Laws: Cases and Codes : U.S. Code : Title 12
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U.S. Code as of:
01/19/04
Chapter 14 - Notes
Sec.
1751. Short title.
1751a. Omitted.
SUBCHAPTER I - GENERAL PROVISIONS
1752. Definitions.
1752a. National Credit Union Administration.
(a) Establishment; management under National Credit
Union Administration Board.
(b) Membership and appointment of Board.
(c) Term of office.
(d) Management of Administration vested in Board;
adoption of rules; quorum; report to President
and Congress.
(e) Functions of Chairman.
(f) Audit by General Accounting Office.
1753. Federal credit union organization.
1754. Approval of organization certificate.
1755. Fees.
(a) Payment by Federal credit union to
Administration.
(b) Determinations of amount, assessment periods,
and payment dates.
(c) Supervision charge exception; waiver of
payment.
(d) Payment into Treasury of United States.
(e) Investment of annual operating fees not needed
for current operations.
1756. Reports and examinations.
1756a. Omitted.
1757. Powers.
1757a. Limitation on member business loans.
(a) In general.
(b) Exceptions.
(c) Definitions.
(d) Effect on existing loans.
(e) Consultation and cooperation with State credit
union supervisors.
1758. Bylaws.
1759. Membership.
(a) In general.
(b) Membership field.
(c) Exceptions.
(d) Multiple common-bond credit union group
requirements.
(e) Additional membership eligibility provisions.
(f) Criteria for approval of expansion of multiple
common-bond credit unions.
(g) Regulations required for community credit
unions.
1760. Members' meetings.
1761. Management.
(a) Board of directors, credit committee, and
supervisory committee; election to board.
(b) Membership on supervisory committee; names and
addresses of officers and committee members.
(c) Compensation.
1761a. Officers of the board.
1761b. Board of directors; meetings; powers and duties;
executive committee; membership officers; membership
application.
1761c. Credit committee.
(a) Members; meetings; lines of credit and approval
of loans; delegation to loan officers.
(b) Review and reversal of loan refusals; review by
board in lieu of committee; limitation on
disbursements by loan officers.
1761d. Supervisory committee; powers and duties; suspension
of members; passbook.
1762. Repealed.
1763. Dividends.
1764. Expulsion and withdrawal.
(a) Expulsion by two-thirds vote.
(b) Expulsion based on nonparticipation.
(c) Liability to credit union.
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.
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.
(a) In general.
(b) Investment.
(c) Loans.
(d) Interest.
(e) "Fund" defined.
1772d. Forfeiture of organization certificate for money
laundering or cash transaction reporting offenses.
(a) Forfeiture of franchise for money laundering or
cash transaction reporting offenses.
(b) Factors to be considered.
(c) Successor liability.
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.
SUBCHAPTER II - SHARE INSURANCE
1781. Insurance of member accounts.
(a) Eligibility.
(b) Application; agreement.
(c) Approval of application.
(d) Certificate of insurance.
(e) Prohibition on certain associations.
1782. Administration of insurance fund.
(a) Reports of condition.
(b) Certified statement.
(c) Deposit with National Credit Union Share
Insurance Fund; amount, return, distribution,
etc.
(d) Remedy for failure to report; penalty for
failure to file certified statement or pay
premium; dispute as to deposit or premium
charge; prohibition on distribution of assets
or dividends while in default.
(e) Recovery of unpaid deposit or premium;
limitations.
(f) Penalty for failure to comply with section;
court determination of failure; remedies not
exclusive.
(g) Records.
(h) Definitions.
1783. National Credit Union Share Insurance Fund.
(a) Creation; use of fund.
(b) Deposit of deposits and premium charges, fees
and penalties.
(c) Investment authorization.
(d) Loans to fund, limitation and terms; interest
accrual; determination of interest rate.
(e) Excess funds credited against loans.
(f) Authorization for fund to borrow from Central
Liquidity Facility.
1784. Examination of insured credit unions.
(a) Examiners and claim agents; powers; report by
examiner; jurisdiction of court.
(b) Power of Board; jurisdiction of court.
(c) Court orders enforcing subpenas; immunity.
(d) Administration acceptance of State board
reports; reports of Board furnished to State
board.
(e) Flood insurance compliance by insured credit
unions.
(f) Access to liquidity.
(g) Sharing information with Federal reserve banks.
1785. Requirements governing insured credit unions.
(a) Advertisement of insured status; exemptions;
regulation of signs.
(b) Restrictions.
(c) Considerations for waiver or enforcement of
restrictions.
(d) Prohibition.
(e) Security standards; reports; penalty.
(f) Share draft accounts; maintenance, loans, etc.
(g) Interest rates.
(h) Emergency merger.
(i) Emergency purchase of assets; conversion to
insured deposits.
1786. Termination of insured credit union status; cease and
desist orders; removal or suspension from office;
procedure.
(a) Termination of insurance.
(b) Unsound condition of credit union; notice to
correct condition; hearing; judicial review.
(c) Notice to members of termination of insured
status.
(d) Continuation of insurance for one year;
approval of conversion of status; procedure
subsequent to approval; reduction of premium
charges.
(e) Opinion of Board as to unsound condition of
credit union; notice of charges; hearing;
order to cease and desist; judicial review.
(f) Temporary cease and desist order; injunctive
procedure.
(g) Removal and prohibition authority.
(h) Board's appointment of conservator;
consultation with State; authority.
(i) Suspension or removal of institution-affiliated
party charged with crime.
(j) Jurisdiction of hearing; procedure; judicial
review.
(k) Jurisdiction and enforcement; penalty.
(l) Criminal penalty for violation of certain
orders.
(m) Definitions.
(n) Notice or order to State board supervising
State-chartered credit union.
(o) Notice of proceedings to State board
supervising State-chartered credit union;
effect of corrective action by State board;
attack on validity of notice or order.
(p) Proceedings; powers of Board; court enforcement
of subpenas; witness fees; expenses and
attorneys' fees.
(q) Compliance with monetary transaction
recordkeeping and report requirements.
(r) "Institution-affiliated party" defined.
(s) Public disclosure of agency action.
(t) Regulation of certain forms of benefits to
institution-affiliated parties.
(u) Foreign investigations.
(v) Termination of insurance for money laundering
or cash transaction reporting offenses.
1786a. Omitted.
1787. Payment of insurance.
(a) Liquidation by Board; bond; appointment of
agent; fees to be fixed by Board.
(b) Powers and duties of Board as conservator or
liquidating agent.
(c) Provisions relating to contracts entered into
before appointment of conservator or
liquidating agent.
(d) Payment of insured deposits.
(e) Subrogation of Board.
(f) Valuation of claims in default.
(g) Limitation on court action.
(h) Liability of directors and officers.
(i) Damages.
(j) Board as liquidating agent of State-chartered
credit unions.
(k) Extent of insurance coverage; insurance of
public funds; insurance regarding pension and
profit-sharing plans.
(l) Payment; discharge of liability.
(m) Undisclosed names.
(n) Withholding of payment due to liability of
credit union member.
(o) Unclaimed insured accounts; limitations.
(p) Sale of assets; security for loans; approval of
court; agreements affecting interest of Board
in any asset acquired by it.
(q) Prohibition on certain acquisitions of assets.
(r) Foreign investigations.
1788. Special assistance to avoid liquidation.
(a) Loans; purchase of assets; accounts; agreements
affecting interest of Board in any asset
acquired by it.
(b) Protection of Fund.
(c) Money paid into Fund.
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.
(a) Prior notice required.
(b) Disapproval by Board.
(c) Exception in extraordinary circumstances.
(d) Additional information.
(e) Standard for disapproval.
(f) Definition regulations.
1790b. Credit union employee protection remedy.
(a) In general.
(b) Enforcement.
(c) Remedies.
(d) Limitations.
1790c. Reward for information leading to recoveries or civil
penalties.
1790d. Prompt corrective action.
(a) Resolving problems to protect Fund.
(b) Regulations required.
(c) Net worth categories.
(d) Risk-based net worth requirement for complex
credit unions.
(e) Earnings-retention requirement applicable to
credit unions that are not well capitalized.
(f) Net worth restoration plan required.
(g) Restrictions on undercapitalized credit unions.
(h) More stringent treatment based on other
supervisory criteria.
(i) Action required regarding critically
undercapitalized credit unions.
(j) Review required when Fund incurs material loss.
(k) Appeals process.
(l) Consultation and cooperation with State credit
union supervisors.
(m) Corporate credit unions exempted.
(n) Other authority not affected.
(o) Definitions.
SUBCHAPTER III - CENTRAL LIQUIDITY FACILITY
1795. Congressional findings.
1795a. Definitions.
1795b. National Credit Union Administration Central Liquidity
Facility; establishment; management; jurisdiction.
1795c. Membership.
(a) Credit unions serving natural persons.
(b) Credit unions serving other credit unions.
(c) Stock subscription requirements.
(d) Functions of Agent members of Facility.
(e) Withdrawal from or termination of membership.
1795d. Capital stock.
(a) Opening of books; minimum subscription.
(b) Requirements.
(c) Redemption of stock.
(d) Use of subscription amount.
(e) Restriction on advances to credit unions.
1795e. Extensions of credit.
1795f. Powers of Board.
(a) General authorities.
(b) Collection and settlement of checks, share
drafts, etc.; charges; rules and regulations.
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.
(a) Franchise, activities, etc., of Central
Liquidity Facility; exception.
(b) Notes, bonds, debentures and other obligations
of Central Liquidity Facility; exceptions.
(c) "State" defined; tax status.
-SECREF-
CHAPTER REFERRED TO IN OTHER SECTIONS
This chapter is referred to in sections 1818, 1831k, 1831t, 2804,
4009, 4309, 4742, 4909 of this title; title 7 section 2019; title
15 sections 1607, 1681s, 1691c, 1692l, 1693o, 6505, 6805, 6822,
7706; title 18 section 709; title 42 section 5318a.
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