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U.S. Code as of:
01/19/04
Section 1784. Examination of insured credit unions
(a) Examiners and claim agents; powers; report by examiner;
jurisdiction of court
The Board shall appoint examiners who shall have power, on its
behalf, to examine any insured credit union, any credit union
making application for insurance of its member accounts, or any
closed insured credit union whenever in the judgment of the Board
an examination is necessary to determine the condition of any such
credit union for insurance purposes. Each examiner shall have power
to make a thorough examination of all of the affairs of the credit
union and shall make a full and detailed report of the condition of
the credit union to the Board. The Board in like manner shall
appoint claim agents who shall have power to investigate and
examine all claims for insured member accounts. Each claim agent
shall have power to administer oaths and affirmations, to examine
and to take and preserve testimony under oath as to any matter in
respect to claims for insured accounts, and to issue subpenas and
subpenas duces tecum and, for the enforcement thereof, to apply to
the United States district court for the judicial district or the
United States court in any territory in which the principal office
of the credit union is located or in which the witness resides or
carries on business. Such courts shall have jurisdiction and power
to order and require compliance with any such subpena.
(b) Power of Board; jurisdiction of court
In connection with examinations of insured credit unions, or with
other types of investigations to determine compliance with
applicable law and regulations, the Board, or its designated
representatives, shall have power to administer oaths and
affirmations, to examine and to take and preserve testimony under
oath as to any matter in respect of the affairs of any such credit
union, and to issue subpenas and subpenas duces tecum and to
exercise such others (!1) powers as are set forth in section
1786(p) of this title and, for the enforcement thereof, to apply to
the United States district court for the judicial district or the
United States Court in any territory in which the principal office
of the credit union is located or in which the witness resides or
carries on business. Such courts shall have jurisdiction and power
to order and require compliance with any such subpena.
(c) Court orders enforcing subpenas; immunity
In cases of refusal to obey a subpena issued to, or contumacy by,
any person, the Board may invoke the aid of any court of the United
States within the jurisdiction of which such hearing, examination,
or investigation is carried on, or where such person resides or
carries on business, in requiring the attendance and testimony of
witnesses and the production of books, records, or other papers.
Such court may issue an order requiring such person to appear
before the Board, or before a person designated by it, there to
produce records, if so ordered, or to give testimony touching the
matter in question. Any failure to obey such order of the court may
be punished by such court as a contempt thereof. All process in any
such case may be served in the judicial district whereof such
person is an inhabitant or carries on business or wherever he may
be found. No person shall be excused from attending and testifying
or from producing books, records, or other papers in obedience to a
subpena issued under the authority of this subchapter on the ground
that the testimony or evidence, documentary or otherwise, required
of him may tend to incriminate him or subject him to penalty or
forfeiture, but no individual shall be prosecuted or subject to any
penalty or forfeiture for or on account of any transaction, matter,
or thing concerning which he is compelled to testify or produce
evidence, documentary or otherwise, after having claimed his
privilege against self-incrimination, except that such individual
so testifying shall not be exempt from prosecution and punishment
for perjury committed in so testifying.
(d) Administration acceptance of State board reports; reports of
Board furnished to State board
The Administration may accept any report of examination made by
or to any commission, board, or authority having supervision of a
State-chartered credit union and may furnish to any such
commission, board, or authority reports of examination made on
behalf of the Board.
(e) Flood insurance compliance by insured credit unions
(1) Examination
The Board shall, during each examination conducted under this
section, determine whether the insured credit union is complying
with the requirements of the national flood insurance program.
(2) Report
(A) Requirement
Not later than 1 year after September 23, 1994, and
biennially thereafter for the next 4 years, the Board shall
submit a report to the Congress on compliance by insured credit
unions with the requirements of the national flood insurance
program.
(B) Contents
The report shall include a description of the methods used to
determine compliance, the number of insured credit unions
examined during the reporting year, a listing and total number
of insured credit unions found not to be in compliance, actions
taken to correct incidents of noncompliance, and an analysis of
compliance, including a discussion of any trends, patterns, and
problems, and recommendations regarding reasonable actions to
improve the efficiency of the examinations processes.
(f) Access to liquidity
The Board shall -
(1) periodically assess the potential liquidity needs of each
insured credit union, and the options that the credit union has
available for meeting those needs; and
(2) periodically assess the potential liquidity needs of
insured credit unions as a group, and the options that insured
credit unions have available for meeting those needs.
(g) Sharing information with Federal reserve banks
The Board shall, for the purpose of facilitating insured credit
unions' access to liquidity, make available to the Federal reserve
banks (subject to appropriate assurances of confidentiality)
information relevant to making advances to such credit unions,
including the Board's reports of examination.
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