columbia, the several territories, including the trust territories, and possessions of the United States, the Panama Canal Zone, or the Commonwealth of Puerto Rico, at which member accounts are established or money lent. The term “branch” also includes a suboffice, operated by a Federal credit union or by a credit union authorized by the Department of Defense, located on an American military installation in a foreign country or in the trust territories of the United States.
2006—Par. (3). Pub. L. 109–351, §726(1), struck out “and” after semicolon.
Par. (5). Pub. L. 109–351, §726(2), substituted “share draft account” for “share draft account account” in two places and for “share draft account accounts” before “of nonmember”.
1982—Par. (5). Pub. L. 97–320 inserted “, and such terms mean custodial accounts established for loans sold in whole or in part pursuant to section 1757(13) of this title” after “section 1787 of this title”.
Par. (10). Pub. L. 96–221, §307, struck out par. (10) which defined “share draft account”. See Repeals and Effective Date of 1980 Amendment notes below.
1979—Par. (5). Pub. L. 96–161, §103(a)(1), inserted “, and such term also includes a share draft account” after “the equivalent of such accounts under State law”.
1978—Par. (2). Pub. L. 95–630, §502(a)(1), substituted provisions defining “Chairman” for provisions defining “Administrator”.
Par. (4). Pub. L. 95–630, §502(a)(2), inserted “Administration” after “National Credit Union”.
Par. (5). Pub. L. 95–630, §§502(b), 503(a), (b), redesignated par. (4), defining “member account” and “account”, as (5) and substituted “share or share certificate” for “share, share certificate, or share deposit” in two places; “Board” for “Administrator” wherever appearing; “share or share certificate accounts” for “those accounts”; and “enumerated in section 1787 of this title: Provided, That for purposes of State credit unions, reference in this paragraph to ‘share’ or ‘share certificate’ accounts includes, as determined by the Board, the equivalent of such accounts under State law;” for “in which payments are received by a credit union pursuant to section 1757(6) of this title;”.
Par. (9). Pub. L. 95–630, §503(a), (c), redesignated former par. (8) as (9), inserted “, including the trust territories,” after “several territories”, and inserted provision that term “branch” also includes a suboffice, operated by a Federal credit union or by a credit union authorized by the Department of Defense, located on an American military installation in a foreign country or in the trust territories of the United States.
Section 509 of title V of Pub. L. 95–630 provided that: “The amendments made by this title [amending this section, sections 1753 to 1756, 1757 to 1759, 1761 to 1763, 1766, 1767, 1771, 1772a, and 1781 to 1789 of this title, and sections 5108, 5314, and 5315 of Title 5, Government Organization and Employees] take effect upon the effective date of this Act [see Effective Date note under section 375b of this title], except that the functions of the Administrator of the National Credit Union Administration under the provisions of the Federal Credit Union Act [this chapter], as in effect on the date preceding the date of enactment of this title [Nov. 10, 1978], shall continue to be performed by him in accordance with such provisions until such time as all the members of the National Credit Union Administration Board, established under the amendments made by this title, take office. All rules, regulations, policies, and procedures of the Administrator in effect on the date of enactment of this title shall remain in effect until amended, superseded, or repealed.”
Section 6 of Pub. L. 91–206 provided that:
Section 3 of Pub. L. 86–354 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.
1982—Pub. L. 97–320, §503, substituted “each subscribe either individually or collectively” for “subscribe”.
Par. (4). Pub. L. 97–320, §504, substituted “the initial par value of the shares” for “the par value of the shares, which shall be $5 each”.
(1) Upon request of the Board, the Secretary of the Treasury shall invest and reinvest such portions of the annual operating fees deposited under subsection (d) of this section as the Board determines are not needed for current operations.
(3) All income derived from such investments and reinvestments shall be deposited to the account of the Administration described in subsection (d) of this section.
(II) a higher interest rate ceiling for Agent members for the Central Liquidity Facility in carrying out the provisions of subchapter III of this chapter for such periods as the Board may authorize;
(ix) loans shall be paid or amortized in accordance with rules and regulations prescribed by the Board after taking into account the needs or conditions of the borrowers, the amounts and duration of the loans, the interests of the members and the credit unions, and such other factors as the Board deems relevant;
(7) to invest its funds (A) in loans exclusively to members; (B) in obligations of the United States of America, or securities fully guaranteed as to principal and interest thereby; (C) in accordance with rules and regulations prescribed by the Board, in loans to other credit unions in the total amount not exceeding 25 per centum of its paid-in and unimpaired capital and surplus; (D) in shares or accounts of savings and loan associations or mutual savings banks, the accounts of which are insured by the Federal Deposit Insurance Corporation; (E) in obligations issued by banks for cooperatives, Federal land banks, Federal intermediate credit banks, Federal home loan banks, the Federal Housing Finance Board, or any corporation designated in section 9101(3) of title 31 as a wholly owned Government corporation; or in obligations, participations, or other instruments of or issued by, or fully guaranteed as to principal and interest by, the Federal National Mortgage Association or the Government National Mortgage Association, or in mortgages, obligations, or other securities which are or ever have been sold by the Federal Home Loan Mortgage Corporation pursuant to section 1454 or 1455 of this title; or in obligations or other instruments or securities of the Student Loan Marketing Association; or in obligations, participations, securities, or other instruments of, or issued by, or fully guaranteed as to principal and interest by any other agency of the United States and a Federal credit union may issue and sell securities which are guaranteed pursuant to section 1721(g) of this title; (F) in participation certificates evidencing beneficial interests in obligations, or in the right to receive interest and principal collections therefrom, which obligations have been subjected by one or more Government agencies to a trust or trusts for which any executive department, agency, or instrumentality of the United States (or the head thereof) has been named to act as trustee; (G) in shares or deposits of any central credit union in which such investments are specifically authorized by the board of directors of the Federal credit union making the investment; (H) in shares, share certificates, or share deposits of federally insured credit unions; (I) in the shares, stocks, or obligations of any other organization, providing services which are associated with the routine operations of credit unions, up to 1 per centum of the total paid in and unimpaired capital and surplus of the credit union with the approval of the Board: Provided, however, That such authority does not include the power to acquire control directly or indirectly, of another financial institution, nor invest in shares, stocks or obligations of an insurance company, trade association, liquidity facility or any other similar organization, corporation, or association, except as otherwise expressly provided by this chapter; (J) in the capital stock of the National Credit Union Central Liquidity Facility; (K) investments in obligations of, or issued by, any State or political subdivision thereof (including any agency, corporation, or instrumentality of a State or political subdivision), except that no credit union may invest more than 10 per centum of its unimpaired capital and surplus in the obligations of any one issuer (exclusive of general obligations of the issuer);
(9) to borrow, in accordance with such rules and regulations as may be prescribed by the Board, from any source, in an aggregate amount not exceeding, except as authorized by the Board in carrying out the provisions of subchapter III of this chapter, 50 per centum of its paid-in and unimpaired capital and surplus: Provided, That any Federal credit union may discount with or sell to any Federal intermediate credit bank any eligible obligations up to the amount of its paid-in and unimpaired capital;
(A) are offered and sold pursuant to section 77d(5) of title 15;
In par. (7), “section 9101(3) of title 31” substituted for “section 101 of the Government Corporation Control Act [31 U.S.C. 846]” on authority of Pub. L. 97–258, §4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance.
2010—Par. (8). Pub. L. 111–203, §362(1), struck out “or the Federal Savings and Loan Insurance Corporation” after “Federal Deposit Insurance Corporation”.
Par. (12). Pub. L. 111–203, §1073(d), amended par. (12) generally. Prior to amendment, par. (12) read as follows: “in accordance with regulations prescribed by the Board—
2006—Par. (5). Pub. L. 109–351, §502, substituted “to make loans, the maturities of which shall not exceed 15 years,” for “to make loans, the maturities of which shall not exceed twelve years” in introductory provisions.
Par. (7)(D). Pub. L. 109–351, §726(5), struck out “the Federal Savings and Loan Insurance Corporation or” before “the Federal Deposit Insurance Corporation”.
Par. (7)(E). Pub. L. 109–351, §726(6), substituted “the Federal Housing Finance Board,” for “the Federal Home Loan Bank Board,”.
Par. (12). Pub. L. 109–351, §503, amended par. (12) generally. Prior to amendment, par. (12) read as follows: “in accordance with rules and regulations prescribed by the Board, to sell to members negotiable checks (including travelers checks), money orders, and other similar money transfer instruments, and to cash checks and money orders for members, for a fee;”.
Par. (13). Pub. L. 109–351, §726(8), struck out “and” after semicolon at end.
1987—Par. (5)(A)(ii). Pub. L. 100–86, §702, substituted “15 years or any longer term which the Board may allow” for “fifteen years unless such loan is insured or guaranteed as provided in subparagraph (iii)”.
Par. (6). Pub. L. 100–86, §703, inserted “, representing equity,” after “payments”.
1983—Par. (5)(A)(i). Pub. L. 97–457, §25, substituted “Administration” for “Association” after “National Credit Union”.
Par. (7)(K). Pub. L. 97–457, §26, redesignated cl. (L) as (K) and substituted a period for “; and” at end.
1982—Par. (5)(A)(i). Pub. L. 97–320, §§507–509, substituted “on” for “which is made to finance the acquisition of” after “real estate loan” and “that is or will be” for “for” after “cooperative unit,”, struck out “the sales price of which is not more than 150 per centum of the median sales price of residential real property situated in the geographical area (as determined by the board of directors) in which the property is located,” after “credit union member”, and inserted “or such other limits as shall be set by the National Credit Union Association Board” after “not exceeding thirty years”.
Par. (5)(A)(ii). Pub. L. 97–320, §510, substituted “or a second mortgage loan secured by a residential dwelling” for “or for the repair, alteration, or improvement of a residential dwelling”.
Par. (5)(A)(iii). Pub. L. 97–320, §511, inserted “, or with advance commitment to purchase the loan by,” and substituted “insurance, guarantee, or commitment” for “insurance or guarantee”.
Par. (5)(A)(iv), (v). Pub. L. 97–320, §512, substituted “$10,000” for “$5,000”.
Par. (8). Pub. L. 97–320, §517, inserted “or in banks or institutions the accounts of which are insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation,” after “in which the Federal Credit Union does business,”.
Par. (12). Pub. L. 97–320, §518, substituted “, money orders, and other similar money transfer instruments” for “and money orders”, and struck out “which does not exceed the direct and indirect costs incident to providing such service” after “for a fee”.
1979—Par. (6). Pub. L. 96–161 inserted “, and to issue, deal in, and accept share drafts as orders of withdrawal against shares, subject to such terms, rates, and conditions as may be prescribed by the Board” after “within limitations prescribed by the Board”.
1978—Par. (5). Pub. L. 95–630, §502(b), substituted “Board” for “Administrator” wherever appearing.
Par. (6). Pub. L. 95–630, §§502(b), 1803(a), inserted “from the Central Liquidity Facility,” after “in the manner so prescribed,” and substituted “Board” for “Administrator” in two places.
Par. (7). Pub. L. 95–630, §§502(b), 1803(b), substituted “Board” for “Administrator” wherever appearing and added cl. (J).
Par. (8). Pub. L. 95–630, §502(b), substituted “Board” for “Administrator”.
Par. (9). Pub. L. 95–630, §§502(b), 1803(c), substituted “Board” for “Administrator” and inserted “, except as authorized by the Board in carrying out the provisions of subchapter III of this chapter,” after “amount not exceeding”.
Pars. (12) to (14). Pub. L. 95–630, §502(b), substituted “Board” for “Administrator” wherever appearing.
1967—Par. (5). Pub. L. 90–44, §2(1), substituted “may be made except as authorized under paragraph (6) of this section” for “shall exceed the amount of his holdings in the Federal Credit Union as represented by shares thereof plus the total unencumbered and unpledged shareholdings in the Federal Credit Union of any member pledged as security for the obligation of such director or committee member”.
Section 323(e) of Pub. L. 96–153 provided that: “The amendments made by subsections (a) through (d) [amending this section and sections 1728, 1787, and 1821 of this title] are not applicable to any claim arising out of the closing of a bank, savings and loan association, or credit union prior to the date of enactment of this Act [Dec. 21, 1979], but shall be applicable to any such claim arising on or after such date.”
Subsection (a) of this section does not apply in the case of—
(i) that is fully secured by a lien on a 1- to 4-family dwelling that is the primary residence of a member;
(3) the term “associated member” means any member having a shared ownership, investment, or other pecuniary interest in a business or commercial endeavor with the borrower.
An insured credit union that has, on August 7, 1998, a total amount of outstanding member business loans that exceeds the amount permitted under subsection (a) of this section shall, not later than 3 years after August 7, 1998, reduce the total amount of outstanding member business loans to an amount that is not greater than the amount permitted under subsection (a) of this section.
(June 26, 1934, ch. 750, title I, §107A, as added Pub. L. 105–219, title II, §203(a), Aug. 7, 1998, 112 Stat. 920.)
In order to simplify the organization of Federal credit unions the Board shall from time to time cause to be prepared a form of organization certificate and a form of bylaws consistent with this chapter, which shall be used by Federal credit union incorporators, and shall be supplied to them on request. At the time of presenting the organization certificate the incorporators shall also submit proposed bylaws to the Board for its approval.
Subject to subsection (b) of this section, Federal credit union membership shall consist of the incorporators and such other persons and incorporated and unincorporated organizations, to the extent permitted by rules and regulations prescribed by the Board, as may be elected to membership and as such shall each, subscribe to at least one share of its stock and pay the initial installment thereon and a uniform entrance fee if required by the board of directors. Shares may be issued in joint tenancy with right of survivorship with any persons designated by the credit union member, but no joint tenant shall be permitted to vote, obtain loans, or hold office, unless he is within the field of membership and is a qualified member.
(B) the number of members, each of which (at the time the group is first included within the field of membership of a credit union described in this paragraph) does not exceed any numerical limitation applicable under subsection (d) of this section.
Notwithstanding subsection (b) of this section, in the case of a Federal credit union, the field of membership category of which is described in subsection (b)(2) of this section, the Board may allow the membership of the credit union to include any person or organization within a local community, neighborhood, or rural district if—
(i) is an “investment area”, as defined in section 4702(16) of this title, and meets such additional requirements as the Board may impose; and
Except as provided in paragraph (2), only a group with fewer than 3,000 members shall be eligible to be included in the field of membership category of a credit union described in subsection (b)(2) of this section.
In the case of any Federal credit union, the field of membership category of which is described in subsection (b)(2) of this section, the numerical limitation in paragraph (1) of this subsection shall not apply with respect to—
(A) any group that the Board determines, in writing and in accordance with the guidelines and regulations issued under paragraph (3), could not feasibly or reasonably establish a new single common-bond credit union, the field of membership category of which is described in subsection (b)(1) of this section because—
The Board shall issue guidelines or regulations, after notice and opportunity for comment, setting forth the criteria that the Board will apply in determining under this subsection whether or not an additional group may be included within the field of membership category of an existing credit union described in subsection (b)(2) of this section.
The Board may not approve any application by a Federal credit union, the field of membership category of which is described in subsection (b)(2) of this section to include any additional group within the field of membership of the credit union (or an application by a Federal credit union described in subsection (b)(1) of this section to include an additional group and become a credit union described in subsection (b)(2) of this section), unless the Board determines, in writing, that—
The Board shall prescribe, by regulation, a definition for the term “well-defined local community, neighborhood, or rural district” for purposes of—
(A) making any determination with regard to the field of membership of a credit union described in subsection (b)(3) of this section; and
1998—Subsec. (a). Pub. L. 105–219, §101(1)(A), designated existing provisions as subsec. (a) and inserted heading and “Subject to subsection (b) of this section,” before “Federal credit union membership shall consist of”.
Pub. L. 105–219, §101(1)(B), which directed the amendment of subsec. (a) by striking out “, except that Federal credit union membership shall be limited to groups having a common bond of occupation or association, or to groups within a well-defined neighborhood, community, or rural district” after “directors”, was executed by striking out such language which began with a semicolon rather than a comma after “directors” to reflect the probable intent of Congress.
Pub. L. 105–219, title II, §205, Aug. 7, 1998, 112 Stat. 923, provided that: “A regulation prescribed by the Board [National Credit Union Administration Board] shall be treated as a major rule for purposes of chapter 8 of title 5, United States Code, if the regulation defines, or amends the definition of—
“(1) the term ‘immediate family or household’ for purposes of section 109(e)(1) of the Federal Credit Union Act [12 U.S.C. 1759(e)(1)] (as added by section 101 of this Act); or
§1760. Members’ meetings
1982—Pub. L. 97–320 struck out “at such time during the following January, February, or March and” after “shall be held”, and “by him” after “shares held”.
1963—Pub. L. 88–150 substituted “during the following January, February, or March” for “during the month of the following January”.
1982—Pub. L. 97–320 substituted provisions divided into subsecs. (a), (b), and (c) relating to the management of a Federal credit union, including the board of directors, credit and supervisory committees, and the matter of their compensation, for provisions which read as follows: “The business affairs of a Federal credit union shall be managed by a board of not less than five directors, and a credit committee of not less than three members, all to be elected at the annual members’ meeting by and from the members, and by a supervisory committee of not less than three members nor more than five members, one of whom may be a director other than the treasurer, to be appointed by the board. Any vacancy occurring in the supervisory committee shall be filled in the same manner as original appointments to such committee. All members of the board and of such committees shall hold office for such terms, respectively, as the bylaws may provide. A record of the names and addresses of the members of the board and such committees and of the officers of the credit union shall be filed with the Administration within ten days after their election or appointment. No member of the board or of either such committee shall, as such, be compensated: Provided, however, That reasonable health, accident, and similar insurance protection shall not be considered compensation under regulations promulgated by the Board.”
1970—Pub. L. 91–206 substituted “Administration” for “Bureau”.
1949—Subsec. (d). Act Oct. 25, 1949, substituted “$400” for “$300” wherever appearing.
1946—Subsec. (c). Act July 31, 1946, struck out “fix the amount and character of the surety bond required of any officer having custody of funds” and inserted “require any officer or employee having custody of or handling funds to give bond with good and sufficient surety in an amount and character to be determined, from time to time, by the board and authorize the payment of the premium or premiums therefor from the funds of the Federal credit union”.
Subsec. (d). Act July 31, 1946, struck out requirement that notice of meeting of the credit committee must be given by the treasurer and