Legal corpus: the complete U.S. Code (59,740 sections, all 53 titles)

Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code
now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 ->
59,740; repo total 105,704 records. Deterministic (byte-identical rerun,
verified on Title 42's 8,356 sections); make check green. make
legal-us-code default now covers every title.

Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>

legal/us/code/title-12/chapter-14/section-1751.md

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+---
+type: "LegalText"
+title: "12 U.S.C. § 1751"
+description: "Short title"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1751"
+citation: "12 U.S.C. § 1751"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1751"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "39bfb8bd4058c18913ca1923fbd1921ef9756d40a7733d89a1ae6bbec907bbeb"
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+text_hash: "e676c80dae8405183da2662f7cf7170557ed4a4731e1e8c46e8589ba6d6b80c5"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1751 - Short title
+
+## Text
+
+This chapter may be cited as the “Federal Credit Union Act”.
+
+(June 26, 1934, ch. 750, § 1, 48 Stat. 1216; Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 628.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1959—Pub. L. 86–354 reen acted section without change.
+
+Statutory Notes and Related Subsidiaries
+
+Short Title of 2022 AmendmentPub. L. 117–103, div. T, § 101, Mar. 15, 2022, 136 Stat. 823, provided that: “This division [amending section 1764 of this title] may be cited as the ‘Credit Union Governance Modernization Act of 2022’.”
+
+Short Title of 2014 AmendmentPub. L. 113–252, § 1, Dec. 18, 2014, 128 Stat. 2893, provided that: “This Act [amending section 1787 of this title] may be cited as the ‘Credit Union Share Insurance Fund Parity Act’.”
+
+Short Title of 1998 AmendmentPub. 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’.”
+
+Short Title of 1987 AmendmentPub. 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’.”
+
+Short Title of 1978 AmendmentPub. 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’.”
+
+Congressional FindingsPub. L. 105–219, § 2, Aug. 7, 1998, 112 Stat. 913, provided that: “The Congress finds the following: “(1) The American credit union movement began as a cooperative effort to serve the productive and provident credit needs of individuals of modest means. “(2) Credit unions continue to fulfill this public purpose, and current members and membership groups should not face divestiture from the financial services institution of their choice as a result of recent court action. “(3) To promote thrift and credit extension, a meaningful affinity and bond among members, manifested by a commonality of routine interaction, shared and related work experiences, interests, or activities, or the maintenance of an otherwise well-understood sense of cohesion or identity is essential to the fulfillment of the public mission of credit unions. “(4) Credit unions, unlike many other participants in the financial services market, are exempt from Federal and most State taxes because they are member-owned, democratically operated, not-for-profit organizations generally managed by volunteer boards of directors and because they have the specified mission of meeting the credit and savings needs of consumers, especially persons of modest means. “(5) Improved credit union safety and soundness provisions will enhance the public benefit that citizens receive from these cooperative financial services institutions.”
+
+Transfer of Functions Secretary and Department of Health, Education, and Welfare redesignated Secretary and Department of Health and Human Services by section 3508 of Title 20, Education.
+
+Executive Documents
+
+Transfer of Functions Transfer of functions of Farm Credit Administration and Governor thereof to Bureau of Farm Credit Unions and Director thereof under jurisdiction of Federal Security Agency by act June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091, and abolishment of Agency and transfer of its functions to Department of Health, Education, and Welfare by Reorg. Plan No. 1 of 1953, § 5, eff. Apr. 11, 1953, 18 F.R. 2053, 67 Stat. 632, see section 1752a of this title, and notes thereunder. Functions of Farm Credit Administration and Governor thereof under this chapter, together with functions of Secretary of Agriculture with respect thereto, transferred to Federal Deposit Insurance Corporation by Reorg. Plan No. 1 of 1947, § 401, eff. July 1, 1947, 12 F.R. 4534, 61 Stat. 952, set out in the Appendix to Title 5, Government Organization and Employees. A similar transfer of functions for duration of World War II was effected by Ex. Ord. No. 9148, Apr. 27, 1942, 7 F.R. 3145. Farm Credit Administration transferred to Department of Agriculture by Reorg. Plan No. I of 1939, § 401, eff. July 1, 1939, 4 F.R. 2730, 53 Stat. 1429, set out in the Appendix to Title 5.

legal/us/code/title-12/chapter-14/section-1751a.md

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+---
+type: "LegalText"
+title: "12 U.S.C. § 1751a"
+description: "Omitted"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1751a"
+citation: "12 U.S.C. § 1751a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1751a"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "2a9a7623d43f192e8a647ddb1984c4c0d044b818f0aded3235974a4e071399eb"
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+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1751a - Omitted
+
+## Notes
+
+Editorial Notes
+
+Codification 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.

legal/us/code/title-12/chapter-14/section-1752.md

@@ -0,0 +1,75 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1752"
+description: "Definitions"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1752"
+citation: "12 U.S.C. § 1752"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1752"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "19765dae1142d00124677d24ad14ae8582eb7d506d888b0ee77539b11f535258"
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+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1752 - Definitions
+
+## Text
+
+As used in this chapter—
+
+(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.
+
+(June 26, 1934, ch. 750, title I, § 101, formerly § 2, 48 Stat. 1216; 1947 Reorg. Plan No. 1, § 401, eff. July 1, 1947, 12 F.R. 4534, 61 Stat. 952; June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091; Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 628; Pub. L. 91–206, § 1, Mar. 10, 1970, 84 Stat. 49, renumbered title I, § 101, and amended Pub. L. 91–468, §§ 1(2), 2, Oct. 19, 1970, 84 Stat. 994, 1015; Pub. L. 95–22, title III, § 308, Apr. 19, 1977, 91 Stat. 52; Pub. L. 95–630, title V, §§ 502(a), (b), 503, Nov. 10, 1978, 92 Stat. 3681; Pub. L. 96–161, title I, § 103(a), Dec. 28, 1979, 93 Stat. 1233; Pub. L. 96–221, title III, §§ 305(a), 307, Mar. 31, 1980, 94 Stat. 146, 147; Pub. L. 97–320, title V, § 501, Oct. 15, 1982, 96 Stat. 1528; Pub. L. 109–351, title VII, § 726(1), (2), Oct. 13, 2006, 120 Stat. 2002.)
+
+## Notes
+
+Editorial Notes
+
+References in TextFor definition of Canal Zone, referred to in text, see section 3602(b) of Title 22, Foreign Relations and Intercourse.
+
+Amendments2006—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”. 1980—Par. (5). Pub. L. 96–221, §§ 305(a), 307, inserted provisions respecting applicability to share draft accounts substantially similar to provisions added by Pub. L. 96–161, and repealed the amendment made by Pub. L. 96–161. See Repeals and Effective Date of 1980 Amendment notes below. 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”. Par. (10). Pub. L. 96–161, § 103(a)(2)–(4), added par. (10). 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;”. Pars. (6) to (8). Pub. L. 95–630, § 503(a), redesignated former pars. (5) to (7) as (6) to (8). Former par. (8) redesignated (9). 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. 1977—Par. (4). Pub. L. 95–22 inserted provision that such terms mean those accounts of nonmember credit unions and nonmember units of Federal, State, or local governments and political subdivisions thereof in which payments are received by a credit union pursuant to section 1757(6) of this title. 1970—Par. (2). Pub. L. 91–206 substituting “Administrator” as meaning Administrator of the National Credit Union Administration for “Bureau” as meaning the Bureau of Federal Credit Unions. Par. (3). Pub. L. 91–206 substituted “Administration” as meaning the National Credit Union Administration for “Director” as meaning Director of the Bureau of Federal Credit Unions. Par. (4). Pub. L. 91–206 added par. (4). Pars. (4) to (8). Pub. L. 91–468, § 2, added pars. (4) to (8). 1959—Pub. L. 86–354 designated the terms defined as subsecs. (1) to (3).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1980 AmendmentAmendment by Pub. L. 96–221 effective at close of Mar. 31, 1980, see section 306 of Pub. L. 96–221, set out as a note under section 1464 of this title.
+
+Effective and Termination Dates of 1979 AmendmentAmendment by Pub. L. 96–161 effective Dec. 31, 1979, with that amendment to remain in effect until the close of Mar. 31, 1980, see section 104 of Pub. L. 96–161, formerly set out as a note under section 371a of this title.
+
+Effective Date of 1978 AmendmentPub. L. 95–630, title V, § 509, Nov. 10, 1978, 92 Stat. 3683, 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.”
+
+RepealsAmendment by section 103 of Pub. L. 96–161, cited as a credit to this section, was repealed at the close of Mar. 31, 1980, by section 307 of Pub. L. 96–221, and substantially identical provisions were enacted by section 305 of Pub. L. 96–221, such amendments to take effect at the close of Mar. 31, 1980.
+
+Executive Documents
+
+Ex. Ord. No. 13816. Revising the Seal for the National Credit Union Administration Ex. Ord. No. 13816, Dec. 8, 2017, 82 F.R. 58701, provided: By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows: Section 1. Revision. (a) The National Credit Union Administration Board has caused to be made, and has recommended approval of, a new seal of office for the National Credit Union Administration (NCUA), the design of which accompanies and is hereby made a part of this order [not set out in the Code], and which is described as follows: (i) The eagle overlaid by the shield conveys the NCUA’s role as an agency of the Federal Government. The text, “NCUA,” in white on a blue background on the crest of the shield is the core of the sign that federally insured credit unions are required to display. (ii) The three stars above the eagle represent the NCUA’s three-member Board, appointed by the President of the United States by and with the advice and consent of the Senate. (iii) The oak branch the eagle is holding in its left talon symbolizes the NCUA’s strength, honor, and longevity in carrying out its mission of promoting confidence in the national system of cooperative credit. (iv) The olive branch the eagle is holding in its right talon symbolizes the peace and prosperity facilitated by the economic growth and access to affordable financial services that the Nation’s credit unions have long provided to millions of Americans. (v) The upper portion of the circle that forms the border of the seal sets forth the agency’s title, “National Credit Union Administration.” The date “1934” in the lower portion of the circle reflects the creation of the Federal credit union system by the Congress in 1934 and the long unbroken line of Federal credit union regulation that evolved into the NCUA. (b) This seal is of suitable design and appropriate for adoption as the official seal of the NCUA. (c) I hereby approve this seal as the official seal of the NCUA. Sec. 2. Revocation. Executive Order 11580 of January 20, 1971 (Establishing a Seal for the National Credit Union Administration), as amended, is hereby revoked. Sec. 3. General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect: (i) the authority granted by law to an executive department or agency, or the head thereof; or (ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals. (b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations. (c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person. Donald J. Trump.

legal/us/code/title-12/chapter-14/section-1752a.md

@@ -0,0 +1,71 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1752a"
+description: "National Credit Union Administration"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1752a"
+citation: "12 U.S.C. § 1752a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1752a"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "f2ef5d50de33f45cb5053144e84cd27c90ae427cb69e74b9c2f30204a8acbb90"
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+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1752a - National Credit Union Administration
+
+## Text
+
+(a) Establishment; management under National Credit Union Administration Board There is established in the executive branch of the Government an independent agency to be known as the National Credit Union Administration. The Administration shall be under the management of a National Credit Union Administration Board.
+
+(b) Membership and appointment of Board (1) In general The Board shall consist of three members, who are broadly representative of the public interest, appointed by the President, by and with the advice and consent of the Senate. In appointing the members of the Board, the President shall designate the Chairman. Not more than two members of the Board shall be members of the same political party.
+
+(2) Appointment criteria (A) Experience in financial services In considering appointments to the Board under paragraph (1), the President shall give consideration to individuals who, by virtue of their education, training, or experience relating to a broad range of financial services, financial services regulation, or financial policy, are especially qualified to serve on the Board.
+
+(B) Limit on appointment of credit union officers Not more than one member of the Board may be appointed to the Board from among individuals who, at the time of the appointment, are, or have recently been, involved with any insured credit union as a committee member, director, officer, employee, or other institution-affiliated party.
+
+(c) 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.
+
+(d) 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.
+
+(e) 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.
+
+(f) 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.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsSection 2 of act June 29, 1948, ch. 711, 62 Stat. 1091, which was formerly classified to section 1751a of this title, provided for the establishment in the Federal Security Agency of a Bureau of Federal Credit Unions, which were under the supervision of a Director appointed by the Federal Security Administrator. The Bureau of Federal Credit Unions and the Director thereof were under the general direction and supervision of the Federal Security Administrator. The functions, powers, and duties of the Farm Credit Administration under the Federal Credit Union Act, as amended [this chapter], were exercised by the Bureau of Federal Credit Unions. The functions, powers, and duties of the Governor of the Farm Credit Administration under the Federal Credit Union Act, as amended [this chapter], were exercised by the Director of the Bureau of Federal Credit Unions. Section 1 of act June 29, 1948 transferred to the Federal Security Agency all functions, powers, and duties of the Farm Credit Administration and of the Governor thereof under the Federal Credit Union Act, as amended [this chapter], together with the functions of the Secretary of Agriculture with respect thereto, which were transferred to the Federal Deposit Insurance Corporation by Reorganization Plan Numbered 1 of 1947, part IV, section 401 [set out in the Appendix to Title 5, Government Organization and Employees]. Section 3 of act June 29, 1948 transferred to the Federal Security Agency, to be used in the administration of the functions, transferred, (a) all property, including office equipment, transferred to the Federal Deposit Insurance Corporation pursuant to Executive Order 9148 of April 27, 1942 [see note under section 1751 of this title], and in use on the effective date of this Act [see section 5 of act June 29, 1948, set out as a note below]; (b) all property, including office equipment, purchased by the Corporation for use exclusively in connection with the administration of the Federal Credit Union Act, as amended [this chapter], the cost of which had been charged to such functions and which were in use on the effective date of this Act; (c) all records and files pertaining exclusively to the supervision of Federal Credit Unions; and (d) all personnel employed primarily in the administration of the Federal Credit Union Act, as amended [this chapter], on the effective date of this Act. Section 4 of act June 29, 1948 transferred all funds allocated, specifically or otherwise, in the budget of the Federal Deposit Insurance Corporation for the administration of the Federal Credit Union Act, as amended [this chapter], during the fiscal year ending June 30, 1949, which were unexpended on the effective date of this Act [see section 5 of act June 29, 1948, set out as a note below], to the Federal Security Agency for use in the administration of the Federal Credit Union Act, as amended [this chapter]. The Corporation was to be reimbursed for the funds so transferred and for all other funds expended by it prior to the effective date of this Act in the administration of the Federal Credit Union Act, as amended [this chapter], in excess of fees from Federal Credit unions received by the Corporation, by deducting such amounts from the first moneys payable to the Secretary of the Treasury on account of the retirement of the stock of the Federal Deposit Insurance Corporation owned by the United States, and the Corporation was to have a charge on such stock for such amounts. Section 5 of act June 29, 1948 provided that the Act was to become effective on the thirtieth day following the date of enactment.
+
+Amendments2004—Subsec. (f). Pub. L. 108–271 substituted “Government Accountability Office” for “General Accounting Office”. 1998—Subsec. (b). Pub. L. 105–219 inserted heading, designated existing provisions as par. (1), and added par. (2). 1982—Subsec. (f). Pub. L. 97–320 struck out “on a calendar year basis” after “subject to audit”. 1978—Pub. L. 95–630 generally 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. 91–206 designated 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).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
+
+Transfer of Functions 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].”
+
+Study and Report on Differing Regulatory TreatmentPub. L. 105–219, title IV, § 401, Aug. 7, 1998, 112 Stat. 934, required the Secretary to conduct a study of the differences between credit unions and other federally insured financial institutions, and 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, and to report to Congress on the results of the study by 1 year after Aug. 7, 1998.
+
+Study of Corporate Credit UnionsPub. L. 104–208, div. A, title II, § 2606, Sept. 30, 1996, 110 Stat. 3009–473, directed the Secretary of the Treasury to conduct a study and evaluation of the oversight and supervisory practices of the National Credit Union Administration concerning the National Credit Union Share Insurance Fund, including analysis of expenses, Fund administration, the 10 largest U.S. corporate credit unions, and Administration supervision and regulations, and required the Secretary, not later than 12 months after Sept. 30, 1996, to submit to Congress a report that includes the results of the study and recommendations.
+
+Study of Credit Union System by GAOPub. 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.
+
+Federally Chartered Central Credit Unions; Report to CongressPub. 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.

legal/us/code/title-12/chapter-14/section-1753.md

@@ -0,0 +1,65 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1753"
+description: "Federal credit union organization"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1753"
+citation: "12 U.S.C. § 1753"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1753"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "e7494a58566995db529f87fdfe290dc662642ad6383585abbecfbcb7e820b3d2"
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+text_hash: "d484e3f68c3a03abe98c16949400806df335678e25d08e330c7248c7393430fd"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1753 - Federal credit union organization
+
+## Text
+
+Any seven or more natural persons who desire to form a Federal credit union shall each subscribe either individually or collectively before some officer competent to administer oaths an organization certificate in duplicate which shall specifically state:
+
+(1) the name of the association;
+
+(2) the location of the proposed Federal credit union and the territory in which it will operate;
+
+(3) the names and addresses of the subscribers to the certificate and the number of shares subscribed by each;
+
+(4) the initial par value of the shares;
+
+(5) the proposed field of membership, specified in detail;
+
+(6) the term of the existence of the corporation, which may be perpetual; and
+
+(7) the fact that the certificate is made to enable such persons to avail themselves of the advantages of this chapter.
+
+Such organization certificate may also contain any provisions approved by the Board for the management of the business of the association and for the conduct of its affairs and relative to the powers of its directors, officers, or stockholders.
+
+(June 26, 1934, ch. 750, title I, § 103, formerly § 3, 48 Stat. 1217; 1947 Reorg. Plan No. 1, § 401, eff. July 1, 1947, 12 F.R. 4534, 61 Stat. 952; June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091; renumbered § 4 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 628; Pub. L. 91–206, § 2(1), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 103, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 97–320, title V, §§ 503, 504, Oct. 15, 1982, 96 Stat. 1528.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1982—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”. 1978—Pub. L. 95–630 substituted “Board” for “Administrator”. 1970—Pub. L. 91–206 substituted “Administrator” for “Director”. 1959—Pub. L. 86–354 changed “The” to “the” in subsecs. (1) to (7) and the period to a semicolon in subsecs. (1) to (6) and inserted “and” at end of subsec. (6).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
+
+Executive Documents
+
+Transfer of Functions Transfer of functions of Farm Credit Administration and Governor thereof, generally, see notes set out under section 1751 of this title. Functions of Governor of Farm Credit Administration under this section transferred to Federal Deposit Insurance Corporation by Reorg. Plan No. 1 of 1947.

legal/us/code/title-12/chapter-14/section-1754.md

@@ -0,0 +1,49 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1754"
+description: "Approval of organization certificate"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1754"
+citation: "12 U.S.C. § 1754"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1754"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "d17718d14f7e0d8169ec93ab47399832554edd3268bcff13db93d98d81a908a2"
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+text_hash: "adc3910a285fff63d227091555cc8c2c2b9257162529de2334ac0245bfc3a0c3"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1754 - Approval of organization certificate
+
+## Text
+
+The organization certificate shall be presented to the Board for approval. Before any organization certificate is approved, an appropriate investigation shall be made for the purpose of determining (1) whether the organization certificate conforms to the provisions of this chapter; (2) the general character and fitness of the subscribers thereto; and (3) the economic advisability of establishing the proposed Federal credit union. Upon approval of such organization certificate by the Board it shall be the charter of the corporation, and one of the originals thereof shall be delivered to the corporation after the payment of the fee required therefor. Upon such approval the Federal credit union shall be a body corporate and as such, subject to the limitations herein contained, shall be vested with all of the powers and charged with all of the liabilities conferred and imposed by this chapter upon corporations organized hereunder.
+
+(June 26, 1934, ch. 750, title I, § 104, formerly § 4, 48 Stat. 1217; 1947 Reorg. Plan No. 1, § 401, eff. July 1, 1947, 12 F.R. 4534, 61 Stat. 952; June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091; renumbered § 5 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 629; Pub. L. 91–206, § 2(1), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 104, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1978—Pub. L. 95–630 substituted “Board” for “Administrator” in two places. 1970—Pub. L. 91–206 substituted “Administrator” for “Director” in two places. 1959—Pub. L. 86–354 substituted “The” for “Any such” in first sentence and transferred second sentence to make it last sentence.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
+
+Executive Documents
+
+Transfer of Functions Transfer of functions of Farm Credit Administration and Governor thereof, generally, see notes set out under section 1751 of this title. Functions of Governor of Farm Credit Administration under this section transferred to Federal Deposit Insurance Corporation by Reorg. Plan No. 1 of 1947.

legal/us/code/title-12/chapter-14/section-1755.md

@@ -0,0 +1,63 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1755"
+description: "Fees"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1755"
+citation: "12 U.S.C. § 1755"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1755"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "14e21fd9c35a4d3342d1ee49623ecfab9d9e4023a4f95c85b89907f6ff22144d"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "64320c980f3b5fc89061ac0617c3e59b25b864eecf63329c30bcdf652b21a143"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1755 - Fees
+
+## Text
+
+(a) Payment by Federal credit union to Administration In accordance with rules prescribed by the Board, each Federal credit union shall pay to the Administration an annual operating fee which may be composed of one or more charges identified as to the function or functions for which assessed.
+
+(b) Determinations of amount, assessment periods, and payment dates The fee assessed under this section shall be determined according to a schedule, or schedules, or other method determined by the Board to be appropriate, which gives due consideration to the expenses of the Administration in carrying out its responsibilities under this chapter and to the ability of Federal credit unions to pay the fee. The Board shall, among other things, determine the periods for which the fee shall be assessed and the date or dates for the payment of the fee or increments thereof.
+
+(c) Supervision charge exception; waiver of payment If the annual operating fee is composed of separate charges, no supervision charge shall be payable by a Federal credit union, and the Board may waive payment of any or all other charges comprising the fee, with respect to the year in which its charter is issued, or in which final distribution is made in its liquidation or the charter is canceled.
+
+(d) Payment into Treasury of United States All operating fees shall be deposited with the Treasurer of the United States for the account of the Administration and may be expended by the Board to defray the expenses incurred in carrying out the provisions of this chapter including the examination and supervision of Federal credit unions.
+
+(e) Investment of annual operating fees not needed for current operations (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) as the Board determines are not needed for current operations.
+
+(2) Such investments may be made only in interest bearing securities of the United States with maturities requested by the Board bearing interest at rates determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturities.
+
+(3) All income derived from such investments and reinvestments shall be deposited to the account of the Administration described in subsection (d).
+
+(June 26, 1934, ch. 750, title I, § 105, formerly § 5, 48 Stat. 1217; 1947 Reorg. Plan No. 1, § 401, eff. July 1, 1947, 12 F.R. 4534, 61 Stat. 952; June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091; Apr. 17, 1952, ch. 214, § 1, 66 Stat. 63; renumbered § 6 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 629; Pub. L. 91–206, § 2(1), (3), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 105, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 95–630, title V, § 507, Nov. 10, 1978, 92 Stat. 3682; Pub. L. 97–320, title V, § 505, Oct. 15, 1982, 96 Stat. 1528.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1982—Subsec. (e). Pub. L. 97–320 added subsec. (e). 1978—Pub. L. 95–630 substituted provisions relating to the payment of an operating fee by each Federal credit union to the Board for provisions relating to the payment of costs incident to the ascertainment of whether an organization certificate should be approved and costs upon approval by the subscriber of such certificate to the Administration and payment of a supervision fee by each Federal credit union to the Administration. 1970—Pub. L. 91–206 substituted “Administrator” for “Director” and “Administration” for “Bureau”, wherever appearing. 1959—Pub. L. 86–354 incorporated in last sentence subject matter formerly contained in a proviso clause following table and authorized fees to be expended for supervisory expenses. 1952—Act Apr. 17, 1952, amended section, substituting a graduated scale of supervisory fees for the $10 a year supervisory fee.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
+
+Effective Date of 1952 AmendmentAct Apr. 17, 1952, ch. 214, § 2, 66 Stat. 63, provided that: “The amendment by section 1 of this Act [amending this section] shall apply to supervision fees payable with respect to the calendar year 1952 and subsequent calendar years.”
+
+Executive Documents
+
+Transfer of Functions Transfer of functions of Farm Credit Administration and Governor thereof, generally, see notes set out under section 1751 of this title. Functions of Governor of Farm Credit Administration under this section transferred to Federal Deposit Insurance Corporation by Reorg. Plan No. 1 of 1947.

legal/us/code/title-12/chapter-14/section-1756.md

@@ -0,0 +1,49 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1756"
+description: "Reports and examinations"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1756"
+citation: "12 U.S.C. § 1756"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1756"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "1475283400dba5cd5c17f785648716e0efb7cbdcceb262964edee16a59ec8c3d"
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+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1756 - Reports and examinations
+
+## Text
+
+Federal credit unions shall be under the supervision of the Board, and shall make financial reports to it as and when it may require, but at least annually. Each Federal credit union shall be subject to examination by, and for this purpose shall make its books and records accessible to, any person designated by the Board.
+
+(June 26, 1934, ch. 750, title I, § 106, formerly § 6, 48 Stat. 1218; Dec. 6, 1937, ch. 3, § 1, 51 Stat. 4; 1947 Reorg. Plan No. 1, § 401, eff. July 1, 1947, 12 F.R. 4534, 61 Stat. 952; June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091; renumbered § 7 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 629; Pub. L. 91–206, § 2(1), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 106, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 95–630, title V, § 508, Nov. 10, 1978, 92 Stat. 3683.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1978—Pub. L. 95–630 substituted “Board” for “Administrator” in two places and “reports to it as and when it” for “reports to him as and when he” and struck out provisions relating to the payment of an examination fee by Federal credit unions and the deposit of such fee to the credit of the special fund created by section 1755 of this title. 1970—Pub. L. 91–206 substituted “Administrator” for “Director” in three places. 1959—Pub. L. 86–354 provided for the making of reports to the Director as and when he may require. 1937—Act Dec. 6, 1937, inserted “giving due consideration to the time and expense incident to such examinations, and to the ability of Federal credit unions to pay such fees” and struck out proviso relating to conditions relieving certain unions from payment of examination fee.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
+
+Executive Documents
+
+Transfer of Functions Transfer of functions of Farm Credit Administration and Governor thereof, generally, see notes set out under section 1751 of this title. Functions of Governor of Farm Credit Administration under this section transferred to Federal Deposit Insurance Corporation by Reorg. Plan No. 1 of 1947.

legal/us/code/title-12/chapter-14/section-1756a.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1756a"
+description: "Omitted"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1756a"
+citation: "12 U.S.C. § 1756a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1756a"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "5e1652b9da5ca4b66fa925227655740346f351b5f5201305ca1c82762ff96a20"
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+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1756a - Omitted
+
+## Notes
+
+Editorial Notes
+
+Codification Section, act July 22, 1942, ch. 516, 56 Stat. 700, which authorized reimbursement of Farm Credit Administration personnel for use of private automobiles for examining, supervising, and servicing Federal credit unions, was from the Department of Agriculture Appropriation Act, 1943, and was not repeated in subsequent appropriation acts. Similar provisions were contained in act July 1, 1941, ch. 267, 55 Stat. 444, the Department of Agriculture Appropriation Act, 1942.

legal/us/code/title-12/chapter-14/section-1757a.md

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+---
+type: "LegalText"
+title: "12 U.S.C. § 1757a"
+description: "Limitation on member business loans"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1757a"
+citation: "12 U.S.C. § 1757a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1757a"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
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+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1757a - Limitation on member business loans
+
+## Text
+
+(a) In general On and after August 7, 1998, no insured credit union may make any member business loan that would result in a total amount of such loans outstanding at that credit union at any one time equal to more than the lesser of—
+
+(1) 1.75 times the actual net worth of the credit union; or
+
+(2) 1.75 times the minimum net worth required under section 1790d(c)(1)(A) of this title for a credit union to be well capitalized.
+
+(b) Exceptions Subsection (a) does not apply in the case of—
+
+(1) an insured credit union chartered for the purpose of making, or that has a history of primarily making, member business loans to its members, as determined by the Board; or
+
+(2) an insured credit union that—
+
+(A) serves predominantly low-income members, as defined by the Board; or
+
+(B) is a community development financial institution, as defined in section 4702 of this title.
+
+(c) Definitions As used in this section—
+
+(1) the term “member business loan”—
+
+(A) means any loan, line of credit, or letter of credit, the proceeds of which will be used for a commercial, corporate or other business investment property or venture, or agricultural purpose; and
+
+(B) does not include an extension of credit—
+
+(i) that is fully secured by a lien on a 1- to 4-family dwelling;
+
+(ii) that is fully secured by shares in the credit union making the extension of credit or deposits in other financial institutions;
+
+(iii) that is described in subparagraph (A), if it was made to a borrower or an associated member that has a total of all such extensions of credit in an amount equal to less than $50,000;
+
+(iv) the repayment of which is fully insured or fully guaranteed by, or where there is an advance commitment to purchase in full by, any agency of the Federal Government or of a State, or any political subdivision thereof; or
+
+(v) that is granted by a corporate credit union (as that term is defined by the Board) to another credit union.
+
+(2) the term “net worth”—
+
+(A) with respect to any insured credit union, means the credit union’s retained earnings balance, as determined under generally accepted accounting principles; and
+
+(B) with respect to a credit union that serves predominantly low-income members, as defined by the Board, includes secondary capital accounts that are—
+
+(i) uninsured; and
+
+(ii) subordinate to all other claims against the credit union, including the claims of creditors, shareholders, and the Fund; and
+
+(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.
+
+(d) Effect on existing loans 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) 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).
+
+(e) Consultation and cooperation with State credit union supervisors In implementing this section, the Board shall consult and seek to work cooperatively with State officials having jurisdiction over State-chartered insured credit unions.
+
+(June 26, 1934, ch. 750, title I, § 107A, as added Pub. L. 105–219, title II, § 203(a), Aug. 7, 1998, 112 Stat. 920; amended Pub. L. 115–174, title I, § 105(a), May 24, 2018, 132 Stat. 1301.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2018—Subsec. (c)(1)(B)(i). Pub. L. 115–174 struck out “that is the primary residence of a member” after “dwelling”.
+
+Statutory Notes and Related Subsidiaries
+
+Rule of ConstructionPub. L. 115–174, title I, § 105(b), May 24, 2018, 132 Stat. 1301, provided that: “Nothing in this section [amending this section] or the amendment made by this section shall preclude the National Credit Union Administration from treating an extension of credit that is fully secured by a lien on a 1- to 4-family dwelling that is not the primary residence of a member as a member business loan for purposes other than the member business loan limitation requirements under section 107A of the Federal Credit Union Act (12 U.S.C. 1757a).”
+
+Study and ReportPub. L. 105–219, title II, § 203(b), Aug. 7, 1998, 112 Stat. 922, required the Secretary to conduct a study of member business lending by insured credit unions, with a final report to be sent to Congress not later than 12 months after Aug. 7, 1998.

legal/us/code/title-12/chapter-14/section-1758.md

@@ -0,0 +1,49 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1758"
+description: "Bylaws"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1758"
+citation: "12 U.S.C. § 1758"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1758"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "d9a881f1cc372a29939070f8b3d0d830f9a6dbb86b55e850307b0121ebdcc5ec"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "b97c88ab899f0d00c9f412102a8cfe8b3db65c49af5d67b0e25b01568e0d18b2"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1758 - Bylaws
+
+## Text
+
+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.
+
+(June 26, 1934, ch. 750, title I, § 108, formerly § 8, 48 Stat. 1219; 1947 Reorg. Plan No. 1, § 401, eff. July 1, 1947, 12 F.R. 4534, 61 Stat. 952; June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091; renumbered § 9 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 631; Pub. L. 91–206, § 2(1), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 108, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1978—Pub. L. 95–630 substituted “Board” for “Administrator” in two places, and “its approval” for “his approval”. 1970—Pub. L. 91–206 substituted “Administrator” for “Director” in two places. 1959—Pub. L. 86–354 substituted “from time to time” for “, upon the passage of this Act,”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
+
+Executive Documents
+
+Transfer of Functions Transfer of functions of Farm Credit Administration and Governor thereof, generally, see notes set out under section 1751 of this title. Functions of Governor of Farm Credit Administration under this section transferred to Federal Deposit Insurance Corporation by Reorg. Plan No. 1 of 1947.

legal/us/code/title-12/chapter-14/section-1759.md

@@ -0,0 +1,129 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1759"
+description: "Membership"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1759"
+citation: "12 U.S.C. § 1759"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1759"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "d6eb58cebd3cbd12f7e9a560e1053b45908973a7dec57e3bdc6fc8ea25ee4767"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "f96a0813e9aeccd8a8783bafeb3f7c3a58d072a0cefc78e0eaff79217d76daa1"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1759 - Membership
+
+## Text
+
+(a) In general Subject to subsection (b), 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) Membership field Subject to the other provisions of this section, the membership of any Federal credit union shall be limited to the membership described in one of the following categories:
+
+(1) Single common-bond credit union One group that has a common bond of occupation or association.
+
+(2) Multiple common-bond credit union More than one group—
+
+(A) each of which has (within the group) a common bond of occupation or association; and
+
+(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).
+
+(3) Community credit union Persons or organizations within a well-defined local community, neighborhood, or rural district.
+
+(c) Exceptions (1) Grandfathered members and groups (A) In general Notwithstanding subsection (b)—
+
+(i) any person or organization that is a member of any Federal credit union as of August 7, 1998, may remain a member of the credit union after August 7, 1998; and
+
+(ii) a member of any group whose members constituted a portion of the membership of any Federal credit union as of August 7, 1998, shall continue to be eligible to become a member of that credit union, by virtue of membership in that group, after August 7, 1998.
+
+(B) Successors If the common bond of any group referred to in subparagraph (A) is defined by any particular organization or business entity, subparagraph (A) shall continue to apply with respect to any successor to the organization or entity.
+
+(2) Exception for underserved areas Notwithstanding subsection (b), in the case of a Federal credit union, the field of membership category of which is described in subsection (b)(2), 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—
+
+(A) the Board determines that the local community, neighborhood, or rural district—
+
+(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
+
+(ii) is underserved, based on data of the Board and the Federal banking agencies (as defined in section 1813 of this title), by other depository institutions (as defined in section 461(b)(1)(A) of this title); and
+
+(B) the credit union establishes and maintains an office or facility in the local community, neighborhood, or rural district at which credit union services are available.
+
+(d) Multiple common-bond credit union group requirements (1) Numerical limitation 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).
+
+(2) Exceptions In the case of any Federal credit union, the field of membership category of which is described in subsection (b)(2), 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) because—
+
+(i) the group lacks sufficient volunteer and other resources to support the efficient and effective operation of a credit union;
+
+(ii) the group does not meet the criteria that the Board has determined to be important for the likelihood of success in establishing and managing a new credit union, including demographic characteristics such as geographical location of members, diversity of ages and income levels, and other factors that may affect the financial viability and stability of a credit union; or
+
+(iii) the group would be unlikely to operate a safe and sound credit union;
+
+(B) any group transferred from another credit union—
+
+(i) in connection with a merger or consolidation recommended by the Board or any appropriate State credit union supervisor based on safety and soundness concerns with respect to that other credit union; or
+
+(ii) by the Board in the Board’s capacity as conservator or liquidating agent with respect to that other credit union; or
+
+(C) any group transferred in connection with a voluntary merger, having received conditional approval by the Administration of the merger application prior to October 25, 1996, but not having consummated the merger prior to October 25, 1996, if the merger is consummated not later than 180 days after August 7, 1998.
+
+(3) Regulations and guidelines 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).
+
+(e) Additional membership eligibility provisions (1) Membership eligibility limited to immediate family or household members No individual shall be eligible for membership in a credit union on the basis of the relationship of the individual to another person who is eligible for membership in the credit union, unless the individual is a member of the immediate family or household (as those terms are defined by the Board, by regulation) of the other person.
+
+(2) Retention of membership Except as provided in section 1764 of this title, once a person becomes a member of a credit union in accordance with this subchapter, that person or organization may remain a member of that credit union until the person or organization chooses to withdraw from the membership of the credit union.
+
+(f) Criteria for approval of expansion of multiple common-bond credit unions (1) In general The Board shall—
+
+(A) encourage the formation of separately chartered credit unions instead of approving an application to include an additional group within the field of membership of an existing credit union whenever practicable and consistent with reasonable standards for the safe and sound operation of the credit union; and
+
+(B) if the formation of a separate credit union by the group is not practicable or consistent with the standards referred to in subparagraph (A), require the inclusion of the group in the field of membership of a credit union that is within reasonable proximity to the location of the group whenever practicable and consistent with reasonable standards for the safe and sound operation of the credit union.
+
+(2) Approval criteria 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) 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) to include an additional group and become a credit union described in subsection (b)(2)), unless the Board determines, in writing, that—
+
+(A) the credit union has not engaged in any unsafe or unsound practice (as defined in section 1786(b) of this title) that is material during the 1-year period preceding the date of filing of the application;
+
+(B) the credit union is adequately capitalized;
+
+(C) the credit union has the administrative capability to serve the proposed membership group and the financial resources to meet the need for additional staff and assets to serve the new membership group;
+
+(D) any potential harm that the expansion of the field of membership of the credit union may have on any other insured credit union and its members is clearly outweighed in the public interest by the probable beneficial effect of the expansion in meeting the convenience and needs of the members of the group proposed to be included in the field of membership; and
+
+(E) the credit union has met such additional requirements as the Board may prescribe, by regulation.
+
+(g) Regulations required for community credit unions (1) Definition of well-defined local community, neighborhood, or rural district 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); and
+
+(B) establishing the criteria applicable with respect to any such determination.
+
+(2) Scope of application The definition prescribed by the Board under paragraph (1) shall apply with respect to any application to form a new credit union, or to alter or expand the field of membership of an existing credit union, that is filed with the Board after August 7, 1998.
+
+(June 26, 1934, ch. 750, title I, § 109, formerly § 9, 48 Stat. 1219; July 31, 1946, ch. 711, § 2, 60 Stat. 744; 1947 Reorg. Plan No. 1, § 401, eff. July 1, 1947, 12 F.R. 4534, 61 Stat. 952; June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091; renumbered § 10 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 631; Pub. L. 91–206, § 2(1), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 109, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 93–383, title VII, § 722, Aug. 22, 1974, 88 Stat. 719; Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 105–219, title I, §§ 101–103, Aug. 7, 1998, 112 Stat. 914–917; Pub. L. 109–351, title VII, § 726(9), Oct. 13, 2006, 120 Stat. 2002.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2006—Subsec. (c)(2)(A)(i). Pub. L. 109–351 made technical amendment to reference in original act which appears in text as reference to section 4702(16) of this title. 1998—Subsec. (a). Pub. L. 105–219, § 101(1)(A), designated existing provisions as subsec. (a) and inserted heading and “Subject to subsection (b),” 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. Subsecs. (b) to (e). Pub. L. 105–219, § 101(2), added subsecs. (b) to (e). Subsec. (f). Pub. L. 105–219, § 102, added subsec. (f). Subsec. (g). Pub. L. 105–219, § 103, added subsec. (g). 1978—Pub. L. 95–630 substituted “Board” for “Administrator”. 1974—Pub. L. 93–383 substituted “a uniform entrance fee if required by the board of directors” for “the entrance fee”. 1970—Pub. L. 91–206 substituted “Administrator” for “Director”. 1959—Pub. L. 86–354 substituted “persons” for “person” before “designated”. 1946—Act July 31, 1946, inserted sentence at end permitting a Federal credit union to issue shares in joint tenancy with a right of survivorship.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
+
+Report and Congressional Review Requirement for Certain RegulationsPub. 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 “(2) the term ‘well-defined local community, neighborhood, or rural district’ for purposes of section 109(g) of the Federal Credit Union Act (as added by section 103 of this Act).”

legal/us/code/title-12/chapter-14/section-1760.md

@@ -0,0 +1,41 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1760"
+description: "Members’ meetings"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1760"
+citation: "12 U.S.C. § 1760"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1760"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "cc1379e23b47236b3532a48bb0c67150f78bb1f009d2586bcd8806b73b6fdaa1"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "4fc894b51aef1df3d9263e98ac123757764712ef283db34ae4181b7a0ca708c5"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1760 - Members’ meetings
+
+## Text
+
+The fiscal year of all Federal credit unions shall end December 31. The annual meeting of each Federal credit union shall be held at such place as its bylaws shall prescribe. Special meetings may be held in the manner indicated in the bylaws. No member shall be entitled to vote by proxy, but a member other than a natural person may vote through an agent designated for the purpose. Irrespective of the number of shares held, no member shall have more than one vote.
+
+(June 26, 1934, ch. 750, title I, § 110, formerly § 10, 48 Stat. 1219; renumbered § 11, Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 631; amended Pub. L. 88–150, § 1, Oct. 17, 1963, 77 Stat. 270; renumbered title I, § 110, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 97–320, title V, § 519, Oct. 15, 1982, 96 Stat. 1531.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1982—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”.

legal/us/code/title-12/chapter-14/section-1761.md

@@ -0,0 +1,53 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1761"
+description: "Management"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1761"
+citation: "12 U.S.C. § 1761"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1761"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "caa0c1f37916a5c270912361e9762cb2abbf011a574ed72a40b3e8ea92808dc2"
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+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1761 - Management
+
+## Text
+
+(a) Board of directors, credit committee, and supervisory committee; election to board The management of a Federal credit union shall be by a board of directors, a supervisory committee, and where the bylaws so provide, a credit committee. The board shall consist of an odd number of directors, at least five in number, to be elected annually by and from the members as the bylaws provide. Any vacancy occurring on the board shall be filled until the next annual election by appointment by the remainder of the directors.
+
+(b) Membership on supervisory committee; names and addresses of officers and committee members The supervisory committee shall be appointed by the board of directors and shall consist of not less than three members nor more than five members, one of whom may be a director other than the compensated officer of the board. A record of the names and addresses of the executive officers, members of the supervisory committee, credit committee, and loan officers, shall be filed with the Administration within ten days after their election or appointment.
+
+(c) Compensation No member of the board or of any other committee shall, as such, be compensated, except that reasonable health, accident, similar insurance protection, and the reimbursement of reasonable expenses incurred in the execution of the duties of the position shall not be considered compensation.
+
+(June 26, 1934, ch. 750, title I, § 111, formerly § 11, 48 Stat. 1219; June 15, 1940, ch. 366, 54 Stat. 398; July 31, 1946, ch. 711, §§ 3–6, 60 Stat. 745; 1947 Reorg. Plan No. 1, § 401, eff. July 1, 1947, 12 F.R. 4534, 61 Stat. 952; June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091; Oct. 25, 1949, ch. 713, § 2, 63 Stat. 890; June 30, 1954, ch. 426, § 1, 68 Stat. 335; Aug. 24, 1954, ch. 905, §§ 1, 2, 68 Stat. 792; renumbered § 12 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 632; Pub. L. 88–353, § 2, July 2, 1964, 78 Stat. 269; Pub. L. 91–206, § 2(3), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 111, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 93–495, title I, § 116, Oct. 28, 1974, 88 Stat. 1507; Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 97–320, title V, § 520, Oct. 15, 1982, 96 Stat. 1531.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1982—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.” 1978—Pub. L. 95–630 substituted “Board” for “Administrator”. 1974—Pub. L. 93–495 inserted proviso relating to compensation in the form of health, accident, and similar insurance protection. 1970—Pub. L. 91–206 substituted “Administration” for “Bureau”. 1964—Pub. L. 88–353 increased size of supervisory committee from three members to not less than three members nor more than five members. 1959—Pub. L. 86–354 provided for appointment instead of election of members of supervisory committee and for filling of vacancies in such committee, and struck out former subsecs. (b) to (e) relating to officers, directors, credit committee and supervisory committee. See sections 1761a to 1761d of this title, respectively. 1954—Subsecs. (b), (c). Act Aug. 24, 1954, provided express authority for the Director of the Bureau of Federal Credit Unions to regulate the minimum amount and character of surety bonds for officers and employees. Subsec. (c). Act June 30, 1954, inserted provision with respect to interest refunds. 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 increased the maximum amount of an unsecured loan to a member from $100 to $300. Subsec. (e). Act July 31, 1946, inserted last sentence defining “passbook”. 1940—Subsec. (d). Act June 15, 1940, substituted “$100” for “$50” in fourth sentence.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
+
+Executive Documents
+
+Transfer of Functions Transfer of functions of Farm Credit Administration and Governor thereof, generally, see notes set out under section 1751 of this title. Functions of Governor of Farm Credit Administration under this section transferred to Federal Deposit Insurance Corporation by Reorg. Plan No. 1 of 1947.

legal/us/code/title-12/chapter-14/section-1761a.md

@@ -0,0 +1,47 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1761a"
+description: "Officers of the board"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1761a"
+citation: "12 U.S.C. § 1761a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1761a"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "0d7c6339b8d92507801ccd246c9f8518b83f2751aca75f3e63897b55a7984832"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "ea4470afb81b27c92b25efd0fd50e558a42eca49ff66134773bb9b967ae62626"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1761a - Officers of the board
+
+## Text
+
+At their first meeting after the annual meeting of the members, the directors shall elect from their number the board officers specified in the bylaws. Only one board officer may be compensated as an officer of the board and the bylaws shall specify such position as well as the specific duties of each of the board officers. The board shall elect from their number a financial officer who shall give adequate fidelity coverage in accordance with section 1761b(2) of this title.
+
+(June 26, 1934, ch. 750, title I, § 112, formerly § 13, as added Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 632; amended Pub. L. 88–150, § 2, Oct. 17, 1963, 77 Stat. 270; Pub. L. 91–206, § 2(1), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 112, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 97–320, title V, § 521, Oct. 15, 1982, 96 Stat. 1531; Pub. L. 100–86, title VII, § 704(a), Aug. 10, 1987, 101 Stat. 652.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsProvisions similar to those comprising this section were contained in section 11(b) of act June 26, 1934, ch. 750, 48 Stat. 1219 (formerly classified to section 1761(b) of this title), prior to the amendment and renumbering of act June 26, 1934, by Pub. L. 86–354.
+
+Amendments1987—Pub. L. 100–86 inserted third sentence and struck out former third sentence which read as follows: “The board shall elect from their number a financial officer who shall give bond with good and sufficient surety, in an amount and character to be determined by the board of directors in compliance with regulations prescribed from time to time by the Board conditioned upon the faithful performance of the officer’s trust.” 1982—Pub. L. 97–320 substituted provisions relating to the officers of the board for provisions which read: “At their first meeting after the annual meeting of the members, the directors shall elect from their number a president, one or more vice presidents, a secretary, and a treasurer, who shall be the executive officers of the corporation. No executive officer, except the treasurer, shall be compensated as such. The offices of secretary and treasurer may be held by the same person. The duties of the officers shall be as determined by the bylaws. Before the treasurer shall enter upon his duties he shall give bond with good and sufficient surety, in an amount and character to be determined by the board of directors in compliance with regulations prescribed from time to time by the Board, conditioned upon the faithful performance of his trust.” 1978—Pub. L. 95–630 substituted “Board” for “Administrator”. 1970—Pub. L. 91–206 substituted “Administrator” for “Director”. 1963—Pub. L. 88–150 struck out “, except that the treasurer shall be the general manager of the corporation” after “bylaws” in fourth sentence.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.

legal/us/code/title-12/chapter-14/section-1761c.md

@@ -0,0 +1,49 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1761c"
+description: "Credit committee"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1761c"
+citation: "12 U.S.C. § 1761c"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1761c"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "8ceb6768513037936011c8beb306638aa9cdd7f62743d553d9c4a7071ffdeebe"
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+text_hash: "8217b0826d7c058fe7aa482efd4cae4edaf1c2b73f31000b4feab89f726d84a8"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1761c - Credit committee
+
+## Text
+
+(a) Members; meetings; lines of credit and approval of loans; delegation to loan officers If the bylaws provide for a credit committee, then pursuant to the provisions of the bylaws, the board of directors may appoint or the members may elect a credit committee which shall consist of an odd number of members of the credit union, but which shall not include more than one loan officer. The method used shall be set forth in the bylaws. The credit committee shall hold such meetings as the business of the Federal credit union may require, not less frequently than once a month, to consider applications for loans or lines of credit. Reasonable notice of such meetings shall be given to all members of the committee. Except for those loans or lines of credit required to be approved by the board of directors in section 1757(5) of this title, approval of an application shall be by majority of the committee who are present at the meeting at which it is considered provided that a majority of the full committee is present. The credit committee may appoint and delegate to loan officers the authority to approve applications.
+
+(b) Review and reversal of loan refusals; review by board in lieu of committee; limitation on disbursements by loan officers If the bylaws provide for a credit committee, all applications not approved by the loan officer shall be reviewed by the credit committee, and the approval of a majority of the members who are present at the meeting when such review is undertaken shall be required to reverse the loan officer’s decision provided a majority of the full committee is present. If there is not a credit committee, a member shall have the right upon written request of review by the board of directors of a loan application which has been denied. No individual shall have authority to disburse funds of the Federal credit union with respect to any loan or line of credit for which the application has been approved by him in his capacity as a loan officer.
+
+(June 26, 1934, ch. 750, title I, § 114, formerly § 15, as added Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 633; amended Pub. L. 88–353, § 4, July 2, 1964, 78 Stat. 269; Pub. L. 90–188, § 1, Dec. 13, 1967, 81 Stat. 567; Pub. L. 90–375, § 1(5), July 5, 1968, 82 Stat. 284; Pub. L. 91–206, § 2(1), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 114, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 95–22, title III, § 304, Apr. 19, 1977, 91 Stat. 51; Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 97–320, title V, § 523, Oct. 15, 1982, 96 Stat. 1533.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsProvisions similar to those comprising this section were contained in section 11(d) of act June 26, 1934, ch. 750, 48 Stat. 1219 (formerly classified to section 1761(d) of this title), prior to the amendment and renumbering of act June 26, 1934 by Pub. L. 86–354.
+
+Amendments1982—Pub. L. 97–320 designated existing provisions as subsecs. (a) and (b), in subsec. (a) as so designated, inserted provisions relating to the membership of the committee and provisions requiring the majority of the full committee to be present for votes on lines of credit, struck out provision requiring each loan officer to report his action on an application in seven days of its filing, in subsec. (b) as so designated, inserted provisions relating to the number of members needed to reverse a loan officer’s decision and provision for the case where there is no credit committee, and thereafter struck out provisions that not more than one member of the committee might be appointed as a loan officer, that applications for loans and lines of credit be made on forms prepared by such committee which set forth the security, if any, and such other data as required, that no loan may be made to any member if, upon the making of that loan, the member would have been indebted to the Federal credit union upon loans made to him in an aggregate amount which would exceed 10 per centum of the credit union’s unimpaired capital and surplus, and that for the purposes of this section an assignment of shares or the endorsement of a note would be deemed security and, subject to such regulations as the Board prescribed, insurance obtained under title I of the National Housing Act [12 U.S.C. 1702 et seq.] would be deemed adequate security. 1978—Pub. L. 95–630 substituted “Board” for “Administrator”. 1977—Pub. L. 95–22 substituted “loans and lines of credit” for “loans” in three places, “Except for those loans or lines of credit required to be approved by the board of directors in section 1757(5) of this title, approval of an application shall be” for “No loan shall be made unless it is approved”, “application approved” for “loan approved”, “applications not approved” for “loans not approved”, and “with respect to any loan or line of credit for which the application” for “for any loan which” and struck out “the purpose for which the loan is desired” after “which shall set forth”, “$200 or” after “amount which would exceed”, “whichever is greater” after “capital and surplus”, and provision relating to requirement that no unsecured loan be made to a member which would make the member indebted to the Federal credit union in excess of a specified amount. 1970—Pub. L. 91–206 substituted “Administrator” for “Director”. 1968—Pub. L. 90–375 substituted provisions which increased the unsecured loan limit, in the case of a credit union whose unimpaired capital and surplus is less than $8,000 to $200, and, in the case of any other credit union to $2,500 or 2½% of the unimpaired capital and surplus, whichever is less, for provisions which authorized credit unions to make unsecured loans of $750 or 10% of their unimpaired capital and surplus, whichever is smaller. 1967—Pub. L. 90–188 struck out “up to the unsecured limit, or in excess of such limit if such excess is fully secured by unpledged shares” from end of provision that credit committees may appoint one or more loan officers, and delegate to him or them the power to approve loans. 1964—Pub. L. 88–353 inserted “and, subject to such regulations as the Director may prescribe, insurance obtained under title I of the National Housing Act shall be deemed adequate security”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630 set out as a note under section 1752 of this title.

legal/us/code/title-12/chapter-14/section-1761d.md

@@ -0,0 +1,47 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1761d"
+description: "Supervisory committee; powers and duties; suspension of members; passbook"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1761d"
+citation: "12 U.S.C. § 1761d"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1761d"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "95d98ccfc9a304d2b3f263b503102c60bf2c09b37d5b49224de7d8708a0bfe16"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "49034cfd8bfdec77a1d94f85e44ccae5f9214fffee9d6fe195ecef6a761a8215"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1761d - Supervisory committee; powers and duties; suspension of members; passbook
+
+## Text
+
+The supervisory committee shall make or cause to be made an annual audit and shall submit a report of that audit to the board of directors and a summary of the report to the members at the next annual meeting of the credit union; shall make or cause to be made such supplementary audits as it deems necessary or as may be ordered by the Board, and submit reports of the supplementary audits to the board of directors; may by a unanimous vote suspend any officer of the credit union or any member of the credit committee or of the board of directors, until the next members’ meeting, which shall be held not less than seven or more than fourteen days after any such suspension, at which meeting any such suspension shall be acted upon by the members; and may call by a majority vote a special meeting of the members to consider any violations of this chapter, the charter, or the bylaws, or any practice of the credit union deemed by the supervisory committee to be unsafe or unauthorized. Any member of the supervisory committee may be suspended by a majority vote of the board of directors. The members shall decide, at a meeting held not less than seven nor more than fourteen days after any such suspension, whether the suspended committee member shall be removed from or restored to the supervisory committee. The supervisory committee shall cause the passbooks and accounts of the members to be verified with the records of the treasurer from time to time, and not less frequently than once every two years. As used in this section, the term “passbook” shall include any book, statement of account, or other record approved by the Board for use by Federal credit unions.
+
+(June 26, 1934, ch. 750, title I, § 115, formerly § 16, as added Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 633; amended Pub. L. 90–375, § 1(6), (7), July 5, 1968, 82 Stat. 284, 285; Pub. L. 91–206, § 2(1), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 115, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 93–383, title VII, § 724, Aug. 22, 1974, 88 Stat. 719; Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsProvisions similar to those comprising this section were contained in section 11(e) of act June 26, 1934, ch. 750, 48 Stat. 1219 (formerly classified to section 1761(e) of this title), prior to the amendment and renumbering of act June 26, 1934 by Pub. L. 86–354.
+
+Amendments1978—Pub. L. 95–630 substituted “Board” for “Administrator”. 1974—Pub. L. 93–383 substituted “an annual” for “a semiannual”. 1970—Pub. L. 91–206 substituted “Administrator” for “Director” in two places. 1968—Pub. L. 90–375 substituted provisions which required a semiannual audit for provisions which required a quarterly examination of the affairs of a Federal credit union, including an audit of the books, authorized the making of such supplementary audits as deemed necessary by the supervisory committee or as ordered by the Director, eliminated the requirement of an annual audit, and provided that the suspension of any member of the supervisory committee be pursuant to a majority vote of the board of directors.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.

legal/us/code/title-12/chapter-14/section-1762.md

@@ -0,0 +1,33 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1762"
+description: "Repealed. Pub. L. 105–219, title III, § 301(g)(3), Aug. 7, 1998, 112 Stat. 931"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1762"
+citation: "12 U.S.C. § 1762"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1762"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "dfbb7d2e2b9224d801457f1d68ca29c6f7c0931c159dac18fec9dd50ff26cb61"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "35e8393c8ad4d2a330bf18583518592c5dbf8bb9faabec68efc4ed73fb66cc8b"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1762 - Repealed. Pub. L. 105–219, title III, § 301(g)(3), Aug. 7, 1998, 112 Stat. 931
+
+## Notes
+
+Section, acts June 26, 1934, ch. 750, title I, § 116, formerly § 12, 48 Stat. 1221; Oct. 25, 1949, ch. 713, § 3, 63 Stat. 890; renumbered § 17 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 634; Pub. L. 91–206, § 2(1), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 116, and amended Pub. L. 91–468, §§ 1(2), 9, Oct. 19, 1970, 84 Stat. 994, 1017; Pub. L. 95–22, title III, § 305, Apr. 19, 1977, 91 Stat. 52; Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681, related to requirement of reserves against losses and authorization of Board to decrease reserve requirement or to require special reserves. See section 1790d(e) of this title.

legal/us/code/title-12/chapter-14/section-1763.md

@@ -0,0 +1,47 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1763"
+description: "Dividends"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1763"
+citation: "12 U.S.C. § 1763"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1763"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "abcc007f8cf16fcec2db3597093809a4c72e902baf86edc24735760555f15ccd"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "c6581697a12b813215d94c455284101225534a56b86d760dfc365636b69a09cd"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1763 - Dividends
+
+## Text
+
+At such intervals as the board of directors may authorize, and after provision for required reserves, the board of directors may declare a dividend to be paid at different rates on different types of shares, at different rates and maturity dates in the case of share certificates, and at different rates on different types of share draft accounts. Dividends credited may be accrued on various types of shares, share certificates, and share draft accounts as authorized by the board of directors. If the par value of a share exceeds $5, dividends shall be paid on all funds in the regular share account once a full share has been purchased.
+
+(June 26, 1934, ch. 750, title I, § 117, formerly § 13, 48 Stat. 1221; renumbered § 18 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 634; Pub. L. 90–188, § 2, Dec. 13, 1967, 81 Stat. 567; renumbered title I, § 117, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 93–383, title VII, § 725, Aug. 22, 1974, 88 Stat. 720; Pub. L. 95–22, title III, § 310, Apr. 19, 1977, 91 Stat. 53; Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 96–221, title II, § 207(b)(10), title III, § 305(c), Mar. 31, 1980, 94 Stat. 144, 147; Pub. L. 97–320, title V, § 524, Oct. 15, 1982, 96 Stat. 1534.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1982—Pub. L. 97–320 substituted “the board of directors may declare” for “the board may declare” and “Dividends credited” for “Dividend credit”, and inserted provision that if the par value of a share exceeds $5, dividends shall be paid on all funds in the regular share account once a full share has been published. 1980—Pub. L. 96–221, § 207(b)(10), struck out “, pursuant to such regulations as may be issued by the Board,” after “declare”. Pub. L. 96–221, § 305(c), inserted provisions relating to share draft accounts. 1978—Pub. L. 95–630 substituted “Board” for “Administrator”. 1977—Pub. L. 95–22 substituted “the board may declare, pursuant to such regulations as may be issued by the Administrator, a dividend to be paid at different rates on different types of shares and at different rates and maturity dates in the case of share certificates” for “the board of directors may declare a dividend to be paid from the remaining net earnings” and “accrued on various types of shares and share certificates” for “accrued on shares” and struck out provision that such dividends shall be paid on all paid-up shares outstanding at the end of the period for which the dividend is declared and provision that shares which become fully paid up during such dividend period and are outstanding at the close of the period shall be entitled to a proportional part of such dividend. 1974—Pub. L. 93–383 substituted “At such intervals as the board of directors may authorize” for “Annually, semiannually, or quarterly, as the bylaws may provide”, and “Dividend credit may be accrued on shares as authorized by the board of directors” for “Dividend credit for a month may be accrued on shares which are or become fully paid up during the first ten days of that month”. 1967—Pub. L. 90–188 inserted “or quarterly” after “semiannually” and substituted “ten” for “five”. 1959—Pub. L. 86–354 authorized semiannual dividends, empowered the board of directors to declare them instead of only recommend them, and provided for dividend credit.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1980 AmendmentPub. L. 96–221, title II, § 207(b), Mar. 31, 1980, 94 Stat. 144, provided in part that the amendment made by that section is effective 6 years after Mar. 31, 1980. Amendment by section 305(c) of Pub. L. 96–221 effective at close of Mar. 31, 1980, see section 306 of Pub. L. 96–221, set out as a note under section 1464 of this title.
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.

legal/us/code/title-12/chapter-14/section-1764.md

@@ -0,0 +1,85 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1764"
+description: "Expulsion and withdrawal"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1764"
+citation: "12 U.S.C. § 1764"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1764"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "8c2df308963ac410a97d572fed8b9dadc1eed688be2c7bc203bcadf606b3e83f"
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+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1764 - Expulsion and withdrawal
+
+## Text
+
+(a) Expulsion by two-thirds vote Except as provided in subsections (b) and (c) of this section, a member may be expelled by a two-thirds vote of the members of a Federal credit union present at a special meeting called for the purpose, but only after opportunity has been given to the member to be heard.
+
+(b) Expulsion based on nonparticipation The board of directors of a Federal credit union may, by majority vote of a quorum of directors, adopt and enforce a policy with respect to expulsion from membership based on nonparticipation by a member in the affairs of the credit union. In establishing its policy, the board should consider a member’s failure to vote in annual credit union elections or failure to purchase shares from, obtain a loan from, or lend to the Federal credit union. If such a policy is adopted, written notice of the policy as adopted and the effective date of such policy shall be mailed to each member of the credit union at the member’s current address appearing on the records of the credit union not less than thirty days prior to the effective date of such policy. In addition, each new member shall be provided written notice of any such policy prior to or upon applying for membership.
+
+(c) Expulsion for cause (1) In general Except as provided in subsections (a) and (b) of this section, a member may be expelled for cause by a two-thirds vote of a quorum of the directors of the Federal credit union pursuant to a policy which the National Credit Union Administration Board shall adopt, pursuant to a rulemaking, not later than the end of the 18-month period following March 15, 2022.
+
+(2) Distribution of policy to members A Federal credit union may not expel a member pursuant to this subsection unless the Federal credit union has provided, in written or electronic form, a copy of the policy adopted by the National Credit Union Administration Board under paragraph (1) to each member of the Federal credit union.
+
+(3) Procedures (A) Notification of pending expulsion If a member will, subject to the policy adopted under paragraph (1), be subject to expulsion, the member shall be notified in advance of the expulsion, along with the reason for such expulsion. Such notice shall be provided in person, by mail to the member’s address, or, if the member has elected to receive electronic communications from the Federal credit union, may be provided electronically.
+
+(B) Right to a hearing (i) In general A member shall have 60 days from the date of receipt of a notification under subparagraph (A) to request a hearing from the board of directors of the Federal credit union.
+
+(ii) Expulsion if no hearing If a member does not request a hearing during the 60-day period described under clause (i), the member shall be expelled after the end of the 60-day period.
+
+(C) Hearing; vote on expulsion If a member requests a hearing during the 60-day period described under subparagraph (B)(i)—
+
+(i) the board of directors of the Federal credit union shall provide the member with a hearing; and
+
+(ii) after such hearing, the board of directors of the Federal credit union shall hold a vote in a timely manner on expelling the member.
+
+(D) Notice of expulsion If a member is expelled under subparagraph (B)(ii) or (C)(ii), notice of the expulsion of the member shall be provided to the member in person, by mail to the member’s address, in written form or, if the member has elected to receive electronic communications from the Federal credit union, may be provided electronically.
+
+(4) Reinstatement (A) In general A member expelled under this subsection—
+
+(i) shall be given an opportunity to request reinstatement of membership; and
+
+(ii) may be reinstated by either—
+
+(I) a majority vote of a quorum of the directors of the Federal credit union; or
+
+(II) a majority vote of the members of the Federal credit union present at a meeting.
+
+(B) Rule of construction Nothing in this paragraph may be construed to require that an expelled member be allowed to attend the meeting described in subparagraph (A)(ii) in person.
+
+(5) Cause defined In this subsection, the term “cause” means—
+
+(A) a substantial or repeated violation of the membership agreement of the Federal credit union;
+
+(B) a substantial or repeated disruption, including dangerous or abusive behavior (as defined by the National Credit Union Administration Board pursuant to a rulemaking), to the operations of a Federal credit union; or
+
+(C) fraud, attempted fraud, or other illegal conduct that a member has been convicted of in relation to the Federal credit union, including the Federal credit union’s employees conducting business on behalf of the Federal credit union.
+
+(d) Liability to credit union Withdrawal or expulsion of a member pursuant to subsection (a), (b), or (c) of this section shall not operate to relieve the member from liability to the Federal credit union. The amount to be paid a withdrawing or expelled member by a Federal credit union shall be determined and paid in a manner specified in the bylaws.
+
+(e) No authority to expel classes of members An expulsion of a member pursuant to this section shall be done individually, on a case-by-case basis, and neither the Board nor any Federal credit union may expel a class of members.
+
+(June 26, 1934, ch. 750, title I, § 118, formerly § 14, 48 Stat. 1221; renumbered § 19, Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 634; renumbered title I, § 118, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 97–320, title V, § 525, Oct. 15, 1982, 96 Stat. 1534; Pub. L. 100–86, title VII, § 706, Aug. 10, 1987, 101 Stat. 653; Pub. L. 117–103, div. T, § 102, Mar. 15, 2022, 136 Stat. 824.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2022—Subsec. (a). Pub. L. 117–103, § 102(1), substituted “subsections (b) and (c)” for “subsection (b)” and “to the member” for “him”. Subsec. (c). Pub. L. 117–103, § 102(3), added subsec. (c). Former subsec. (c) redesignated (d). Subsec. (d). Pub. L. 117–103, § 102(2), (4), redesignated subsec. (c) as (d) and substituted “subsection (a), (b), or (c)” for “either subsection (a) or (b)” and “the member” for “him”. Subsec. (e). Pub. L. 117–103, § 102(5), added subsec. (e). 1987—Subsec. (a). Pub. L. 100–86, § 706(1), substituted “Except as provided in” for “Subject to”. Subsec. (b). Pub. L. 100–86, § 706(2), inserted “and enforce” after “adopt”. 1982—Pub. L. 97–320 designated existing provisions as subsecs. (a) and (c) and added subsec. (b).

legal/us/code/title-12/chapter-14/section-1765.md

@@ -0,0 +1,41 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1765"
+description: "Minors"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1765"
+citation: "12 U.S.C. § 1765"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1765"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "2d5aec92e01db477b4be74e90e1cf39191f33bb62f79dea40774e5bbb223d84c"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "dfc574cca7fb05af19c6c5dacc12bd87315e0a190726324e9dbfb7a10f5b76e1"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1765 - Minors
+
+## Text
+
+Shares may be issued in the name of a minor or in trust, subject to such conditions as may be prescribed by the bylaws. When shares are issued in trust, the name of the beneficiary shall be disclosed to the Federal credit union.
+
+(June 26, 1934, ch. 750, title I, § 119, formerly § 15, 48 Stat. 1221; renumbered § 20, and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 634; renumbered title I, § 119, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1959—Pub. L. 86–354 substituted “When shares are issued in trust, the” for “The” in second sentence.

legal/us/code/title-12/chapter-14/section-1766.md

@@ -0,0 +1,91 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1766"
+description: "Powers of Board"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1766"
+citation: "12 U.S.C. § 1766"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1766"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "064162e003571fecd76d01aafa2d7a4a79704e699d95fac60f220520dc69741d"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "622f7dfc9f44e4b02fea8e97c34f3ea425defe2d602ae5e1f5647f337de37c3f"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1766 - Powers of Board
+
+## Text
+
+(a) The Board may prescribe rules and regulations for the administration of this chapter (including, but not by way of limitation, the merger, consolidation, and dissolution of corporations organized under this chapter). Any central credit union chartered by the Board shall be subject to such rules, regulations, and orders as the Board deems appropriate and, except as otherwise specifically provided in such rules, regulations, or orders, shall be vested with or subject to the same rights, privileges, duties, restrictions, penalties, liabilities, conditions, and limitations that would apply to all Federal credit unions under this chapter.
+
+(b) (1) The Board may suspend or revoke the charter of any Federal credit union, or place the same in involuntary liquidation and appoint a liquidating agent therefor, upon its finding that the organization is bankrupt or insolvent, or has violated any of the provisions of its charter, its bylaws, this chapter, or any regulations issued thereunder.
+
+(2) The Board, through such persons as it shall designate, may examine any Federal credit union in voluntary liquidation and, upon its finding that such voluntary liquidation is not being conducted in an orderly or efficient manner or in the best interests of its members, may terminate such voluntary liquidation and place such organization in involuntary liquidation and appoint a liquidating agent therefor.
+
+(3) Such liquidating agent shall have power and authority, subject to the control and supervision of the Board and under such rules and regulations as the Board may prescribe, (A) to receive and take possession of the books, rec­ords, assets, and property of every description of the Federal credit union in liquidation, to sell, enforce collection of, and liquidate all such assets and property, to compound all bad or doubtful debts, and to sue in his own name or in the name of the Federal credit union in liquidation, and defend such actions as may be brought against him as liquidating agent or against the Federal credit union; (B) to receive, examine, and pass upon all claims against the Federal credit union in liquidation, including claims of members on member accounts; (C) to make distribution and payment to creditors and members as their interests may appear; and (D) to execute such documents and papers and to do such other acts and things which he may deem necessary or desirable to discharge his duties hereunder.
+
+(4) Subject to the control and supervision of the Board and under such rules and regulations as the Board may prescribe, the liquidating agent of a Federal credit union in involuntary liquidation shall (A) cause notice to be given to creditors and members to present their claims and make legal proof thereof, which notice shall be published once a week in each of three successive weeks in a newspaper of general circulation in each county in which the Federal credit union in liquidation maintained an office or branch for the transaction of business on the date it ceased unrestricted operations; except that whenever the aggregate book value of the assets and property of a Federal credit union in involuntary liquidation is less than $1,000, unless the Board shall find that its books and records do not contain a true and accurate record of its liabilities he shall declare such Federal credit union in liquidation to be a “no publication” liquidation, and publication of notice to creditors and members shall not be required in such case; (B) from time to time make a ratable dividend on all such claims as may have been proved to his satisfaction or adjudicated in a court of competent jurisdiction and, after the assets of such organization have been liquidated, make further dividends on all claims previously proved or adjudicated, and he may accept in lieu of a formal proof of claim on behalf of any creditor or member the statement of any amount due to such creditor or member as shown on the books and records of the credit union; but all claims not filed before payment of the final dividend shall be barred and claims rejected or disallowed by the liquidating agent shall be likewise barred unless suit be instituted thereon within three months after notice of rejection or disallowance; and (C) in a “no publication” liquidation, determine from all sources available to him, and within the limits of available funds of the Federal credit union, the amounts due to creditors and members, and after sixty days shall have elapsed from the date of his appointment distribute the funds of the Federal credit union to creditors and members ratably and as their interests may appear.
+
+(5) Upon certification by the liquidating agent in the case of an involuntary liquidation, and upon such proof as shall be satisfactory to the Board in the case of a voluntary liquidation, that distribution has been made and that liquidation has been completed, as provided herein, the Board shall cancel the charter of such Federal credit union; but the corporate existence of the Federal credit union shall continue for a period of three years from the date of such cancellation of its charter, during which period the liquidating agent, or his duly appointed successor, or such persons as the Board shall designate, may act on behalf of the Federal credit union for the purpose of paying, satisfying, and discharging any existing liabilities or obligations, collecting and distributing its assets, and doing all other acts required to adjust and wind up its business and affairs, and it may sue and be sued in its corporate name.
+
+(c) After the expiration of five years from the date of cancellation of the charter of a Federal credit union the Board may, in its discretion, destroy any or all books and records of such Federal credit union in its possession or under its control.
+
+(d) The Board is authorized and empowered to execute any and all functions and perform any and all duties vested in it hereby, through such persons as it shall designate or employ; and it may delegate to any person or persons, including any institution operating under the general supervision of the Administration, the performance and discharge of any authority, power, or function vested in it by this chapter.
+
+(e) All books and records of Federal credit unions shall be kept and reports shall be made in accordance with forms approved by the Board.
+
+(f) (1) The Board is authorized to make investigations and to conduct researches and studies of the problems of persons of small means in obtaining credit at reasonable rates of interest, and of the methods and benefits of cooperative saving and lending among such persons. It is further authorized to make reports of such investigations and to publish and disseminate the same.
+
+(2) (A) The Board is authorized to conduct directly, or to make grants to or contracts with colleges or universities, State or local educational agencies, or other appropriate public or private nonprofit organizations to conduct, programs for the training of persons engaged, or preparing to engage, in the operation of credit unions, and in related consumer counseling programs, serving the poor. It is authorized to establish a program of experimental, developmental, demonstration, and pilot projects, either directly or by grants to public or private nonprofit organizations, including credit unions, or by contracts with such organizations or other private organizations, designed to promote more effective operation of credit unions, and related consumer counseling programs, serving the poor.
+
+(B) In carrying out its authority under this paragraph, the Board shall consult with officials of the Office of Economic Opportunity and other appropriate Federal agencies responsible for the administration of projects or programs concerned with problems of the poor. The development and operation of programs and projects under this paragraph shall involve maximum feasible participation of residents of the areas and members of the groups served by such programs and projects, with community action agencies established under the provisions of the Economic Opportunity Act of 1964 [42 U.S.C. 2701 et seq.] serving, to the extent feasible, as the means through which such participation is achieved.
+
+(C) In order to carry out the purposes of this paragraph, there is authorized to be appropriated, as a supplement to any funds that may be expended by the Board pursuant to sections 1755 and 1756 of this title for such purposes, not to exceed $300,000 for the fiscal year ending June 30, 1970, and not to exceed $1,000,000 for the fiscal year ending June 30, 1971.
+
+(g) Any officer or employee of the Administration is authorized, when designated for the purpose by the Board, to administer oaths and affirmations and to take affidavits and depositions touching upon any matter within the jurisdiction of the Administration.
+
+(h) The Board is authorized, empowered, and directed to require that every person appointed or elected by any Federal credit union to any position requiring the receipt, payment, or custody of money or other personal property owned by a Federal credit union, or in its custody or control as collateral or otherwise, give bond in a corporate surety company holding a certificate of authority from the Secretary of the Treasury under chapter 93 of title 31, as an acceptable surety on Federal bonds. Any such bond or bonds shall be in a form approved by the Board with a view to providing surety coverage to the Federal credit union with reference to loss by reason of acts of fraud or dishonesty including forgery, theft, embezzlement, wrongful abstraction, or misapplication on the part of the person, directly or through connivance with others, and such other surety coverages as the Board may determine to be reasonably appropriate or as elsewhere required by this chapter. Any such bond or bonds shall be in such an amount in relation to the money or other personal property involved or in relation to the assets of the Federal credit union as the Board may from time to time prescribe by regulation for the purpose of requiring reasonable coverage. In lieu of individual bonds the Board may approve the use of a form of schedule or blanket bond which covers all of the officers and employees of a Federal credit union whose duties include the receipt, payment, or custody of money or other personal property for or on behalf of the Federal credit union. The Board may also approve the use of a form of excess coverage bond whereby a Federal credit union may obtain an amount of coverage in excess of the basic surety coverage.
+
+(i) In addition to the authority conferred upon it by other sections of this chapter, the Board is authorized in carrying out its functions under this chapter—
+
+(1) to appoint such personnel as may be necessary to enable the Administration to carry out its functions;
+
+(2) to expend such funds, enter into such contracts with public and private organizations and persons, make such payments in advance or by way of reimbursement, acquire and dispose of, by lease or purchase, real or personal property, without regard to the provisions of any other law applicable to executive or independent agencies of the United States, and perform such other functions or acts as it may deem necessary or appropriate to carry out the provisions of this chapter, in accordance with the rules and regulations or policies established by the Board not inconsistent with this chapter; and
+
+(3) to pay stipends, including allowances for travel to and from the place of residence, to any individual to study in a program assisted under this chapter upon a determination by the Board that assistance to such individual in such studies will be in furtherance of the purposes of this chapter.
+
+(j) Staff.— (1) Appointment and compensation.— The Board shall fix the compensation and number of, and appoint and direct, employees of the Board. Rates of basic pay for employees of the Board may be set and adjusted by the Board without regard to the provisions of chapter 51 or subchapter III of chapter 53 of title 5.
+
+(2) Additional compensation and benefits.— The Board may provide additional compensation and benefits to employees of the Board if the same type of compensation or benefits are then being provided by any other Federal bank regulatory agency or, if not then being provided, could be provided by such an agency under applicable provisions of law, rule, or regulation. In setting and adjusting the total amount of compensation and benefits for employees of the Board, the Board shall seek to maintain comparability with other Federal bank regulatory agencies.
+
+(3) Funding.— The salaries and expenses of the Board and employees of the Board shall be paid from fees and assessments (including income earned on insurance deposits) levied on insured credit unions under this chapter.
+
+(June 26, 1934, ch. 750, title I, § 120, formerly § 16, 48 Stat. 1221; Dec. 6, 1937, ch. 3, § 3, 51 Stat. 4; July 31, 1946, ch. 711, § 8, 60 Stat. 745; 1947 Reorg. Plan No. 1, § 401, eff. July 1, 1947, 12 F.R. 4534, 61 Stat. 952; June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091; June 30, 1954, ch. 426, § 2, 68 Stat. 336; Aug. 24, 1954, ch. 905, § 3, 68 Stat. 792; renumbered § 21 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 635; Pub. L. 90–375, § 2(a), July 5, 1968, 82 Stat. 285; Pub. L. 91–206, §§ 2(1), (3), 4, Mar. 10, 1970, 84 Stat. 49, 50; renumbered title I, § 120, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 95–22, title III, § 306, Apr. 19, 1977, 91 Stat. 52; Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 97–320, title V, § 526, Oct. 15, 1982, 96 Stat. 1535; Pub. L. 100–86, title VII, § 707, Aug. 10, 1987, 101 Stat. 653; Pub. L. 101–73, title XII, § 1203, Aug. 9, 1989, 103 Stat. 520; Pub. L. 101–144, title III, Nov. 9, 1989, 103 Stat. 864; Pub. L. 103–325, title I, § 120(a), Sept. 23, 1994, 108 Stat. 2188; Pub. L. 109–351, title VII, § 726(10), Oct. 13, 2006, 120 Stat. 2002.)
+
+## Notes
+
+Editorial Notes
+
+References in TextThe Economic Opportunity Act of 1964, referred to in subsec. (f)(2)(B), is Pub. L. 88–452, Aug. 20, 1964, 78 Stat. 508, which was classified generally to chapter 34 (§ 2701 et seq.) of Title 42, The Public Health and Welfare, prior to repeal, except for titles VIII and X, by Pub. L. 97–35, title VI, § 683(a), Aug. 13, 1981, 95 Stat. 519. Titles VIII and X of the Act are classified generally to subchapters VIII (§ 2991 et seq.) and X (§ 2996 et seq.) of chapter 34 of Title 42. For complete classification of this Act to the Code, see Tables.
+
+Amendments2006—Subsec. (h). Pub. L. 109–351 substituted “chapter 93 of title 31” for “the Act approved July 30, 1947 (6 U.S.C., secs. 6–13)”. 1994—Subsec. (k). Pub. L. 103–325 struck out subsec. (k) which read as follows: “Notwithstanding any other provision of law, the Board may exercise the authority granted it by the Community Development Credit Union Revolving Loan Fund Transfer Act (Public Law 99–609, sec. 1, Nov. 6, 1986, 100 Stat. 3475) subject only to the rules and regulations prescribed by the Board.” 1989—Subsec. (j). Pub. L. 101–73 added subsec. (j). Subsec. (k). Pub. L. 101–144 added subsec. (k). 1987—Subsec. (i)(2). Pub. L. 100–86 inserted “acquire and dispose of, by lease or purchase, real or personal property, without regard to the provisions of any other law applicable to executive or independent agencies of the United States,” after “reimbursement,” and “, in accordance with the rules and regulations or policies established by the Board not inconsistent with this chapter” after “this chapter”. 1982—Subsec. (a). Pub. L. 97–320 inserted provisions relating to the special authority of the Board over a central credit union, and such a union’s general prerogatives and liabilities. 1978—Pub. L. 95–630 substituted “Board” for “Administrator” wherever appearing; and “it”, “them”, and “its” for “he”, “him”, and “his”, respectively, where appropriate. 1977—Subsec. (b)(3)(B). Pub. L. 95–22 substituted “member accounts” for “shares”. 1970—Subsecs. (a) to (h). Pub. L. 91–206, § 2(1), (3), substituted “Administrator” for “Director” and “Administration” for “Bureau” wherever appearing. Subsec. (i). Pub. L. 91–206, § 4, added subsec. (i). 1968—Subsec. (f). Pub. L. 90–375 redesignated existing provisions as par. (1) and added par. (2). 1959—Pub. L. 86–354 made capitalization, punctuation and phraseological changes throughout text; redesignated, in subsec. (b)(3), cls. (i) to (iv) as (A) to (D) and corrected in cl. (A) the final “cerdit” to read “credit”; redesignated, in subsec. (b)(4), cls. (i) to (iii) as cls. (A) to (C); and redesignated the second subsec. (b) and subsecs. (c) to (g) as (c) to (h), respectively. 1954—Subsec. (f). Act June 30, 1954, added subsec. (f). Subsec. (g). Act Aug. 24, 1954, added subsec. (g). 1946—Subsec. (b). Act July 31, 1946, provided a more adequate statutory procedure for the administration of this chapter by expressly authorizing the liquidation of a Federal credit union and setting up a procedure which will achieve more orderly and complete liquidation. 1937—Subsec. (e). Act Dec. 6, 1937, added subsec. (e).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
+
+Effective Date of 1968 AmendmentPub. L. 90–375, § 2(b), July 5, 1968, 82 Stat. 285, provided that: “The amendments made by subsection (a) [amending this section] shall become effective July 1, 1968.”

legal/us/code/title-12/chapter-14/section-1767.md

@@ -0,0 +1,51 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1767"
+description: "Fiscal agents and depositories; authorization to secure deposits by governmental bodies"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1767"
+citation: "12 U.S.C. § 1767"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1767"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "58fff57cf91d7e07d5032b37e7691a533097eedf0965578c5947695d9246b436"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "0182fa97c11f3be6f85550ca3a4cf90d15df5f89c1267954bf3fb6c57dc11ff6"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1767 - Fiscal agents and depositories; authorization to secure deposits by governmental bodies
+
+## Text
+
+(a) Each Federal credit union organized under this chapter, when requested by the Secretary of the Treasury, shall act as fiscal agent of the United States and shall perform such services as the Secretary of the Treasury may require in connection with the collection of taxes and other obligations due the United States and the lending, borrowing, and repayment of money by the United States, including the issue, sale, redemption, or repurchase of bonds, notes, Treasury certificates of indebtedness, or other obligations of the United States; and to facilitate such purposes the Board shall furnish to the Secretary of the Treasury from time to time the names and addresses of all Federal credit unions with such other available information concerning them as may be requested by the Secretary of the Treasury. Any Federal credit union organized under this chapter, when designated for that purpose by the Secretary of the Treasury, shall be a depository of public money, except receipts from customs, under such regulations as may be prescribed by the Secretary of the Treasury.
+
+(b) Any Federal credit union, upon the deposit with it of any funds by the Federal Government, an Indian tribe, or any State or local government or political subdivision thereof as otherwise authorized by this chapter, is authorized to pledge any of its assets securing the payment of the funds so deposited.
+
+(June 26, 1934, ch. 750, title I, § 121, formerly § 17, 48 Stat. 1222; 1947, Reorg. Plan No. 1, § 401, eff. July 1, 1947, 12 F.R. 4534, 61 Stat. 952; June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091; renumbered § 22, Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 637; amended Pub. L. 91–206, § 2(1), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 121, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 100–86, title VII, § 716, Aug. 10, 1987, 101 Stat. 656.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1987—Pub. L. 100–86 designated existing provisions as subsec. (a) and added subsec. (b). 1978—Pub. L. 95–630 substituted “Board” for “Administrator”. 1970—Pub. L. 91–206 substituted “Administrator” for “Director”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
+
+Executive Documents
+
+Transfer of Functions Transfer of functions of Farm Credit Administration and Governor thereof, generally, see notes set out under section 1751 of this title. Functions of Governor of Farm Credit Administration under this section transferred to Federal Deposit Insurance Corporation by Reorg. Plan No. 1 of 1947.

legal/us/code/title-12/chapter-14/section-1768.md

@@ -0,0 +1,41 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1768"
+description: "Taxation"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1768"
+citation: "12 U.S.C. § 1768"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1768"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "7435634c0422175848b712ba3d92622ecf16904452613578204d2f0c9dc70d4d"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "9d244984ce788ffde35ade52885931a56e705827f4b1c7028aadef337a68a5ce"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1768 - Taxation
+
+## Text
+
+The Federal credit unions organized hereunder, their property, their franchises, capital, reserves, surpluses, and other funds, and their income shall be exempt from all taxation now or hereafter imposed by the United States or by any State, Territorial, or local taxing authority; except that any real property and any tangible personal property of such Federal credit unions shall be subject to Federal, State, Territorial, and local taxation to the same extent as other similar property is taxed. Nothing herein contained shall prevent holdings in any Federal credit union organized hereunder from being included in the valuation of the personal property of the owners or holders thereof in assessing taxes imposed by authority of the State or political subdivision thereof in which the Federal credit union is located; but the duty or burden of collecting or enforcing the payment of such a tax shall not be imposed upon any such Federal credit union and the tax shall not exceed the rate of taxes imposed upon holdings in domestic credit unions.
+
+(June 26, 1934, ch. 750, title I, § 122, formerly § 18, 48 Stat. 1222; Dec. 6, 1937, ch. 3, § 4, 51 Stat. 4; renumbered § 23 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 637; renumbered title I, § 122, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1959—Pub. L. 86–354 substituted “but” for “Provided, however, That” and inserted “a” before “tax”. 1937—Act Dec. 6, 1937, inserted tax exemption provision, the real and tangible personal property proviso, provided that responsibility of tax collection would not be imposed upon Federal credit unions, and that tax rate would not exceed that of domestic credit unions.

legal/us/code/title-12/chapter-14/section-1769.md

@@ -0,0 +1,43 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1769"
+description: "Separability; right to alter, amend, or repeal chapter"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1769"
+citation: "12 U.S.C. § 1769"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1769"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "1eb380b0ff3a5e4a2e694d90ec43e806802769815b9fc306d91f927b6a3980b0"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "2c51683342be6c05b257eb088233cfcc2ae0183b7503e390f476fcc188ed7ac0"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1769 - Separability; right to alter, amend, or repeal chapter
+
+## Text
+
+(a) If any provision of this chapter, or the application thereof to any person or circumstance, is held invalid, the remainder of the chapter, and the application of such provision to other persons or circumstances, shall not be affected thereby.
+
+(b) The right to alter, amend, or repeal this chapter or any part thereof, or any charter issued pursuant to the provisions of this chapter, is expressly reserved.
+
+(June 26, 1934, ch. 750, title I, § 123, formerly § 24, as added Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 637; renumbered title I, § 123, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 1769, act June 26, 1934, ch. 750, § 19, 48 Stat. 1222, made available not more than $50,000 of the funds available to the Governor of the Farm Credit Administration, under former section 1404 of this title, for administrative expenses in administering this chapter, prior to the amendment of act June 26, 1934, by Pub. L. 86–354. Provisions similar to those comprising this section were contained in section 20 of act June 26, 1934, ch. 750, 48 Stat. 1222 (formerly classified to section 1770 of this title), prior to the amendment and renumbering of act June 26, 1934, by Pub. L. 86–354.

legal/us/code/title-12/chapter-14/section-1770.md

@@ -0,0 +1,47 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1770"
+description: "Allotment of space in Federal buildings or Federal land"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1770"
+citation: "12 U.S.C. § 1770"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1770"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "6a79484adbc2395c792a776da144835049bb9d762014d4d68088be092b869732"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "5a764e3de45d1f5f20e4c550e39c14283b51d4fde55cc90c80e15a0a95218e81"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1770 - Allotment of space in Federal buildings or Federal land
+
+## Text
+
+Notwithstanding any other provision of law, upon application by any credit union organized under State law or by any Federal credit union organized in accordance with the terms of this chapter, which application shall be addressed to the officer or agency of the United States charged with the allotment of space on lands reserved for the use of, and under the exclusive or concurrent jurisdiction of, the United States or in the Federal buildings in the community or district in which such credit union does business, such officer or agency may in his or its discretion lease land or allot space to such credit union without charge for rent or services if at least 95 percent of the membership of the credit union to be served by the allotment of space or the facility built on the lease land is composed of persons who either are presently Federal employees or were Federal employees at the time of admission into the credit union, and members of their families, and if space is available. For the purpose of this section, the term “services” includes, but is not limited to, the providing of lighting, heating, cooling, electricity, office furniture, office machines and equipment, telephone service (including installation of lines and equipment and other expenses associated with telephone service), and security systems (including installation and other expenses associated with security systems). Where there is an agreement for the payment of costs associated with the provision of space or services, nothing in title 31 or any other provision of law, shall be construed to prohibit or restrict payment by reimbursement to the miscellaneous receipts or other appropriate account of the Treasury.
+
+(June 26, 1934, ch. 750, title I, § 124, formerly § 25, as added Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 638; renumbered title I, § 124, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 97–320, title V, § 515, Oct. 15, 1982, 96 Stat. 1530; Pub. L. 97–457, § 27, Jan. 12, 1983, 96 Stat. 2510; Pub. L. 103–160, div. B, title XXVIII, § 2854, Nov. 30, 1993, 107 Stat. 1908; Pub. L. 103–337, div. A, title X, § 1070(b)(12), Oct. 5, 1994, 108 Stat. 2857; Pub. L. 109–351, title V, § 501, Oct. 13, 2006, 120 Stat. 1974.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 1770, act June 26, 1934, ch. 750, § 20, 48 Stat. 1222, related to separability of provisions and right to alter, amend, or repeal chapter, prior to the amendment of act June 26, 1934, by Pub. L. 86–354. See section 1769 of this title. Provisions similar to those comprising this section were contained in section 21 of act June 26, 1934, ch. 750, as added July 9, 1937, ch. 471, 50 Stat. 487 (formerly classified to section 1771 of this title), prior to the amendment and renumbering of act June 26, 1934, by Pub. L. 86–354.
+
+Amendments2006—Pub. L. 109–351, in section catchline, inserted “or Federal land” after “buildings” and, in text, substituted “Notwithstanding any other provision of law, upon application by any credit union” for “Upon application by any credit union” and inserted “on lands reserved for the use of, and under the exclusive or concurrent jurisdiction of, the United States or” after “officer or agency of the United States charged with the allotment of space”, “lease land or” after “such officer or agency may in his or its discretion”, and “or the facility built on the lease land” after “credit union to be served by the allotment of space”. 1994—Pub. L. 103–337 made technical correction to Pub. L. 103–160, § 2854(1). See 1993 Amendment note below. 1993—Pub. L. 103–160, § 2854(2), substituted “allot space to such credit union without charge for rent or services if at least 95 percent of the membership of the credit union to be served by the allotment of space is composed of persons who either are presently Federal employees or were Federal employees at the time of admission into the credit union, and members of their families, and if space is available.” for “allot space to such credit union if space is available without charge for rent or services.” Pub. L. 103–160, § 2854(1), as amended by Pub. L. 103–337, struck out “at least 95 per centum of the membership of which is composed of persons who either are presently Federal employees or were Federal employees at the time of admission into the credit union, and members of their families,” after “terms of this chapter”. 1983—Pub. L. 97–457 inserted “of” after “including installation”. 1982—Pub. L. 97–320 inserted definition of “services”, and provided that where there is an agreement for the payment of costs associated with the provision of space or services, nothing in title 31 or any other provision of law shall be construed to prohibit or restrict payment by reimbursement to the miscellaneous receipts or other appropriate account of the Treasury.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1994 AmendmentPub. L. 103–337, div. A, title X, § 1070(b), Oct. 5, 1994, 108 Stat. 2856, provided that the amendment made by that section is effective as of Nov. 30, 1993, and as if included in the National Defense Authorization Act for Fiscal Year 1994, Pub. L. 103–160, as enacted.

legal/us/code/title-12/chapter-14/section-1771.md

@@ -0,0 +1,61 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1771"
+description: "Conversion from Federal to State credit union and from State to Federal credit union"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1771"
+citation: "12 U.S.C. § 1771"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1771"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "2927e074f39cc1a041a2d162b118711cc7d9adfbd5e61029376b064fdff53b09"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "e97d14e0107bb4081edf0246d7b7d01da5860d9a0b7beb1ac17f62dca85f06c4"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1771 - Conversion from Federal to State credit union and from State to Federal credit union
+
+## Text
+
+(a) A Federal credit union may be converted into a State credit union under 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, by complying with the following requirements:
+
+(1) The proposition for such conversion shall first be approved, and a date set for a vote thereon by the members (either at a meeting to be held on such date or by written ballot to be filed on or before such date), by a majority of the directors of the Federal credit union. Written notice of the proposition and of the date set for the vote shall then be delivered in person to each member, or mailed to each member at the address for such member appearing on the records of the credit union, not more than thirty nor less than seven days prior to such date. Approval of the proposition for conversion shall be by the affirmative vote of a majority of the members of the credit union who vote on the proposal. The written notice of the proposition shall in boldface type state that the issue will be decided by a majority of the members who vote.
+
+(2) A statement of the results of the vote, verified by the affidavits of the president or vice president and the secretary, shall be filed with the Administration within ten days after the vote is taken.
+
+(3) Promptly after the vote is taken and in no event later than ninety days thereafter, if the proposition for conversion was approved by such vote, the credit union shall take such action as may be necessary under the applicable State law to make it a State credit union, and within ten days after receipt of the State credit union charter there shall be filed with the Administration a copy of the charter thus issued. Upon such filing the credit union shall cease to be a Federal credit union.
+
+(4) Upon ceasing to be a Federal credit union, such credit union shall no longer be subject to any of the provisions of this chapter. The successor State credit union shall be vested with all of the assets and shall continue responsible for all of the obligations of the Federal credit union to the same extent as though the conversion had not taken place.
+
+(b) (1) A State credit union, organized under 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, may be converted into a Federal credit union by (A) complying with all State requirements requisite to enabling it to convert to a Federal credit union or to cease being a State credit union, (B) filing with the Administration proof of such compliance, satisfactory to the Board, and (C) filing with the Administration an organization certificate as required by this chapter.
+
+(2) When the Board has been satisfied that all of such requirements, and all other requirements of this chapter, have been complied with, the Board shall approve the organization certificate. Upon such approval, the State credit union shall become a Federal credit union as of the date it ceases to be a State credit union. The Federal credit union shall be vested with all of the assets and shall continue responsible for all of the obligations of the State credit union to the same extent as though the conversion had not taken place.
+
+(June 26, 1934, ch. 750, title I, § 125, formerly § 26, as added Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 638; amended Pub. L. 91–206, § 2(1), (3), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 125, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 97–320, title V, § 527, Oct. 15, 1982, 96 Stat. 1535.)
+
+## Notes
+
+Editorial Notes
+
+References in TextFor definition of Canal Zone, referred to in text, see section 3602(b) of Title 22, Foreign Relations and Intercourse.
+
+Prior ProvisionsA prior section 1771, act June 26, 1934, ch. 750, § 21, as added July 9, 1937, ch. 471, 50 Stat. 487, related to allotment of space in Federal buildings, prior to the amendment of act June 26, 1934, by Pub. L. 86–354. See section 1770 of this title.
+
+Amendments1982—Subsec. (a)(1). Pub. L. 97–320 substituted “of the credit union who vote on the proposal” for “, in person or in writing”, and inserted provision that the written notice of the proposition shall in boldface type state that the issue will be decided by a majority of the members who vote. 1978—Subsec. (b). Pub. L. 95–630 substituted “Board” for “Administrator” in two places. 1970—Pub. L. 91–206 substituted “Administration” for “Bureau” and “Administrator” for “Director” wherever appearing.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.

legal/us/code/title-12/chapter-14/section-1772.md

@@ -0,0 +1,43 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1772"
+description: "Territorial application of chapter"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1772"
+citation: "12 U.S.C. § 1772"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1772"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "a8eba44251700bd4c1974459f535d998a17c4a7294f106918b7cf0262ec84b91"
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+text_hash: "2b39da8d79a18475e3ba8ed4205578bac4f87f9cf408adcbf721110aa8500c40"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1772 - Territorial application of chapter
+
+## Text
+
+The provisions of this chapter shall apply to the several States, the District of Columbia, the several Territories, including the trust territories, and possessions of the United States, the Panama Canal Zone, and the Commonwealth of Puerto Rico.
+
+(June 26, 1934, ch. 750, title I, § 126, formerly § 22, as added July 31, 1946, ch. 711, § 7, 60 Stat. 745; amended May 8, 1952, ch. 245, 66 Stat. 66, renumbered § 27 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 638; renumbered title I, § 126, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 93–383, title VII, § 726, Aug. 22, 1974, 88 Stat. 720.)
+
+## Notes
+
+Editorial Notes
+
+References in TextFor definition of Canal Zone, referred to in text, see section 3602(b) of Title 22, Foreign Relations and Intercourse.
+
+Amendments1974—Pub. L. 93–383 inserted reference to trust territories. 1959—Pub. L. 86–354 provided for application of chapter to the States, the District of Columbia, the Territories and possessions of the United States and Puerto Rico and struck out specific reference to the Virgin Islands. 1952—Act May 8, 1952, amended section to extend provisions of this chapter to the Virgin Islands.

legal/us/code/title-12/chapter-14/section-1772a.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1772a"
+description: "Gifts; acceptance of conditional gifts; deposit"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1772a"
+citation: "12 U.S.C. § 1772a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1772a"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "fabcc8cb45794276b896043b19a7cd52afa6a37f68deef3685087b39efc8a9e4"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "08422d87dac1dc6ae5f6d2889ca333c4ec9c297a54dc95b8031eb1985124ff58"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1772a - Gifts; acceptance of conditional gifts; deposit
+
+## Text
+
+The Board is authorized to accept gifts of money made unconditionally by will or otherwise for the carrying out of any of the functions under this chapter. A conditional gift of money made by will or otherwise for such purposes may be accepted and used in accordance with its conditions, but no such gift shall be accepted which is conditioned upon any expenditure not to be met therefrom or from income thereof unless the Board determines that supplementation of such gift from the fees it may expend pursuant to sections 1755 and 1756 of this title or from any funds appropriated pursuant to section 1766(f)(2)(C) of this title for the purpose of making such expenditure will not adversely affect the sound administration of this chapter. Any such gift shall be deposited in the Treasury of the United States for the account of the Administration and may be expended in accordance with section 1755 of this title or as provided in the preceding sentence.
+
+(June 26, 1934, ch. 750, title I, § 127, formerly § 28, as added Pub. L. 90–375, § 3, July 5, 1968, 82 Stat. 285; amended Pub. L. 91–206, § 2(1), (3), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 127, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1978—Pub. L. 95–630 substituted “Board” for “Administrator” in two places, and “it may expend” for “he may expend”. 1970—Pub. L. 91–206 substituted “Administrator” for “Director” and “Administration” for “Bureau” wherever appearing.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.

legal/us/code/title-12/chapter-14/section-1772b.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1772b"
+description: "Apportionment"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1772b"
+citation: "12 U.S.C. § 1772b"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1772b"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "fe21332df94eff88d674b57f834234ed389f190ff5f63c2fbc60549d3554e23a"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "892c8ee93bcad0e0612fa099062fb79d404235ff0b97348932036fe429c2f9f5"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1772b - Apportionment
+
+## Text
+
+Notwithstanding any other provision of law, funds received by the Board pursuant to any method provided by this chapter, and interest, dividend, or other income thereon, shall not be subject to apportionment for the purpose of chapter 15 of title 31 or under any other authority.
+
+(June 26, 1934, ch. 750, title I, § 128, as added Pub. L. 100–86, title V, § 505(e), Aug. 10, 1987, 101 Stat. 633.)

legal/us/code/title-12/chapter-14/section-1772c-1.md

@@ -0,0 +1,49 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1772c–1"
+description: "Community development revolving loan fund for credit unions"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1772c–1"
+citation: "12 U.S.C. § 1772c–1"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1772c–1"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "56538dc1fddd556e4797a8a31ae7fa54adc50f9ec399e4442dc5b36bca663c75"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "94eff306e80c19cfee9271a6cfaaff7462b2ac38707ff9d6e74791c7058078de"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1772c–1 - Community development revolving loan fund for credit unions
+
+## Text
+
+(a) In general The Board may exercise the authority granted to it by the Community Development Credit Union Revolving Loan Fund Transfer Act, including any additional appropriation made or earnings accrued, subject only to this section and to regulations prescribed by the Board.
+
+(b) Investment The Board may invest any idle Fund moneys in United States Treasury securities. Any interest accrued on such securities shall become a part of the Fund.
+
+(c) Loans The Board may require that any loans made from the Fund be matched by increased shares in the borrower credit union.
+
+(d) Interest Interest earned by the Fund may be allocated by the Board for technical assistance to community development credit unions, subject to an appropriations Act.
+
+(e) “Fund” defined As used in this section, the term “Fund” means the Community Development Credit Union Revolving Loan Fund.
+
+(June 26, 1934, ch. 750, title I, § 130, as added Pub. L. 103–325, title I, § 120(b), Sept. 23, 1994, 108 Stat. 2188.)
+
+## Notes
+
+Editorial Notes
+
+References in TextThe Community Development Credit Union Revolving Loan Fund Transfer Act, referred to in subsec. (a), is Pub. L. 99–609, Nov. 6, 1986, 100 Stat. 3475, which is set out as a note under section 9822 of Title 42, The Public Health and Welfare.

legal/us/code/title-12/chapter-14/section-1772c.md

@@ -0,0 +1,41 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1772c"
+description: "Trust fund"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1772c"
+citation: "12 U.S.C. § 1772c"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1772c"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "c7c3302be337743303844f3d34f3f9ecbe42e981288479f39725bd991747b307"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "1ea8483c9034a9895d973d90c034c08559b9552bc7fbdba1666880df39b13a7c"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1772c - Trust fund
+
+## Text
+
+Notwithstanding any other provision of law, all moneys of the Board shall be treated as trust funds for the purpose of section 906(a)(2) 11 See References in Text note below. of title 2. This section is effective for fiscal year 1986 and every fiscal year thereafter.
+
+(June 26, 1934, ch. 750, title I, § 129, as added Pub. L. 100–86, title VII, § 708, Aug. 10, 1987, 101 Stat. 653.)
+
+## Notes
+
+Editorial Notes
+
+References in TextSection 906(a) of title 2, referred to in text, was amended generally by Pub. L. 101–508, title XIII, § 13101(d)(1), Nov. 5, 1990, 104 Stat. 1388–589, and subsequently repealed by Pub. L. 111–139, title I, § 10(a), Feb. 12, 2010, 124 Stat. 21. Provisions similar to those formerly appearing in section 906(a)(2) are now contained in section 906(k)(6) of Title 2, The Congress.

legal/us/code/title-12/chapter-14/section-1772d.md

@@ -0,0 +1,61 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1772d"
+description: "Forfeiture of organization certificate for money laundering or cash transaction reporting offenses"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1772d"
+citation: "12 U.S.C. § 1772d"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1772d"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "e99a288c2a6003f78ad0bea1852f5396ae1e9f863ecf945ddc988be278690f2a"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "78f540366f86050b8875f0bc87f2f832517f8de3db60ca028be1e2eced2daf92"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1772d - Forfeiture of organization certificate for money laundering or cash transaction reporting offenses
+
+## Text
+
+(a) Forfeiture of franchise for money laundering or cash transaction reporting offenses (1) Conviction of title 18 offenses (A) Duty to notify If a credit union has been convicted of any criminal offense under section 1956 or 1957 of title 18, the Attorney General shall provide to the Board a written notification of the conviction and shall include a certified copy of the order of conviction from the court rendering the decision.
+
+(B) Notice of termination; pretermination hearing After receiving written notification from the Attorney General of such a conviction, the Board shall issue to such credit union a notice of its intention to terminate all rights, privileges, and franchises of the credit union and schedule a pretermination hearing.
+
+(2) Conviction of title 31 offenses If a credit union is convicted of any criminal offense under section 5322 or 5324 of title 31 after receiving written notification from the Attorney General, the Board may issue to such credit union a notice of its intention to terminate all rights, privileges, and franchises of the credit union and schedule a pretermination hearing.
+
+(3) Judicial review Section 1786(j) of this title shall apply to any proceeding under this section.
+
+(b) Factors to be considered In determining whether a franchise shall be forfeited under subsection (a), the Board shall take into account the following factors:
+
+(1) The extent to which directors, committee members, or senior executive officers (as defined by the Board in regulations which the Board shall prescribe) of the credit union knew of, or were involved in, the commission of the money laundering offense of which the credit union was found guilty.
+
+(2) The extent to which the offense occurred despite the existence of policies and procedures within the credit union which were designed to prevent the occurrence of any such offense.
+
+(3) The extent to which the credit union has fully cooperated with law enforcement authorities with respect to the investigation of the money laundering offense of which the credit union was found guilty.
+
+(4) The extent to which the credit union has implemented additional internal controls (since the commission of the offense of which the credit union was found guilty) to prevent the occurrence of any other money laundering offense.
+
+(5) The extent to which the interest of the local community in having adequate deposit and credit services available would be threatened by the forfeiture of the franchise.
+
+(c) Successor liability This section shall not apply to a successor to the interests of, or a person who acquires, a credit union that violated a provision of law described in subsection (a), if the successor succeeds to the interests of the violator, or the acquisition is made, in good faith and not for purposes of evading this section or regulations prescribed under this section.
+
+(June 26, 1934, ch. 750, title I, § 131, as added Pub. L. 102–550, title XV, § 1502(c), Oct. 28, 1992, 106 Stat. 4047; amended Pub. L. 103–325, title IV, § 411(c)(2)(B), Sept. 23, 1994, 108 Stat. 2253.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1994—Subsec. (a)(2). Pub. L. 103–325 substituted “section 5322 or 5324 of title 31” for “section 5322 of title 31”.

legal/us/code/title-12/chapter-14/section-1772e.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1772e"
+description: "Data standards"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1772e"
+citation: "12 U.S.C. § 1772e"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1772e"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "3499c638eaa01a317eb07ac0cf12870f7f851d65178b1081fcfd023de0e3c3ab"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "5f790f44203e82d867e5c1c7e7b1ab7586f155efdf9cd75f1f1b57f10fdfed9f"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1772e - Data standards
+
+## Text
+
+(a) Requirement The Board shall, by rule, adopt data standards for all collections of information and reports regularly filed with or submitted to the Administration under this chapter.
+
+(b) Consistency The data standards required under subsection (a) shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under section 5334 of this title, including, to the extent practicable, by having the characteristics described in clauses (i) through (vi) of subsection (c)(1)(B) of such section 5334.
+
+(June 26, 1934, ch. 750, title I, § 132, as added Pub. L. 117–263, div. E, title LVIII, § 5871, Dec. 23, 2022, 136 Stat. 3436.)
+
+## Notes
+
+Statutory Notes and Related Subsidiaries
+
+RulemakingPub. L. 117–263, div. E, title LVIII, § 5873, Dec. 23, 2022, 136 Stat. 3436, provided that: “(a) In General.—The National Credit Union Administration Board shall issue rules to carry out the amendments made by this subtitle [subtitle G (§§ 5871–5874) of title LVIII of div. E of Pub. L. 117–263, enacting this section and section 1772f of this title], which shall take effect not later than 2 years after the date on which final rules are promulgated under section 124(b)(2) of the Financial Stability Act of 2010 [12 U.S.C. 5334(b)(2)], as added by section 5811(a) of this title. “(b) Scaling of Regulatory Requirements; Minimizing Disruption.—In issuing the rules required under subsection (a), the National Credit Union Administration Board—“(1) may scale data reporting requirements in order to reduce any unjustified burden on smaller regulated entities; and “(2) shall seek to minimize disruptive changes to the persons affected by those regulations.”
+
+Rule of Construction Regarding No New Disclosure RequirementsPub. L. 117–263, div. E, title LVIII, § 5874, Dec. 23, 2022, 136 Stat. 3437, provided that: “Nothing in this subtitle [subtitle G (§§ 5871–5874) of title LVIII of div. E of Pub. L. 117–263, enacting this section, section 1772f of this title, and provisions set out as a note under this section], or the amendments made by this subtitle, shall be construed to require the National Credit Union Administration Board to collect or make publicly available additional information under the Federal Credit Union Act (12 U.S.C. 1751 et seq.), beyond information that was collected or made publicly available under that Act, as of the day before the date of enactment of this Act [Dec. 23, 2022].”

legal/us/code/title-12/chapter-14/section-1772f.md

@@ -0,0 +1,49 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1772f"
+description: "Open data publication"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1772f"
+citation: "12 U.S.C. § 1772f"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1772f"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "2e896697d4a36c308d28763e59605eb2b9fbc95f3905d573bce3bd785cf3f5a9"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "95a465e08651601e7e8bd3884f55fcb434e2d8fecee9d4b7c672b230d41ccced"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1772f - Open data publication
+
+## Text
+
+All public data assets published by the Administration under this subchapter shall be—
+
+(1) made available as an open Government data asset (as defined in section 3502 of title 44);
+
+(2) freely available for download;
+
+(3) rendered in a human-readable format; and
+
+(4) accessible via application programming interface where appropriate.
+
+(June 26, 1934, ch. 750, title I, § 133, as added Pub. L. 117–263, div. E, title LVIII, § 5872, Dec. 23, 2022, 136 Stat. 3436.)
+
+## Notes
+
+Statutory Notes and Related Subsidiaries
+
+Rule of Construction Regarding No New Disclosure RequirementsEnactment of section not to be construed to require certain additional information to be collected or disclosed, see section 5874 of Pub. L. 117–263, set out as a note under section 1772e of this title.

legal/us/code/title-12/chapter-14/section-1773.md

@@ -0,0 +1,49 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1773"
+description: "District of Columbia credit unions; conversion to Federal status"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1773"
+citation: "12 U.S.C. § 1773"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1773"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "2323327d70b63359e080604b6b0424fe57894fc06c1bbe97b97219509e8a326d"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "9a1a501b6fb2a7107d2ac22d60496dc949cb693e77a3598ae02b07318bebdedd"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1773 - District of Columbia credit unions; conversion to Federal status
+
+## Text
+
+Any credit union organized under the District of Columbia Credit Unions Act, as amended, may apply for conversion into a Federal credit union by filing with the National Credit Union Administration Board (in sections 1773 to 1775 of this title referred to as the Board), pursuant to a resolution adopted by a majority of its directors, an organization certificate meeting the requirements of section 1753 of this title.
+
+(Pub. L. 88–395, § 1, Aug. 1, 1964, 78 Stat. 377; Pub. L. 91–206, § 3, Mar. 10, 1970, 84 Stat. 49; Pub. L. 95–630, title V, § 501, Nov. 10, 1978, 92 Stat. 3680.)
+
+## Notes
+
+Editorial Notes
+
+References in TextThe District of Columbia Credit Unions Act, referred to in text, was repealed by Pub. L. 88–395, § 4, Aug. 1, 1964, 78 Stat. 377.
+
+Codification Section was not enacted as part of the Federal Credit Union Act which comprises this chapter.
+
+Statutory Notes and Related Subsidiaries
+
+Transfer of Functions “National Credit Union Administration Board” and “Board” substituted in text for “Director of the Bureau of Federal Credit Unions” and “Director”, respectively, pursuant to section 3 of Pub. L. 91–206 and section 501 of Pub. L. 95–630 [12 U.S.C. 1752a] which transferred functions of Bureau of Federal Credit Unions, and Director thereof, to National Credit Union Administration and vested authority for management of Administration in National Credit Union Administration Board.
+
+Repeals; Revocation of Organization Certificates Issued Under District of Columbia Credit Unions ActPub. L. 88–395, § 4, Aug. 1, 1964, 78 Stat. 377, provided that: “Effective thirty days after enactment of this Act [Aug. 1, 1964], the District of Columbia Credit Unions Act (47 Stat. 326), as amended, is repealed and all organization certificates issued thereunder and still in force are revoked.”

legal/us/code/title-12/chapter-14/section-1774.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1774"
+description: "Approval of certificate; assets and obligations of applicant credit union"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1774"
+citation: "12 U.S.C. § 1774"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1774"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "7a4b243c5ac99423f3f982d0737422bb341394cf3b6701619693d45a08c57fa7"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "e3aa4e20d8c659874f44a8ecf90e126f76e4658456c4d3a9aa4d9c5ce8d00c46"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1774 - Approval of certificate; assets and obligations of applicant credit union
+
+## Text
+
+The Board shall approve any such organization certificate meeting such requirements. Upon such approval, the applicant credit union shall become a Federal credit union, and shall be vested with all of the assets and shall continue responsible for all of the obligations of such applicant credit union to the same extent as though the conversion had not taken place.
+
+(Pub. L. 88–395, § 2, Aug. 1, 1964, 78 Stat. 377; Pub. L. 91–206, § 3, Mar. 10, 1970, 84 Stat. 49; Pub. L. 95–630, title V, § 501, Nov. 10, 1978, 92 Stat. 3680.)
+
+## Notes
+
+Editorial Notes
+
+Codification Section was not enacted as part of the Federal Credit Union Act which comprises this chapter.
+
+Statutory Notes and Related Subsidiaries
+
+Transfer of Functions “Board”, meaning the National Credit Union Administration Board, substituted in text for “Director”, meaning Director of Bureau of Federal Credit Unions, pursuant to section 3 of Pub. L. 91–206 and section 501 of Pub. L. 95–630 [12 U.S.C. 1752a] which transferred functions of Bureau of Federal Credit Unions, and Director thereof, to National Credit Union Administration and vested authority for management of Administration in National Credit Union Administration Board.

legal/us/code/title-12/chapter-14/section-1775.md

@@ -0,0 +1,53 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1775"
+description: "Conditions upon conversion to Federal status"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1775"
+citation: "12 U.S.C. § 1775"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1775"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "0b03e4944a46206ac710b21ad2efe72ad2e59232fd997f86929a8c78dd9ebab7"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "a1833e766553391d4f07ddd76ac9e04ad9477d2e1df390a8d23466d099397889"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1775 - Conditions upon conversion to Federal status
+
+## Text
+
+Any District of Columbia credit union converting into a Federal credit union in accordance with sections 1773 to 1775 of this title shall thereupon be subject to the limitations, vested with the powers, and charged with the liabilities conferred and imposed by the Federal Credit Union Act [12 U.S.C. 1751 et seq.] upon credit unions organized thereunder, except that—
+
+(1) no fee shall be imposed upon a credit union converting pursuant to sections 1773 to 1775 of this title as an incident to its conversion;
+
+(2) any loan or investment made by a credit union converting pursuant to sections 1773 to 1775 of this title in conformity with the District of Columbia Credit Unions Act prior to its conversion, which does not conform to the requirements of the Federal Credit Union Act and is still outstanding at the time of conversion, shall be liquidated at or before its maturity or, if it has no maturity date, in a prudent manner and within a reasonable period of time;
+
+(3) a credit union converting pursuant to sections 1773 to 1775 of this title shall submit proposed bylaws to the Board for the Board’s approval after its conversion, but not later than thirty days following its next annual meeting or six months after August 1, 1964, whichever is later: Provided, That any existing bylaw inconsistent with any other requirements of the Federal Credit Union Act shall be deemed null and void.
+
+(Pub. L. 88–395, § 3, Aug. 1, 1964, 78 Stat. 377; Pub. L. 91–206, § 3, Mar. 10, 1970, 84 Stat. 49; Pub. L. 95–630, title V, § 501, Nov. 10, 1978, 92 Stat. 3680.)
+
+## Notes
+
+Editorial Notes
+
+References in TextThe Federal Credit Union Act, referred to in text, is act June 26, 1934, ch. 750, 48 Stat. 1216, which is classified generally to this chapter. For complete classification of this Act to the Code, see section 1751 of this title and Tables. The District of Columbia Credit Unions Act, referred to in par. (2), was act June 23, 1932, ch. 272, 47 Stat. 326, and was repealed by Pub. L. 88–395, § 4, Aug. 1, 1964, 78 Stat. 377.
+
+Codification Section was not enacted as part of the Federal Credit Union Act which comprises this chapter.
+
+Statutory Notes and Related Subsidiaries
+
+Transfer of Functions “Board” and “the Board’s”, meaning the National Credit Union Administration Board, substituted in par. (3) for “Director” and “his”, respectively, meaning Director of Bureau of Federal Credit Unions, pursuant to section 3 of Pub. L. 91–206 and section 501 of Pub. L. 95–630 [12 U.S.C. 1752a] which transferred functions of Bureau of Federal Credit Unions, and Director thereof, to National Credit Union Administration and vested authority for management of Administration in National Credit Union Administration Board.

legal/us/code/title-12/chapter-14/section-1781.md

@@ -0,0 +1,95 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1781"
+description: "Insurance of member accounts"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1781"
+citation: "12 U.S.C. § 1781"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1781"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "58bddd8cf32e1c651a8c537898674da353320fe43fe03aacdce47a65570eabed"
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+text_hash: "e9b24ca535ef6a67d71aac75ae55fbe52515804594ed449fae14a30b08dc6f1b"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1781 - Insurance of member accounts
+
+## Text
+
+(a) Eligibility The Board, as hereinafter provided, shall insure the member accounts of all Federal credit unions and it may insure the member accounts of (1) credit unions organized and operated according to the laws of any State, 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, and (2) credit unions organized and operating under the jurisdiction of the Department of Defense if such credit unions are operating in compliance with the requirements of subchapter I of this chapter and regulations issued thereunder.
+
+(b) Application; agreement Application for insurance of member accounts shall be made immediately by each Federal credit union and may be made at any time by a State credit union or a credit union operating under the jurisdiction of the Department of Defense. Applications for such insurance shall be in such form as the Board shall provide and shall contain an agreement by the applicant—
+
+(1) to pay the reasonable cost of such examinations as the Board may deem necessary in connection with determining the eligibility of the applicant for insurance: Provided, That examinations required under subchapter I of this chapter shall be so conducted that the information derived therefrom may be utilized for share insurance purposes, and examinations conducted by State regulatory agencies shall be utilized by the Board for such purposes to the maximum extent feasible;
+
+(2) to permit and pay the reasonable cost of such examinations as in the judgment of the Board may from time to time be necessary for the protection of the fund and of other insured credit unions;
+
+(3) to permit the Board to have access to any information or report with respect to any examination made by or for any public regulatory authority, including any commission, board, or authority having supervision of a State-chartered credit union, and furnish such additional information with respect thereto as the Board may require;
+
+(4) to provide protection and indemnity against burglary, defalcation, and other similar insurable losses, of the type, in the form, and in an amount at least equal to that required by the laws under which the credit union is organized and operates;
+
+(5) to maintain such regular reserves as may be required by the laws of the State, district, territory, or other jurisdiction pursuant to which it is organized and operated, in the case of a State-chartered credit union, or as may be required by this chapter, in the case of a Federal credit union;
+
+(6) to maintain such special reserves as the Board, by regulation or in special cases, may require for protecting the interest of members or to assure that all insured credit unions maintain regular reserves which are not less than those required under subchapter I of this chapter;
+
+(7) not to issue or have outstanding any account or security the form of which, by regulation or in special cases, has not been approved by the Board except for accounts authorized by State law for State credit unions;
+
+(8) to pay and maintain its deposit and to pay the premium charges for insurance imposed by this subchapter; and
+
+(9) to comply with the requirements of this subchapter and of regulations prescribed by the Board pursuant thereto.
+
+(c) Approval of application (1) Before approving the application of any credit union for insurance of its member accounts, the Board shall consider—
+
+(A) the history, financial condition, and management policies of the applicant;
+
+(B) the economic advisability of insuring the applicant without undue risk of the fund;
+
+(C) the general character and fitness of the applicant’s management;
+
+(D) the convenience and needs of the members to be served by the applicant; and
+
+(E) whether the applicant is a cooperative association organized for the purpose of promoting thrift among its members and creating a source of credit for provident or productive purposes.
+
+(2) The Board shall disapprove the application of any credit union for insurance of its member accounts if it finds that its reserves are inadequate, that its financial condition and policies are unsafe or unsound, that its management is unfit, that insurance of its member accounts would otherwise involve undue risk to the fund, or that its powers and purposes are inconsistent with the promotion of thrift among its members and the creation of a source of credit for provident or productive purposes.
+
+(3) Repealed. Pub. L. 95–22, title III, § 301, Apr. 19, 1977, 91 Stat. 49.
+
+(d) Certificate of insurance Upon the approval of any application for insurance, the Board shall notify the applicant and shall issue to it a certificate evidencing the fact that it is, as of the date of issuance of the certificate, an insured credit union under the provisions of this subchapter.
+
+(e) Prohibition on certain associations (1) In general No insured credit union may be sponsored by or accept financial support, directly or indirectly, from any Government-sponsored enterprise, if the credit union includes the customers of the Government-sponsored enterprise in the field of membership of the credit union.
+
+(2) Routine business financing Paragraph (1) shall not apply with respect to advances or other forms of financial assistance generally provided by a Government-sponsored enterprise in the ordinary course of business of the enterprise.
+
+(3) “Government-sponsored enterprise” defined For purposes of this subsection, the term “Government-sponsored enterprise” has the meaning given to such term in section 1404(e)(1)(A) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
+
+(4) Employee credit union No provision of this subsection shall be construed as prohibiting any employee of a Government-sponsored enterprise from becoming a member of a credit union whose field of membership is the employees of such enterprise.
+
+(June 26, 1934, ch. 750, title II, § 201, as added Pub. L. 91–468, § 1(3), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 92–221, §§ 1, 2, Dec. 23, 1971, 85 Stat. 796, 797; Pub. L. 95–22, title III, § 301, Apr. 19, 1977, 91 Stat. 49; Pub. L. 95–630, title V, §§ 502(b), 504, Nov. 10, 1978, 92 Stat. 3681, 3682; Pub. L. 98–369, div. B, title VIII, § 2801, July 18, 1984, 98 Stat. 1203; Pub. L. 104–208, div. A, title II, § 2615(a), Sept. 30, 1996, 110 Stat. 3009–478; Pub. L. 109–351, title VII, § 726(11), Oct. 13, 2006, 120 Stat. 2002.)
+
+## Notes
+
+Editorial Notes
+
+References in TextFor definition of Canal Zone, referred to in text, see section 3602(b) of Title 22, Foreign Relations and Intercourse. Section 1404(e)(1)(A) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, referred to in subsec. (e)(3), is section 1404(e)(1)(A) of Pub. L. 101–73, which is set out as a note under section 1811 of this title.
+
+Amendments2006—Subsec. (b)(5). Pub. L. 109–351 substituted “this chapter” for “section 1762 of this title”. 1996—Subsec. (e). Pub. L. 104–208 added subsec. (e). 1984—Subsec. (b)(8). Pub. L. 98–369 inserted provisions relating to payment and maintenance of the deposit. 1978—Subsec. (a). Pub. L. 95–630, §§ 502(b), 504(a), substituted “Board” for “Administrator” and “it” for “he”, and inserted “, including the trust territories,” after “the several territories”. Subsec. (b). Pub. L. 95–630, §§ 502(b), 504(b), substituted “Board” for “Administrator” wherever appearing and inserted in par. (7) “except for accounts authorized by State law for State credit unions” after “by the Board”. Subsec. (c). Pub. L. 95–630, § 502(b), substituted “Board” for “Administrator” wherever appearing, and in par. (2) substituted “it” for “he” before “finds”. Subsecs. (d), (e). Pub. L. 95–630, §§ 502(b), 504(c), struck out subsec. (d), redesignated subsec. (e) as (d) and substituted “Board” for “Administrator”. 1977—Subsec. (c)(3). Pub. L. 95–22 struck out par. (3) which provided for approval by Administrator of applications of State credit unions for insurance of its member accounts where credit union meets requirements of this chapter and where in the event of liquidation of the credit union, the claims with respect to demand deposit accounts shall be subordinate to the claims with respect to member accounts. 1971—Subsec. (c)(2). Pub. L. 92–221, § 1(a), substituted “disapproved” for “reject”. Subsec. (c)(3). Pub. L. 92–221, § 2, added par. (3). Subsec. (d). Pub. L. 92–221, § 1(b), substituted provisions allowing, in certain cases, a two–year period to meet the requirements for insurance following the disapproval of an application for insurance by a Federal credit union, for provisions mandating the suspension or revocation of the charter of a Federal credit union unless the credit union met the requirements for insurance and became an insured credit union within one year of the rejection of its application for insurance.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1996 AmendmentPub. L. 104–208, div. A, title II, § 2615(c), Sept. 30, 1996, 110 Stat. 3009–479, provided that: “The amendments made by this section [amending this section and section 1828 of this title] shall apply on and after January 1, 1996.”
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.

legal/us/code/title-12/chapter-14/section-1783.md

@@ -0,0 +1,69 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1783"
+description: "National Credit Union Share Insurance Fund"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1783"
+citation: "12 U.S.C. § 1783"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1783"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "9724000978f8c92cfffc5f2abedea5beda854553d3cdfe58690fda9d67c814d7"
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+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1783 - National Credit Union Share Insurance Fund
+
+## Text
+
+(a) Creation; use of fund There is hereby created in the Treasury of the United States a National Credit Union Share Insurance Fund which shall be used by the Board as a revolving fund for carrying out the purposes of this subchapter. Money in the fund shall be available upon requisition by the Board, without fiscal year limitation, for making payments of insurance under section 1787 of this title, for providing assistance and making expenditures under section 1788 of this title in connection with the liquidation or threatened liquidation of insured credit unions, and for such administrative and other expenses incurred in carrying out the purposes of this subchapter as it may determine to be proper.
+
+(b) Deposit of deposits and premium charges, fees and penalties All deposits and premium charges for insurance paid pursuant to the provisions of section 1782 of this title and all fees for examinations and all penalties collected by the Board under any provision of this subchapter shall be deposited in the National Credit Union Share Insurance Fund. The Board shall report annually to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives with respect to the operating level of the fund. Such report shall also include the results of an independent audit of the fund.
+
+(c) Investment authorization The Board may authorize the Secretary of the Treasury to invest and reinvest such portions of the fund as the Board may determine are not needed for current operations in any interest-bearing securities of the United States or in any securities guaranteed as to both principal and interest by the United States or in bonds or other obligations which are lawful investments for fiduciary, trust, and public funds of the United States, and the income therefrom shall constitute a part of the fund.
+
+(d) Loans to fund, limitation and terms; interest accrual; determination of interest rate (1) If, in the judgment of the Board, a loan to the insurance fund, or to the stabilization fund described in section 1790e of this title, is required at any time for purposes of this subchapter,11 See References in Text note below. the Secretary of the Treasury shall make the loan, but loans under this paragraph shall not exceed in the aggregate $6,000,000,000 outstanding at any one time. Except as otherwise provided in this subsection, section 1790e of this title, and in subsection (e) of this section, each loan under this paragraph shall be made on such terms as may be fixed by agreement between the Board and the Secretary of the Treasury.
+
+(2) Interest shall accrue to the Treasury on the amount of any outstanding loans made to the fund pursuant to paragraph (1) of this subsection on the basis of the average daily amount of such outstanding loans determined at the close of each fiscal year with respect to such year, and the Board shall pay the interest so accruing into the Treasury as miscellaneous receipts annually from the fund. The Secretary of the Treasury shall determine the applicable interest rate in advance by calculating the average yield to maturity (on the basis of daily closing market bid quotations during the month of September of the preceding fiscal year) on outstanding marketable public debt obligations of the United States having a maturity date of five or less years from the first day of such month of September and by adjusting such yield to the nearest one-eighth of 1 per centum.
+
+(3) For the purpose of making loans under paragraph (1) of this subsection, the Secretary of the Treasury is authorized to use as a public debt transaction the proceeds of the sale of any securities issued under chapter 31 of title 31, and the purposes for which securities may be issued under chapter 31 of title 31 are hereby extended to include such loans. All loans and repayments under this section shall be treated as public debt transactions of the United States.
+
+(4) Temporary increases authorized.— (A) Recommendations for increase.— During the period beginning on May 20, 2009, and ending on December 31, 2010, if, upon the written recommendation of the Board (upon a vote of not less than two-thirds of the members of the Board) and the Board of Governors of the Federal Reserve System (upon a vote of not less than two-thirds of the members of such Board), the Secretary of the Treasury (in consultation with the President) determines that additional amounts above the $6,000,000,000 amount specified in paragraph (1) are necessary, such amount shall be increased to the amount so determined to be necessary, not to exceed $30,000,000,000.
+
+(B) Report required.— If the borrowing authority of the Board is increased above $6,000,000,000 pursuant to subparagraph (A), the Board shall promptly submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives describing the reasons and need for the additional borrowing authority and its intended uses.
+
+(e) Excess funds credited against loans So long as any loans to the fund are outstanding, the Board shall from time to time, not less often than annually, determine whether the balance in the fund is in excess of the amount which, in its judgment, is needed to meet the requirements of the fund and shall pay such excess to the Secretary of the Treasury, to be credited against the loans to the fund.
+
+(f) Authorization for fund to borrow from Central Liquidity Facility In addition to the authority to borrow from the Secretary of the Treasury provided in subsection (d), if in the judgment of the Board, a loan to the fund is required at any time for carrying out the purposes of this subchapter, the fund is authorized to borrow from the National Credit Union Administration Central Liquidity Facility.
+
+(June 26, 1934, ch. 750, title II, § 203, as added Pub. L. 91–468, § 1(3), Oct. 19, 1970, 84 Stat. 999; amended Pub. L. 94–273, § 2(4), Apr. 21, 1976, 90 Stat. 375; Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 97–320, title V, § 530, Oct. 15, 1982, 96 Stat. 1535; Pub. L. 98–369, div. B, title VIII, § 2811, July 18, 1984, 98 Stat. 1206; Pub. L. 111–22, div. A, title II, § 204(c)(2), (3), May 20, 2009, 123 Stat. 1650.)
+
+## Notes
+
+Editorial Notes
+
+References in TextThis subchapter, referred to in subsec. (d)(1), probably should have been a reference to this title in the original, meaning title II of act June 26, 1934, ch. 750, which is classified generally to this subchapter.
+
+Codification In subsec. (d)(3), “chapter 31 of title 31” substituted for “the Second Liberty Bond Act, as amended” 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.
+
+Amendments2009—Subsec. (d)(1). Pub. L. 111–22, § 204(c)(2), amended par. (1) generally. Prior to amendment, par. (1) read as follows: “If, in the judgment of the Board, a loan to the fund is required at any time for carrying out the purposes of this subchapter, the Secretary of the Treasury shall make the loan, but loans under this paragraph shall not exceed in the aggregate $100,000,000 outstanding at any one time. Except as otherwise provided in this subsection and in subsection (e) of this section, each loan under this paragraph shall be made on such terms as may be fixed by agreement between the Board and the Secretary of the Treasury.” Subsec. (d)(4). Pub. L. 111–22, § 204(c)(3), added par. (4). 1984—Subsec. (b). Pub. L. 98–369 inserted “deposits and” and provisions relating to annual reporting requirements by the Board. 1982—Subsec. (f). Pub. L. 97–320 added subsec. (f). 1978—Pub. L. 95–630 substituted “Board” for “Administrator” wherever appearing and “it” and “its” for “he” and “his”, respectively, where appropriate. 1976—Subsec. (d)(2). Pub. L. 94–273 substituted “September” for “June” wherever appearing.
+
+Statutory Notes and Related Subsidiaries
+
+Change of Name Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) of Pub. L. 104–14, set out as a note preceding section 21 of Title 2, The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.

legal/us/code/title-12/chapter-14/section-1784.md

@@ -0,0 +1,65 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1784"
+description: "Examination of insured credit unions"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1784"
+citation: "12 U.S.C. § 1784"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1784"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "2a0b8d172617cbafba60347b3f4b974bf7419bdcd23607c5347603ef05f7e359"
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+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1784 - Examination of insured credit unions
+
+## Text
+
+(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 other 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.
+
+(June 26, 1934, ch. 750, title II, § 204, as added Pub. L. 91–468, § 1(3), Oct. 19, 1970, 84 Stat. 1001; amended Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 101–73, title IX, § 915(a), Aug. 9, 1989, 103 Stat. 486; Pub. L. 103–325, title V, § 529(b), Sept. 23, 1994, 108 Stat. 2266; Pub. L. 105–219, title III, § 303, Aug. 7, 1998, 112 Stat. 934; Pub. L. 109–351, title VII, § 726(13), Oct. 13, 2006, 120 Stat. 2002.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2006—Subsec. (b). Pub. L. 109–351 substituted “such other powers” for “such others powers”. 1998—Subsecs. (f), (g). Pub. L. 105–219 added subsecs. (f) and (g). 1994—Subsec. (e). Pub. L. 103–325 added subsec. (e). 1989—Subsec. (b). Pub. L. 101–73, § 915(a)(1), inserted “or with other types of investigations to determine compliance with applicable law and regulations,” after “insured credit unions,”. Pub. L. 101–73, § 915(a)(2), which directed the insertion of “and to exercise such others powers as are set forth in section 1786(p) of this title” after “subpena duces tecum”, was executed by making the insertion after “subpenas duces tecum”, as the probable intent of Congress. 1978—Pub. L. 95–630 substituted “Board” for “Administrator” wherever appearing, and “it” and “its” for “him” and “his”, respectively, where appropriate.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.

legal/us/code/title-12/chapter-14/section-1785.md

@@ -0,0 +1,281 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1785"
+description: "Requirements governing insured credit unions"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1785"
+citation: "12 U.S.C. § 1785"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1785"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "dce31fc6f73bb82861bcb8993521f455ecbc5611baa120a6a16621f56d3f38be"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "d8ea6027b7fd6e5c4e87aa424fba1e50a317f5c4bfc8d3ff57863221ec5e21eb"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1785 - Requirements governing insured credit unions
+
+## Text
+
+(a) Insurance logo (1) Insured credit unions (A) In general Each insured credit union shall display at each place of business maintained by that credit union a sign or signs relating to the insurance of the share accounts of the institution, in accordance with regulations to be prescribed by the Board.
+
+(B) Statement to be included Each sign required under subparagraph (A) shall include a statement that insured share accounts are backed by the full faith and credit of the United States Government.
+
+(2) Regulations The Board shall prescribe regulations to carry out this subsection, including regulations governing the substance of signs required by paragraph (1) and the manner of display or use of such signs.
+
+(3) Penalties For each day that an insured credit union continues to violate this subsection or any regulation issued under this subsection, it shall be subject to a penalty of not more than $100, which the Board may recover for its use.
+
+(b) Restrictions (1) Except as provided in paragraph (2), no insured credit union shall, without the prior approval of the Board—
+
+(A) merge or consolidate with any noninsured credit union or institution;
+
+(B) assume liability to pay any member accounts in, or similar liabilities of, any noninsured credit union or institution;
+
+(C) transfer assets to any noninsured credit union or institution in consideration of the assumption of liabilities for any portion of the member accounts in such insured credit union; or
+
+(D) convert into a noninsured credit union or institution.
+
+(2) Conversion of insured credit unions to mutual savings banks.— (A) In general.— Notwithstanding paragraph (1), an insured credit union may convert to a mutual savings bank or savings association (if the savings association is in mutual form), as those terms are defined in section 1813 of this title, without the prior approval of the Board, subject to the requirements and procedures set forth in the laws and regulations governing mutual savings banks and savings associations.
+
+(B) Conversion proposal.— A proposal for a conversion described in subparagraph (A) shall first be approved, and a date set for a vote thereon by the members (either at a meeting to be held on that date or by written ballot to be filed on or before that date), by a majority of the directors of the insured credit union. Approval of the proposal for conversion shall be by the affirmative vote of a majority of the members of the insured credit union who vote on the proposal.
+
+(C) Notice of proposal to members.— An insured credit union that proposes to convert to a mutual savings bank or savings association under subparagraph (A) shall submit notice to each of its members who is eligible to vote on the matter of its intent to convert—
+
+(i) 90 days before the date of the member vote on the conversion;
+
+(ii) 60 days before the date of the member vote on the conversion; and
+
+(iii) 30 days before the date of the member vote on the conversion.
+
+(D) Notice of proposal to board.— The Board may require an insured credit union that proposes to convert to a mutual savings bank or savings association under subparagraph (A) to submit a notice to the Board of its intent to convert during the 90-day period preceding the date of the completion of the conversion.
+
+(E) Inapplicability of chapter upon conversion.— Upon completion of a conversion described in subparagraph (A), the credit union shall no longer be subject to any of the provisions of this chapter.
+
+(F) Limit on compensation of officials.— (i) In general.— No director or senior management official of an insured credit union may receive any economic benefit in connection with a conversion of the credit union as described in subparagraph (A), other than—
+
+(I) director fees; and
+
+(II) compensation and other benefits paid to directors or senior management officials of the converted institution in the ordinary course of business.
+
+(ii) Senior management official.— For purposes of this subparagraph, the term “senior management official” means a chief executive officer, an assistant chief executive officer, a chief financial officer, and any other senior executive officer (as defined by the appropriate Federal banking agency pursuant to section 1831i(f) of this title).
+
+(G) Consistent rules.— (i) In general.— Not later than 6 months after August 7, 1998, the Administration shall promulgate final rules applicable to charter conversions described in this paragraph that are consistent with rules promulgated by other financial regulators, including the Office of the Comptroller of the Currency. The rules required by this clause shall provide that charter conversion by an insured credit union shall be subject to regulation that is no more or less restrictive than that applicable to charter conversions by other financial institutions.
+
+(ii) Oversight of member vote.— The member vote concerning charter conversion under this paragraph shall be administered by the Administration, and shall be verified by the Federal or State regulatory agency that would have jurisdiction over the institution after the conversion. If either the Administration or that regulatory agency disapproves of the methods by which the member vote was taken or procedures applicable to the member vote, the member vote shall be taken again, as directed by the Administration or the agency.
+
+(3) Except with the prior written approval of the Board, no insured credit union shall merge or consolidate with any other insured credit union or, either directly or indirectly, acquire the assets of, or assume liability to pay any member accounts in, any other insured credit union.
+
+(c) Considerations for waiver or enforcement of restrictions In granting or withholding approval or consent under subsection (b) of this section, the Board shall consider—
+
+(1) the history, financial condition, and management policies of the credit union;
+
+(2) the adequacy of the credit union’s reserves;
+
+(3) the economic advisability of the transaction;
+
+(4) the general character and fitness of the credit union’s management;
+
+(5) the convenience and needs of the members to be served by the credit union; and
+
+(6) whether the credit union is a cooperative association organized for the purpose of promoting thrift among its members and creating a source of credit for provident or productive purposes.
+
+(d) Prohibition (1) In general Except with prior written consent of the Board—
+
+(A) any person who has been convicted of any criminal offense involving dishonesty or a breach of trust, or has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for such offense, may not—
+
+(i) become, or continue as, an institution-affiliated party with respect to any insured credit union; or
+
+(ii) otherwise participate, directly or indirectly, in the conduct of the affairs of any insured credit union; and
+
+(B) any insured credit union may not permit any person referred to in subparagraph (A) to engage in any conduct or continue any relationship prohibited under such subparagraph.
+
+(2) Minimum 10-year prohibition period for certain offenses (A) In general If the offense referred to in paragraph (1)(A) in connection with any person referred to in such paragraph is—
+
+(i) an offense under—
+
+(I) section 215, 656, 657, 1005, 1006, 1007, 1008,11 See References in Text note below. 1014, 1032, 1344, 1517, 1956, or 1957 of title 18; or
+
+(II) section 1341 or 1343 of such title which affects any financial institution (as defined in section 20 of such title); or
+
+(ii) the offense of conspiring to commit any such offense,
+
+the Board may not consent to any exception to the application of paragraph (1) to such person during the 10-year period beginning on the date the conviction or the agreement of the person becomes final.
+
+(B) Exception by order of sentencing court (i) In general On motion of the Board, the court in which the conviction or the agreement of a person referred to in subparagraph (A) has been entered may grant an exception to the application of paragraph (1) to such person if granting the exception is in the interest of justice.
+
+(ii) Period for filing A motion may be filed under clause (i) at any time during the 10-year period described in subparagraph (A) with regard to the person on whose behalf such motion is made.
+
+(3) Penalty Whoever knowingly violates paragraph (1) or (2) shall be fined not more than $1,000,000 for each day such prohibition is violated or imprisoned for not more than 5 years, or both.
+
+(4) Exceptions (A) Certain older offenses (i) In general With respect to an individual, paragraph (1) shall not apply to an offense if—
+
+(I) it has been 7 years or more since the offense occurred; or
+
+(II) the individual was incarcerated with respect to the offense and it has been 5 years or more since the individual was released from incarceration.
+
+(ii) Offenses committed by individuals 21 or younger For individuals who committed an offense when they were 21 years of age or younger, paragraph (1) shall not apply to the offense if it has been more than 30 months since the sentencing occurred.
+
+(iii) Limitation This subparagraph shall not apply to an offense described under paragraph (1)(B).1
+
+(B) Expungement and sealing With respect to an individual, paragraph (1) shall not apply to an offense if—
+
+(i) there is an order of expungement, sealing, or dismissal that has been issued in regard to the conviction in connection with such offense; and
+
+(ii) it is intended by the language in the order itself, or in the legislative provisions under which the order was issued, that the conviction shall be destroyed or sealed from the individual’s State, Tribal, or Federal record, even if exceptions allow the record to be considered for certain character and fitness evaluation purposes.
+
+(C) De minimis exemption (i) In general Paragraph (1) shall not apply to such de minimis offenses as the Board determines, by rule.
+
+(ii) Confinement criteria In issuing rules under clause (i), the Board shall include a requirement that the offense was punishable by a term of three years or less confined in a correctional facility, where such confinement—
+
+(I) is calculated based on the time an individual spent incarcerated as a punishment or a sanction, not as pretrial detention; and
+
+(II) does not include probation or parole where an individual was restricted to a particular jurisdiction or was required to report occasionally to an individual or a specific location.
+
+(iii) Bad check criteria In setting the criteria for de minimis offenses under clause (i), if the Board establishes criteria with respect to insufficient funds checks, the Board shall require that the aggregate total face value of all insufficient funds checks across all convictions or program entries related to insufficient funds checks is $2,000 or less.
+
+(iv) Designated lesser offenses Paragraph (1) shall not apply to certain lesser offenses (including the use of a fake ID, shoplifting, trespass, fare evasion, driving with an expired license or tag, and such other low-risk offenses as the Board may designate) if 1 year or more has passed since the applicable conviction or program entry.
+
+(5) Consent applications (A) In general The Board shall accept consent applications from an individual and from an insured credit union on behalf of an individual that are filed separately or contemporaneously with a regional office of the Board.
+
+(B) Sponsored applications filed with regional offices Consent applications filed at a regional office of the Board by an insured credit union on behalf of an individual—
+
+(i) shall be reviewed by such office;
+
+(ii) may be approved or denied by such office, if such authority has been delegated to such office by the Board; and
+
+(iii) may only be denied by such office if the general counsel of the Board (or a designee) certifies that the denial is consistent with this section.
+
+(C) Individual applications filed with regional offices Consent applications filed at a regional office by an individual—
+
+(i) shall be reviewed by such office; and
+
+(ii) may be approved or denied by such office, if such authority has been delegated to such office by the Board, except with respect to—
+
+(I) cases involving an offense described under paragraph (1)(B); 1 and
+
+(II) such other high-level security cases as may be designated by the Board.
+
+(D) National office review The national office of the Board shall—
+
+(i) review any consent application with respect to which a regional office is not authorized to approve or deny the application; and
+
+(ii) review any consent application that is denied by a regional office, if the individual requests a review by the national office.
+
+(E) Forms and instructions (i) Availability The Board shall make all forms and instructions related to consent applications available to the public, including on the website of the Board.
+
+(ii) Contents The forms and instructions described under clause (i) shall provide a sample cover letter and a comprehensive list of items that may accompany the application, including clear guidance on evidence that may support a finding of rehabilitation.
+
+(F) Consideration of criminal history (i) Regional office consideration In reviewing a consent application, a regional office shall—
+
+(I) primarily rely on the criminal history record of the Federal Bureau of Investigation; and
+
+(II) provide such record to the applicant to review for accuracy.
+
+(ii) Certified copies The Board may not require an applicant to provide certified copies of criminal history records unless the Board determines that there is a clear and compelling justification to require additional information to verify the accuracy of the criminal history record of the Federal Bureau of Investigation.
+
+(G) Consideration of rehabilitation Consistent with title VII of the Civil Rights Act of 1964 (42 U.S.C. 2000e et seq.), the Board shall—
+
+(i) conduct an individualized assessment when evaluating consent applications that takes into account evidence of rehabilitation, the applicant’s age at the time of the conviction or program entry, the time that has elapsed since conviction or program entry, and the relationship of individual’s 22 So in original. Probably should be preceded by “the”. offense to the responsibilities of the applicable position;
+
+(ii) consider the individual’s employment history, letters of recommendation, certificates documenting participation in substance abuse programs, successful participating in job preparation and educational programs, and other relevant mitigating evidence; and
+
+(iii) consider any additional information the Board determines necessary for safety and soundness.
+
+(H) Scope of employment With respect to an approved consent application filed by an insured credit union on behalf of an individual, if the Board determines it appropriate, such approved consent application shall allow the individual to work for the same employer (without restrictions on the location) and across positions, except that the prior consent of the Board (which may require a new application) shall be required for any proposed significant changes in the individual’s security-related duties or responsibilities, such as promotion to an officer or other positions that the employer determines will require higher security screening credentials.
+
+(I) Coordination with FDIC In carrying out this subsection, the Board shall consult and coordinate with the Federal Deposit Insurance Corporation as needed to promote consistent implementation where appropriate.
+
+(6) Definitions In this subsection:
+
+(A) Consent application The term “consent application” means an application filed with Board 2 by an individual (or by an insured credit union on behalf of an individual) seeking the written consent of the Board under paragraph (1)(A).
+
+(B) Criminal offense involving dishonesty The term “criminal offense involving dishonesty”—
+
+(i) means an offense under which an individual, directly or indirectly—
+
+(I) cheats or defrauds; or
+
+(II) wrongfully takes property belonging to another in violation of a criminal statute;
+
+(ii) includes an offense that Federal, State, or local law defines as dishonest, or for which dishonesty is an element of the offense; and
+
+(iii) does not include—
+
+(I) a misdemeanor criminal offense committed more than one year before the date on which an individual files a consent application, excluding any period of incarceration; or
+
+(II) an offense involving the possession of controlled substances.
+
+(C) Pretrial diversion or similar program The term “pretrial diversion or similar program” means a program characterized by a suspension or eventual dismissal or reversal of charges or criminal prosecution upon agreement by the accused to restitution, drug or alcohol rehabilitation, anger management, or community service.
+
+(e) Security standards; reports; penalty (1) The Board shall promulgate rules establishing minimum standards with which each insured credit union must comply with respect to the installation, maintenance, and operation of security devices and procedures, reasonable in cost, to discourage robberies, burglaries, and larcenies and to assist in the identification and apprehension of persons who commit such acts.
+
+(2) The rules shall establish the time limits within which insured credit unions shall comply with the standards and shall require the submission of periodic reports with respect to the installation, maintenance, and operation of security devices and procedures.
+
+(3) An insured credit union which violates a rule promulgated pursuant to this subsection shall be subject to a civil penalty which shall not exceed $100 for each day of the violation.
+
+(f) Share draft accounts; maintenance, loans, etc. (1) Every insured credit union is authorized to maintain, and make loans with respect to, share draft accounts in accordance with rules and regulations prescribed by the Board. Except as provided in paragraph (2), an insured credit union may pay dividends on share draft accounts and may permit the owners of such share draft accounts to make withdrawals by negotiable or transferable instruments or other orders for the purpose of making transfers to third parties.
+
+(2) Paragraph (1) shall apply only with respect to share draft accounts in which the entire beneficial interest is held by one or more individuals or members or by an organization which is operated primarily for religious, philanthropic, charitable, educational, or other similar purposes and which is not operated for profit, and with respect to deposits of public funds by an officer, employee, or agent of the United States, any State, county, municipality, or political subdivision thereof, the District of Columbia, the Commonwealth of Puerto Rico, American Samoa, Guam, any territory or possession of the United States, or any political subdivision thereof.
+
+(g) Interest rates (1) If the applicable rate prescribed in this subsection exceeds the rate an insured credit union would be permitted to charge in the absence of this subsection, such credit union may, notwithstanding any State constitution or statute which is hereby preempted for the purposes of this subsection, take, receive, reserve, and charge on any loan, interest at a rate of not more than 1 per centum in excess of the discount rate on ninety-day commercial paper in effect at the Federal Reserve bank in the Federal Reserve district where such insured credit union is located or at the rate allowed by the laws of the State, territory, or district where such credit union is located, whichever may be greater.
+
+(2) If the rate prescribed in paragraph (1) exceeds the rate such credit union would be permitted to charge in the absence of this subsection, and such State fixed rate is thereby preempted by the rate described in paragraph (1), the taking, receiving, reserving, or charging a greater rate than is allowed by paragraph (1), when knowingly done, shall be deemed a forfeiture of the entire interest which the loan carries with it, or which has been agreed to be paid thereon. If such greater rate of interest has been paid, the person who paid it may recover, in a civil action commenced in a court of appropriate jurisdiction not later than two years after the date of such payment, an amount equal to twice the amount of interest paid from the credit union taking or receiving such interest.
+
+(h) Emergency merger Notwithstanding any other provision of law, the Board may authorize a merger or consolidation of an insured credit union which is insolvent or is in danger of insolvency with any other insured credit union or may authorize an insured credit union to purchase any of the assets of, or assume any of the liabilities of, any other insured credit union which is insolvent or in danger of insolvency if the Board is satisfied that—
+
+(1) an emergency requiring expeditious action exists with respect to such other insured credit union;
+
+(2) other alternatives are not reasonably available; and
+
+(3) the public interest would best be served by approval of such merger, consolidation, purchase, or assumption.
+
+(i) Emergency purchase of assets; conversion to insured deposits (1) Notwithstanding any other provision of this chapter or of State law, the Board may authorize an institution whose deposits or accounts are insured by the Federal Deposit Insurance Corporation to purchase any of the assets of or assume any of the liabilities of an insured credit union which is insolvent or in danger of insolvency, except that prior to exercising this authority the Board must attempt to effect the merger or consolidation of an insured credit union which is insolvent or in danger of insolvency with another insured credit union, as provided in subsection (h).
+
+(2) For purposes of the authority contained in paragraph (1), insured accounts of the credit union may upon consummation of the purchase and assumption be converted to insured deposits or other comparable accounts in the acquiring institution, and the Board and the National Credit Union Share Insurance Fund shall be absolved of any liability to the credit union’s members with respect to those accounts.
+
+(j) Privileges not affected by disclosure to banking agency or supervisor (1) In general The submission by any person of any information to the Administration, any State credit union supervisor, or foreign banking authority for any purpose in the course of any supervisory or regulatory process of such Board, supervisor, or authority shall not be construed as waiving, destroying, or otherwise affecting any privilege such person may claim with respect to such information under Federal or State law as to any person or entity other than such Board, supervisor, or authority.
+
+(2) Rule of construction No provision of paragraph (1) may be construed as implying or establishing that—
+
+(A) any person waives any privilege applicable to information that is submitted or transferred under any circumstance to which paragraph (1) does not apply; or
+
+(B) any person would waive any privilege applicable to any information by submitting the information to the Administration, any State credit union supervisor, or foreign banking authority, but for this subsection.
+
+(June 26, 1934, ch. 750, title II, § 205, as added Pub. L. 91–468, § 1(3), Oct. 19, 1970, 84 Stat. 1002; amended Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 96–221, title III, § 305(d), title V, § 523, Mar. 31, 1980, 94 Stat. 147, 166; Pub. L. 97–320, title I, § 131, 141(a)(8), title VII, § 706(b), Oct. 15, 1982, 96 Stat. 1486, 1489, 1540; Pub. L. 100–86, title V, § 509(a), Aug. 10, 1987, 101 Stat. 635; Pub. L. 101–73, title IX, § 910(b), Aug. 9, 1989, 103 Stat. 478; Pub. L. 103–322, title XXXII, § 320606, Sept. 13, 1994, 108 Stat. 2119; Pub. L. 105–219, title II, § 202, Aug. 7, 1998, 112 Stat. 919; Pub. L. 109–173, § 2(d)(3), Feb. 15, 2006, 119 Stat. 3604; Pub. L. 109–351, title VI, § 607(b), Oct. 13, 2006, 120 Stat. 1982; Pub. L. 111–203, title III, § 362(2), July 21, 2010, 124 Stat. 1549; Pub. L. 117–263, div. E, title LVII, § 5705(b), Dec. 23, 2022, 136 Stat. 3414.)
+
+## Notes
+
+Editorial Notes
+
+References in TextSection 1008 of title 18, referred to in subsec. (d)(2)(A)(i)(I), was repealed by Pub. L. 101–73, title IX, § 961(g)(1), Aug. 9, 1989, 103 Stat. 500. Paragraph (1)(B), referred to in subsec. (d)(4)(A)(iii), (5)(C)(ii)(I), probably should be a reference to “paragraph (2)”, meaning par. (2) of subsec. (d). See similar provisions in section 1829(c)(1)(C) and (f)(3)(B)(i) of this title, which refer to offenses described in subsec. (a)(2) of that section, which correspond to those listed in subsec. (d)(2) of this section. The Civil Rights Act of 1964, referred to in subsec. (d)(5)(G), is Pub. L. 88–352, July 2, 1964, 78 Stat. 241. Title VII of the Act is classified generally to subchapter VI (§ 2000e et seq.) of chapter 21 of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 2000a of Title 42 and Tables.
+
+Amendments2022—Subsec. (d)(4) to (6). Pub. L. 117–263 added pars. (4) to (6). 2010—Subsec. (b)(2)(G)(i). Pub. L. 111–203, § 362(2)(A), struck out “the Office of Thrift Supervision and” before “the Office of the Comptroller”. Subsec. (i)(1). Pub. L. 111–203, § 362(2)(B), struck out “or the Federal Savings and Loan Insurance Corporation” before “to purchase”. 2006—Subsec. (a). Pub. L. 109–173 amended heading and text of subsec. (a) generally. Prior to amendment, text read as follows: “Every insured credit union shall display at each place of business maintained by it a sign or signs indicating that its member accounts are insured by the Board and shall include in all of its advertisements a statement to the effect that its member accounts are insured by the Board. The Board may exempt from this requirement advertisements which do not relate to member accounts or advertisements in which it is impractical to include such a statement. The Board shall prescribe by regulation the forms of such signs, the manner of display, the substance of any such statement, and the manner of use.” Subsec. (j). Pub. L. 109–351 added subsec. (j). 1998—Subsec. (b)(1). Pub. L. 105–219, § 202(1), substituted “Except as provided in paragraph (2), no insured credit union shall, without the prior approval of the Board” for “Except with the prior written approval of the Board, no insured credit union shall”. Subsec. (b)(2), (3). Pub. L. 105–219, § 202(2), (3), added par. (2) and redesignated former par. (2) as (3). 1994—Subsec. (d). Pub. L. 103–322 amended heading and text of subsec. (d) generally. Prior to amendment, text read as follows: “(1) Prohibition.—Except with the prior written consent of the Board— “(A) any person who has been convicted of any criminal offense involving dishonesty or a breach of trust may not participate, directly or indirectly, in any manner in the conduct of the affairs of an insured credit union; and “(B) an insured credit union may not permit such participation. “(2) Penalty.—Whoever knowingly violates paragraph (1) shall be fined not more than $1,000,000 for each day such prohibition is violated or imprisoned for not more than 5 years, or both.” 1989—Subsec. (d). Pub. L. 101–73 amended subsec. (d) generally. Prior to amendment, subsec. (d) read as follows: “Except with the written consent of the Board, no person shall serve as a director, officer, committee member, or employee of an insured credit union who has been convicted, or who is hereafter convicted, of any criminal offense involving dishonesty or a breach of trust. For each willful violation of this prohibition, the credit union involved shall be subject to a penalty of not more than $100 for each day this prohibition is violated, which the Board may recover for its use.” 1987—Pub. L. 100–86 repealed Pub. L. 97–320, § 141. See 1982 Amendment note below. 1982—Subsec. (f)(2). Pub. L. 97–320, § 706(b), inserted provisions relating to deposits of public funds. Subsecs. (h), (i). Pub. L. 97–320, § 131, added subsecs. (h) and (i). Pub. L. 97–320, § 141(a)(8), which directed that, effective Oct. 13, 1986, the provisions of law amended by section 131 of Pub. L. 97–320 shall be amended to read as they would without such amendment, was repealed by Pub. L. 100–86, § 509(a). See Effective and Termination Dates of 1982 Amendment note and Extension of Emergency Acquisition and Net Worth Guarantee Provisions of Pub. L. 97–320 note set out under section 1464 of this title. 1980—Subsec. (f). Pub. L. 96–221, § 305(d), added subsec. (f). Subsec. (g). Pub. L. 96–221, § 523, added subsec. (g). 1978—Pub. L. 95–630 substituted “Board” for “Administrator” wherever appearing, and “its” for “his” where appropriate.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress.
+
+Effective Date of 2006 AmendmentPub. L. 109–173, § 2(e), Feb. 15, 2006, 119 Stat. 3605, provided that: “This section [amending this section and sections 1787, 1817, 1821, 1828, 1831t, and 3104 of this title] and the amendments made by this section shall take effect on the date on which the final regulations required under section 2109(a)(2) of the Federal Deposit Insurance Reform Act of 2005 [Pub. L. 109–171, set out as a Regulations note under section 1817 of this title] take effect [Apr. 1, 2006, see 71 F.R. 14629].”
+
+Effective Date of 1980 AmendmentEnactment of subsec. (f) by Pub. L. 96–221 effective at the close of Mar. 31, 1980, see section 306 of Pub. L. 96–221, set out as a note under section 1464 of this title. Pub. L. 96–221, title V, § 525, Mar. 31, 1980, 94 Stat. 167, provided that: “The amendments made by sections 521 through 523 of this title [amending this section and enacting sections 1730g and 1831d of this title] shall apply only with respect to loans made in any State during the period beginning on April 1, 1980, and ending on the date, on or after April 1, 1980, on which such State adopts a law or certifies that the voters of such State have voted in favor of any provision, constitutional or otherwise, which states explicitly and by its terms that such State does not want the amendments made by such sections to apply with respect to loans made in such State, except that such amendments shall apply to a loan made on or after the date such law is adopted or such certification is made if such loan is made pursuant to a commitment to make such loan which was entered into on or after April 1, 1980, and prior to the date on which such law is adopted or such certification is made.”
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
+
+Extension of Emergency Acquisition and Net Worth Guarantee Provisions of Pub. L. 97–320No amendment made by section 141(a) of Pub. L. 97–320, set out as a note under section 1464 of this title, as in effect before Aug. 10, 1987, to any other provision of law to be deemed to have taken effect before such date and any such provision of law to be in effect as if no such amendment had been made before such date, see section 509(c) of Pub. L. 100–86, set out as a note under section 1464 of this title. No amendment made by section 141(a) of Pub. L. 97–320, set out as a note under section 1464 of this title, as in effect on the day before Oct. 8, 1986, to any other provision of law to be deemed to have taken effect before such date and any such provision of law to be in effect as if no such amendment had taken effect before such date, see section 1(c) of Pub. L. 99–452, set out as a note under section 1464 of this title. Section 141(a) of Pub. L. 97–320, set out as a note under section 1464 of this title, as in effect on the day after Aug. 27, 1986, applicable as if included in Pub. L. 97–320 on Oct. 15, 1982, with no amendment made by such section to any other provision of law to be deemed to have taken effect before Aug. 27, 1986, and any such provision of law to be in effect as if no such amendment had taken effect before Aug. 27, 1986, see section 1(c) of Pub. L. 99–400, set out as a note under section 1464 of this title.
+
+Definition of “State” For purposes of subsec. (g) of this section, the term “State” to include the several States, the Commonwealth of Puerto Rico, the District of Columbia, Guam, the Trust Territories of the Pacific Islands, the Northern Mariana Islands, and the Virgin Islands, see section 527 of Pub. L. 96–221, set out as a note under section 1735f–7a of this title.
+
+Choice of Highest Applicable Interest RateIn any case in which one or more provisions of, or amendments made by, title V of Pub. L. 96–221, section 1735f–7 of this title, or any other provisions of law, including section 85 of this title, apply with respect to the same loan, mortgage, credit sale, or advance, such loan, mortgage, credit sale, or advance may be made at the highest applicable rate, see section 528 of Pub. L. 96–221, set out as a note under section 1735f–7a of this title.

legal/us/code/title-12/chapter-14/section-1786a.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1786a"
+description: "Omitted"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1786a"
+citation: "12 U.S.C. § 1786a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1786a"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "880e69d981d0bcb1495c01789c5a7d9571f1028b13aa5c3396aa4b91395451e0"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "636d034107ee1e0c5302e85b1b8f1bff82e132959e40f5e0116e98fc9d3b121a"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1786a - Omitted
+
+## Notes
+
+Editorial Notes
+
+Codification Section, act June 26, 1934, ch. 750, title II, § 206A, as added Pub. L. 105–164, § 3(b), Mar. 20, 1998, 112 Stat. 35; amended Pub. L. 109–351, title VII, § 726(20), Oct. 13, 2006, 120 Stat. 2003, which related to regulation and examination of credit union organizations and service providers by the National Credit Union Administration Board, ceased to be effective as of Dec. 31, 2001, pursuant to subsec. (f) of the section.

legal/us/code/title-12/chapter-14/section-1788.md

@@ -0,0 +1,69 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1788"
+description: "Special assistance to avoid liquidation"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1788"
+citation: "12 U.S.C. § 1788"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1788"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "60320f8d45db467b93d5b6aaa87f45dbcbcb902ba83d5e769866d90a996f4591"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "853c0d464994290ccfcc38d58499dff9cfa110d70b9eefa7f33e1fcfdba0a498"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1788 - Special assistance to avoid liquidation
+
+## Text
+
+(a) Loans; purchase of assets; accounts; agreements affecting interest of Board in any asset acquired by it (1) In order to reopen a closed insured credit union or in order to prevent the closing of an insured credit union which the Board has determined is in danger of closing or in order to assist in the voluntary liquidation of a solvent credit union, the Board, in its discretion, is authorized to make loans to, or purchase the assets of, or establish accounts in such insured credit union upon such terms and conditions as it may prescribe. Except with respect to the voluntary liquidation of a solvent credit union, such loans shall be made and such accounts shall be established only when, in the opinion of the Board, such action is necessary to protect the fund or the interests of the members of the credit union.
+
+(2) Whenever in the judgment of the Board such action will reduce the risk or avert a threatened loss to the fund and will facilitate a merger or consolidation of an insured credit union with another insured credit union, or will facilitate the sale of the assets of an open or closed insured credit union to and assumption of its liability by another person, the Board may, upon such terms and conditions as it may determine, make loans secured in whole or in part by assets of an open or closed insured credit union, which loans may be in subordination to the rights of members and creditors of such credit union, or the Board may purchase any of such assets or may guarantee any person against loss by reason of its assuming the liabilities and purchasing the assets of an open or closed insured credit union. For purposes of this paragraph, the term “person” means any credit union, individual, partnership, corporation, trust, estate, cooperative, association, government or governmental subdivision or agency, or other entity.
+
+(3) No agreement which tends to diminish or defeat the right, title, or interest of the Board, in any asset acquired by it under this subsection, either as security for a loan or by purchase, shall be valid against the Board unless such agreement—
+
+(A) shall be in writing;
+
+(B) shall have been executed by the credit union and the person or persons claiming an adverse interest thereunder, including the obligor, contemporaneously with the acquisition of the asset by the credit union;
+
+(C) shall have been approved by the board of directors of the credit union, which approval shall be reflected in the minutes of such board; and
+
+(D) shall have been continuously, from the time of its execution, an official record of the credit union.
+
+(b) Protection of Fund For the protection of the Fund, the Board, without regard to chapters 1 to 11 of title 40 and division C (except sections 3302, 3307(e), 3501(b), 3509, 3906, 4710, and 4711) of subtitle I of title 41, may—
+
+(1) deal with, complete, reconstruct, rent, renovate, modernize, insure, make contracts for the management of, sell for cash or credit, or lease, in its discretion, any real property acquired or held by it under this section; and
+
+(2) assign or sell at public or private sale, or otherwise dispose of, any evidence of debt, contract, claim, personal property, or security assigned to or held by it under this section.
+
+Section 6101 of title 41 shall not apply to any purchase or contract for services or supplies made or entered into by the Board under this section if the amount thereof does not exceed $1,000, or to any contract for hazard insurance on any real property acquired or held by it under this section.
+
+(c) Money paid into Fund Money received by the Board in carrying out this section shall be paid into the Fund.
+
+(June 26, 1934, ch. 750, title II, § 208, as added Pub. L. 91–468, § 1(3), Oct. 19, 1970, 84 Stat. 1013; amended Pub. L. 92–221, § 3, Dec. 23, 1971, 85 Stat. 797; Pub. L. 93–383, title VII, § 729, Aug. 22, 1974, 88 Stat. 721; Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 100–86, title VII, § 714(b), (c), Aug. 10, 1987, 101 Stat. 655.)
+
+## Notes
+
+Editorial Notes
+
+Codification In subsec. (b), “chapters 1 to 11 of title 40 and division C (except sections 3302, 3307(e), 3501(b), 3509, 3906, 4710, and 4711) of subtitle I of title 41” substituted for “the Federal Property and Administrative Services Act of 1949” and “Section 6101 of title 41” substituted for “Section 3709 of the Revised Statutes of the United States” on authority of Pub. L. 107–217, § 5(c), Aug. 21, 2002, 116 Stat. 1303, which Act enacted Title 40, Public Buildings, Property, and Works, and Pub. L. 111–350, § 6(c), Jan. 4, 2011, 124 Stat. 3854, which Act enacted Title 41, Public Contracts.
+
+Amendments1987—Subsecs. (c), (d). Pub. L. 100–86 redesignated subsec. (c) as section 1787(j) of this title and subsec. (d) as (c). 1978—Pub. L. 95–630 substituted “Board” for “Administrator” wherever appearing, “it” for “he” and “its” for “him”, and “its” for “his”, where appropriate. 1974—Subsec. (a)(1). Pub. L. 93–383 inserted provisions relating to the voluntary liquidation of a solvent credit union and struck out provisions subordinating loans and accounts to the rights of members and creditors of the credit union. 1971—Subsec. (a)(2). Pub. L. 92–221 substituted “assumption of its liability by another person” for “assumption of its liability by another insured credit union” and “may guarantee any person against loss by reason of his” for “may guarantee any other insured credit union against loss by reason of its” and inserted definition of “person” as that term is used in par. (2).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.

legal/us/code/title-12/chapter-14/section-1789.md

@@ -0,0 +1,83 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1789"
+description: "Administrative provisions"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1789"
+citation: "12 U.S.C. § 1789"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1789"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "9e044a56d857f1cd265cc3fcd74dddb100a95eb3f86bcc17005bf697b2425ae3"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "1183e0f066fd3e1d9357dd2822234fa8a82e605ee18d1d72df15ea93cd9d5bc7"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1789 - Administrative provisions
+
+## Text
+
+(a) In carrying out the purposes of this subchapter, the Board may—
+
+(1) make contracts;
+
+(2) sue and be sued, complain and defend, in any court of law or equity, State or Federal. All suits of a civil nature at common law or in equity to which the Board shall be a party shall be deemed to arise under the laws of the United States, and the United States district courts shall have original jurisdiction thereof, without regard to the amount in controversy. The Board may, without bond or security, remove any such action, suit, or proceeding from a State court to the United States district court for the district or division embracing the place where the same is pending by following any procedure for removal now or hereafter in effect, except that any such suit to which the Board is a party in its capacity as liquidating agent of a State-chartered credit union and which involves only the rights or obligations of members, creditors, and such State credit union under State law shall not be deemed to arise under the laws of the United States. No attachment or execution shall be issued against the Board or its property before final judgment in any suit, action, or proceeding in any State, county, municipal, or United States court. The Board shall designate an agent upon whom service of process may be made in any State, territory, or jurisdiction in which any insured credit union is located;
+
+(3) pursue to final disposition by way of compromise or otherwise claims both for and against the United States (other than tort claims, claims involving administrative expenses, and claims in excess of $5,000 arising out of contracts for construction, repairs, and the purchase of supplies and materials) which are not in litigation and have not been referred to the Department of Justice;
+
+(4) to appoint such officers and employees as are not otherwise provided for in this chapter, to define their duties, fix their compensation, require bonds of them and fix the penalty thereof, and to dismiss at pleasure such officers or employees. Nothing in this chapter or any other Act shall be construed to prevent the appointment and compensation as an officer or employee of the Administration of any officer or employee of the United States in any board, commission, independent establishment, or executive department thereof;
+
+(5) employ experts and consultants or organizations thereof, as authorized by section 3109 of title 5;
+
+(6) prescribe the manner in which its general business may be conducted and the privileges granted to it by law may be exercised and enjoyed;
+
+(7) exercise all powers specifically granted by the provisions of this subchapter and such incidental powers as shall be necessary to carry out the power so granted;
+
+(8) make examinations of and require information and reports from insured credit unions, as provided in this subchapter;
+
+(9) act as liquidating agent;
+
+(10) delegate to any officer or employee of the Administration such of its functions as it deems appropriate; and
+
+(11) prescribe such rules and regulations as it may deem necessary or appropriate to carry out the provisions of this subchapter.
+
+(b) With respect to the financial operations arising by reason of this subchapter, the Board shall—
+
+(1) on an annual basis and prior to the submission of the detailed business-type budget required under paragraph (2)—
+
+(A) make publicly available and publish in the Federal Register a draft of the detailed business-type budget; and
+
+(B) hold a public hearing, with public notice provided of the hearing, during which the public may submit comments on the draft of the detailed business-type budget;
+
+(2) prepare annually and submit a detailed business-type budget as provided for wholly owned Government corporations by chapter 91 of title 31, which shall address any comment submitted by the public under paragraph (1)(B); and
+
+(3) maintain an integral set of accounts, which shall be audited by the Government Accountability Office in accordance with principles and procedures applicable to commercial corporate transactions, as provided by section 9105 11 See References in Text note below. of title 31.
+
+(June 26, 1934, ch. 750, title II, § 209, as added Pub. L. 91–468, § 1(3), Oct. 19, 1970, 84 Stat. 1014; amended Pub. L. 93–604, title VII, § 706, Jan. 2, 1975, 88 Stat. 1964; Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 108–271, § 8(b), July 7, 2004, 118 Stat. 814; Pub. L. 109–351, title VII, § 726(24), Oct. 13, 2006, 120 Stat. 2003; Pub. L. 115–174, title II, § 212, May 24, 2018, 132 Stat. 1319.)
+
+## Notes
+
+Editorial Notes
+
+References in TextSection 9105 of title 31, referred to in subsec. (b)(3), was amended generally by Pub. L. 101–576, title III, § 305, Nov. 15, 1990, 104 Stat. 2853, and as so amended no longer directs audits to be conducted in accordance with principles and procedures applicable to commercial corporate transactions.
+
+Codification In subsec. (a)(5), “section 3109 of title 5” substituted for “section 15 of the Administrative Expenses Act of 1946 (5 U.S.C. 55a)” on authority of Pub. L. 89–554, § 7(b), Sept. 6, 1966, 80 Stat. 631, the first section of which enacted Title 5, Government Organization and Employees. In subsec. (b)(2), (3), “chapter 91 of title 31” and “section 9105 of title 31” substituted for “the Government Corporation Control Act [31 U.S.C. 841 et seq.]” and “section 105 of the Government Corporation Control Act [31 U.S.C. 850]”, respectively, 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.
+
+Amendments2018—Subsec. (b). Pub. L. 115–174 added par. (1), redesignated former pars. (1) and (2) as (2) and (3), respectively, and, in par. (2), inserted “detailed” after “submit a” and “, which shall address any comment submitted by the public under paragraph (1)(B)” after “title 31”. 2006—Subsec. (a)(8). Pub. L. 109–351 substituted a semicolon for period at end. 2004—Subsec. (b)(2). Pub. L. 108–271 substituted “Government Accountability Office” for “General Accounting Office”. 1978—Pub. L. 95–630 substituted “Board” for “Administrator” wherever appearing, “its” for “his”, and “it” for “he” and “him”, where appropriate. 1975—Subsec. (b)(2). Pub. L. 93–604 substituted “audited by the General Accounting Office” for “audited annually by the General Accounting Office”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.

legal/us/code/title-12/chapter-14/section-1789a.md

@@ -0,0 +1,41 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1789a"
+description: "Credit unions as depositaries of public money; fiscal agents; duties"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1789a"
+citation: "12 U.S.C. § 1789a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1789a"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "d8d801ad03f468f8ea191856524e1b900b8b78222bc1a0d86c9f6ba502bfb9a2"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "d1533d0e533c96d1ca97efed30ec8fddb3a81e057de6ec20a723427074f493de"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1789a - Credit unions as depositaries of public money; fiscal agents; duties
+
+## Text
+
+Any credit union the accounts of which are insured under this subchapter shall be a depositary of public money and may be employed as fiscal agent of the United States. The Secretary of the Treasury is authorized to deposit public money in any such insured credit union, and shall prescribe such regulations as may be necessary to enable such credit unions to become depositaries of public money and fiscal agents of the United States. Each credit union shall perform all such reasonable duties as depositaries of public money and fiscal agent of the United States as may be required of it including services in connection with the collection of taxes and other obligations owed the United States.
+
+(June 26, 1934, ch. 750, title II, § 210, as added Pub. L. 95–147, § 2(c)(1), Oct. 28, 1977, 91 Stat. 1227.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 210 of act June 26, 1934, ch. 750, was renumbered section 211 and is classified to section 1790 of this title.

legal/us/code/title-12/chapter-14/section-1790.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1790"
+description: "Nondiscriminatory provision"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1790"
+citation: "12 U.S.C. § 1790"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1790"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "d7c3cfa6c40b97d3b69a9a28d0eef07d0d9bfca16b7a80cc075398f788f68300"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "7a904edc5134cf1d706094156877b0cd1999f9c0446feb8e47fb2dc6ce97a790"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1790 - Nondiscriminatory provision
+
+## Text
+
+It is not the purpose of this subchapter to discriminate in any manner against State-chartered credit unions and in favor of Federal credit unions, but it is the purpose of this subchapter to provide all credit unions with the same opportunity to obtain and enjoy the benefits of this subchapter.
+
+(June 26, 1934, ch. 750, title II, § 211, formerly § 210, as added Pub. L. 91–468, § 1(3), Oct. 19, 1970, 84 Stat. 1015; renumbered § 211, Pub. L. 95–147, § 2(c)(2), Oct. 28, 1977, 91 Stat. 1228.)

legal/us/code/title-12/chapter-14/section-1790a.md

@@ -0,0 +1,61 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1790a"
+description: "Board disapproval of directors, committee members, and senior executive officers of insured credit unions"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1790a"
+citation: "12 U.S.C. § 1790a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1790a"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "3f6216bead96205a9dc320e39b9361219d272905e8fac7af3b5e28a7aa9e2b4f"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "9ba7f7906f2656fa46e328bbe8d5fc57c6c0eb6e50f6d04fdb2773313a8a47a1"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1790a - Board disapproval of directors, committee members, and senior executive officers of insured credit unions
+
+## Text
+
+(a) Prior notice required An insured credit union shall notify the Board of the proposed addition of any individual to the board of directors or committee or the employment of any individual as a senior executive officer of such credit union at least 30 days before such addition or employment becomes effective, if the insured credit union—
+
+(1) has been chartered less than 2 years; or
+
+(2) is in troubled condition, as determined on the basis of such credit union’s most recent report of condition or report of examination.
+
+(b) Disapproval by Board An insured credit union may not add any individual to the board of directors or employ any individual as a senior executive officer if the Board issues a notice of disapproval of such addition or employment before the end of the 30-day period beginning on the date the agency receives notice of the proposed action pursuant to subsection (a).
+
+(c) Exception in extraordinary circumstances (1) In general The Board may prescribe by regulation conditions under which the prior notice requirement of subsection (a) may be waived in the event of extraordinary circumstances.
+
+(2) No effect on disapproval authority of Board Such waivers shall not affect the authority of the Board to issue notices of disapproval of such additions or employment of such individuals within 30 days after each such waiver.
+
+(d) Additional information Any notice submitted to the Board by any insured credit union pursuant to subsection (a) shall include—
+
+(1) the information described in section 1817(j)(6)(A) of this title about the individual; and
+
+(2) such other information as the Board may prescribe by regulation.
+
+(e) Standard for disapproval The Board shall issue a notice of disapproval with respect to a notice submitted pursuant to subsection (a) if the competence, experience, character, or integrity of the individual with respect to whom such notice is submitted indicates that it would not be in the best interests of the depositors of the insured credit union or in the best interests of the public to permit the individual to be employed by, or associated with, such insured credit union.
+
+(f) Definition regulations The Board shall prescribe by regulation a definition for the terms “troubled condition” and “senior executive officer” for purposes of subsection (a).
+
+(June 26, 1934, ch. 750, title II, § 212, as added Pub. L. 101–73, title IX, § 914(b), Aug. 9, 1989, 103 Stat. 485.)
+
+## Notes
+
+Editorial Notes
+
+Codification Section 914(b) of Pub. L. 101–73, which directed that this section be added to title II of “the Federal Credit Union Insurance Act (12 U.S.C. 1781 et seq.)” was executed by adding this section to the Federal Credit Union Act, which comprises this chapter, as the probable intent of Congress.

legal/us/code/title-12/chapter-14/section-1790b.md

@@ -0,0 +1,71 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1790b"
+description: "Credit union employee protection remedy"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1790b"
+citation: "12 U.S.C. § 1790b"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1790b"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "bb92fe7f03261a35cf173f456a2a06305b0358aca5c40a79be0568e6103f863d"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "b3d698b6a5d39578889087dba4fdca66034e77ef6b8957ad759c0d74eaf39da2"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1790b - Credit union employee protection remedy
+
+## Text
+
+(a) In general (1) Employees of credit unions No insured credit union may discharge or otherwise discriminate against any employee with respect to compensation, terms, conditions, or privileges of employment because the employee (or any person acting pursuant to the request of the employee) provided information to the Board or the Attorney General regarding any possible violation of any law or regulation by the credit union or any director, officer, or employee of the credit union.
+
+(2) Employees of the Administration The Administration may not discharge or otherwise discriminate against any employee (including any employee of the National Credit Union Central Liquidity Facility) with respect to compensation, terms, conditions, or privileges of employment because the employee (or any person acting pursuant to the request of the employee) provided information to the Administration or the Attorney General regarding any possible violation of any law or regulation by—
+
+(A) any credit union or the Administration;
+
+(B) any director, officer, committee member, or employee of any credit union; or
+
+(C) any officer or employee of the Administration.
+
+(b) Enforcement Any employee or former employee who believes he has been discharged or discriminated against in violation of subsection (a) may file a civil action in the appropriate United States district court before the close of the 2-year period beginning on the date of such discharge or discrimination. The complainant shall also file a copy of the complaint initiating such action with the Board.
+
+(c) Remedies If the district court determines that a violation of subsection (a) has occurred, it may order the credit union or the Administration which committed the violation—
+
+(1) to reinstate the employee to his former position,
+
+(2) to pay compensatory damages, or
+
+(3) take other appropriate actions to remedy any past discrimination.
+
+(d) Limitations The protections of this section shall not apply to any employee who—
+
+(1) deliberately causes or participates in the alleged violation of law or regulation, or
+
+(2) knowingly or recklessly provides substantially false information to such an agency or the Attorney General.
+
+(June 26, 1934, ch. 750, title II, § 213, as added Pub. L. 101–73, title IX, § 932(b), Aug. 9, 1989, 103 Stat. 494; amended Pub. L. 102–242, title II, § 251(b)(1), (2), Dec. 19, 1991, 105 Stat. 2332, 2333; Pub. L. 102–550, title XVI, § 1604(d), Oct. 28, 1992, 106 Stat. 4084.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1992—Subsec. (a)(2). Pub. L. 102–550 substituted, in subpar. (A), “union or the” for “union the” and in subpar. (B), “committee member, or employee of any credit union” for “or employee of any depository institution or any such bank”. 1991—Subsec. (a). Pub. L. 102–242, § 251(b)(1), substituted “In general” for “Prohibition against discrimination against whistleblowers” in heading and amended text generally. Prior to amendment, text read as follows: “No federally insured credit union may discharge or otherwise discriminate against any employee with respect to compensation, terms, conditions, or privileges of employment because the employee (or any person acting pursuant to the request of the employee) provided information to the Board or to the Attorney General regarding a possible violation of any law or regulation by the credit union or any of its officers, directors, or employees.” Subsec. (c). Pub. L. 102–242, § 251(b)(2), inserted “or the Administration” after “the credit union”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1992 AmendmentAmendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609(a) of Pub. L. 102–550, set out as a note under section 191 of this title.
+
+Effective Date of 1991 AmendmentPub. L. 102–242, title II, § 251(b)(3), Dec. 19, 1991, 105 Stat. 2333, provided that: “Paragraph (2) of section 213(a) of the Federal Credit Union Act [12 U.S.C. 1790b(a)(2)] (as added under the amendment made by paragraph (1)) shall be treated as having taken effect on January 1, 1987, and for purposes of any cause of action arising under such paragraph (as so effective) before the date of the enactment of this Act [Dec. 19, 1991], the 2-year period referred to in section 213(b) of such Act shall be deemed to begin on such date of enactment.”

legal/us/code/title-12/chapter-14/section-1790c.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1790c"
+description: "Reward for information leading to recoveries or civil penalties"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1790c"
+citation: "12 U.S.C. § 1790c"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1790c"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "072c45c4b3051dbad52c1be74060f3915e7426697fc76b15811a4d78d8bdc1da"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "e0db903648da107206eeed0ac2e132d50044c07607640b8f12c00db1394d4997"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1790c - Reward for information leading to recoveries or civil penalties
+
+## Text
+
+The Board may pay rewards in connection with an offense affecting an insured credit union, under the same circumstances and subject to the same limitations that a Federal banking agency may pay rewards under section 1831j of this title in connection with an offense affecting a depository institution insured by the Federal Deposit Insurance Corporation.
+
+(June 26, 1934, ch. 750, title II, § 214, as added Pub. L. 101–73, title IX, § 933(b), Aug. 9, 1989, 103 Stat. 496.)

legal/us/code/title-12/chapter-14/section-1790d.md

@@ -0,0 +1,337 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1790d"
+description: "Prompt corrective action"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1790d"
+citation: "12 U.S.C. § 1790d"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1790d"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "434a3697c7bd1bdbc2524b4c5e117da969178ee1845ad373df57351d2103caac"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "6c2fa2ef739ebbba23e6c56026beb8b402adaae42858939c0f05bbb5cd670d56"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1790d - Prompt corrective action
+
+## Text
+
+(a) Resolving problems to protect Fund (1) Purpose The purpose of this section is to resolve the problems of insured credit unions at the least possible long-term loss to the Fund.
+
+(2) Prompt corrective action required The Board shall carry out the purpose of this section by taking prompt corrective action to resolve the problems of insured credit unions.
+
+(b) Regulations required (1) Insured credit unions (A) In general The Board shall, by regulation, prescribe a system of prompt corrective action for insured credit unions that is—
+
+(i) consistent with this section; and
+
+(ii) comparable to section 1831o of this title.
+
+(B) Cooperative character of credit unions The Board shall design the system required under subparagraph (A) to take into account that credit unions are not-for-profit cooperatives that—
+
+(i) do not issue capital stock;
+
+(ii) must rely on retained earnings to build net worth; and
+
+(iii) have boards of directors that consist primarily of volunteers.
+
+(2) New credit unions (A) In general In addition to regulations under paragraph (1), the Board shall, by regulation, prescribe a system of prompt corrective action that shall apply to new credit unions in lieu of this section and the regulations prescribed under paragraph (1).
+
+(B) Criteria for alternative system The Board shall design the system prescribed under subparagraph (A)—
+
+(i) to carry out the purpose of this section;
+
+(ii) to recognize that credit unions (as cooperatives that do not issue capital stock) initially have no net worth, and give new credit unions reasonable time to accumulate net worth;
+
+(iii) to create adequate incentives for new credit unions to become adequately capitalized by the time that they either—
+
+(I) have been in operation for more than 10 years; or
+
+(II) have more than $10,000,000 in total assets;
+
+(iv) to impose appropriate restrictions and requirements on new credit unions that do not make sufficient progress toward becoming adequately capitalized; and
+
+(v) to prevent evasion of the purpose of this section.
+
+(c) Net worth categories (1) In general For purposes of this section the following definitions shall apply:
+
+(A) Well capitalized An insured credit union is “well capitalized” if—
+
+(i) it has a net worth ratio of not less than 7 percent; and
+
+(ii) it meets any applicable risk-based net worth requirement under subsection (d).
+
+(B) Adequately capitalized An insured credit union is “adequately capitalized” if—
+
+(i) it has a net worth ratio of not less than 6 percent; and
+
+(ii) it meets any applicable risk-based net worth requirement under subsection (d).
+
+(C) Undercapitalized An insured credit union is “undercapitalized” if—
+
+(i) it has a net worth ratio of less than 6 percent; or
+
+(ii) it fails to meet any applicable risk-based net worth requirement under subsection (d).
+
+(D) Significantly undercapitalized An insured credit union is “significantly undercapitalized”—
+
+(i) if it has a net worth ratio of less than 4 percent; or
+
+(ii) if—
+
+(I) it has a net worth ratio of less than 5 percent; and
+
+(II) it—
+
+(aa) fails to submit an acceptable net worth restoration plan within the time allowed under subsection (f); or
+
+(bb) materially fails to implement a net worth restoration plan accepted by the Board.
+
+(E) Critically undercapitalized An insured credit union is “critically undercapitalized” if it has a net worth ratio of less than 2 percent (or such higher net worth ratio, not to exceed 3 percent, as the Board may specify by regulation).
+
+(2) Adjusting net worth levels (A) In general If, for purposes of section 1831o(c) of this title, the Federal banking agencies increase or decrease the required minimum level for the leverage limit (as those terms are used in section 1831o of this title), the Board may, by regulation, and subject to subparagraph (B) of this paragraph, correspondingly increase or decrease 1 or more of the net worth ratios specified in subparagraphs (A) through (D) of paragraph (1) of this subsection in an amount that is equal to not more than the difference between the required minimum level most recently established by the Federal banking agencies and 4 percent of total assets (with respect to institutions regulated by those agencies).
+
+(B) Determinations required The Board may increase or decrease net worth ratios under subparagraph (A) only if the Board—
+
+(i) determines, in consultation with the Federal banking agencies, that the reason for the increase or decrease in the required minimum level for the leverage limit also justifies the adjustment in net worth ratios; and
+
+(ii) determines that the resulting net worth ratios are sufficient to carry out the purpose of this section.
+
+(C) Transition period required If the Board increases any net worth ratio under this paragraph, the Board shall give insured credit unions a reasonable period of time to meet the increased ratio.
+
+(d) Risk-based net worth requirement for complex credit unions (1) In general The regulations required under subsection (b)(1) shall include a risk-based net worth requirement for insured credit unions that are complex, as defined by the Board based on the portfolios of assets and liabilities of credit unions.
+
+(2) Standard The Board shall design the risk-based net worth requirement to take account of any material risks against which the net worth ratio required for an insured credit union to be adequately capitalized may not provide adequate protection.
+
+(e) Earnings-retention requirement applicable to credit unions that are not well capitalized (1) In general An insured credit union that is not well capitalized shall annually set aside as net worth an amount equal to not less than 0.4 percent of its total assets.
+
+(2) Board’s authority to decrease earnings-retention requirement (A) In general The Board may, by order, decrease the 0.4 percent requirement in paragraph (1) with respect to a credit union to the extent that the Board determines that the decrease—
+
+(i) is necessary to avoid a significant redemption of shares; and
+
+(ii) would further the purpose of this section.
+
+(B) Periodic review required The Board shall periodically review any order issued under subparagraph (A).
+
+(f) Net worth restoration plan required (1) In general Each insured credit union that is undercapitalized shall submit an acceptable net worth restoration plan to the Board within the time allowed under this subsection.
+
+(2) Assistance to small credit unions The Board (or the staff of the Board) shall, upon timely request by an insured credit union with total assets of less than $10,000,000, and subject to such regulations or guidelines as the Board may prescribe, assist that credit union in preparing a net worth restoration plan.
+
+(3) Deadlines for submission and review of plans The Board shall, by regulation, establish deadlines for submission of net worth restoration plans under this subsection that—
+
+(A) provide insured credit unions with reasonable time to submit net worth restoration plans; and
+
+(B) require the Board to act on net worth restoration plans expeditiously.
+
+(4) Failure to submit acceptable plan within time allowed (A) Failure to submit any plan If an insured credit union fails to submit a net worth restoration plan within the time allowed under paragraph (3), the Board shall—
+
+(i) promptly notify the credit union of that failure; and
+
+(ii) give the credit union a reasonable opportunity to submit a net worth restoration plan.
+
+(B) Submission of unacceptable plan If an insured credit union submits a net worth restoration plan within the time allowed under paragraph (3), and the Board determines that the plan is not acceptable, the Board shall—
+
+(i) promptly notify the credit union of why the plan is not acceptable; and
+
+(ii) give the credit union a reasonable opportunity to submit a revised plan.
+
+(5) Accepting plan The Board may accept a net worth restoration plan only if the Board determines that the plan is based on realistic assumptions and is likely to succeed in restoring the net worth of the credit union.
+
+(g) Restrictions on undercapitalized credit unions (1) Restriction on asset growth An insured credit union that is undercapitalized shall not generally permit its average total assets to increase, unless—
+
+(A) the Board has accepted the net worth restoration plan of the credit union for that action;
+
+(B) any increase in total assets is consistent with the net worth restoration plan; and
+
+(C) the net worth ratio of the credit union increases at a rate that is consistent with the net worth restoration plan.
+
+(2) Restriction on member business loans Notwithstanding section 1757a(a) of this title, an insured credit union that is undercapitalized may not make any increase in the total amount of member business loans (as defined in section 1757a(c) of this title) outstanding at that credit union at any one time, until such time as the credit union becomes adequately capitalized.
+
+(h) More stringent treatment based on other supervisory criteria With respect to the exercise of authority by the Board under regulations comparable to section 1831o(g) of this title—
+
+(1) the Board may not reclassify an insured credit union into a lower net worth category, or treat an insured credit union as if it were in a lower net worth category, for reasons not pertaining to the safety and soundness of that credit union; and
+
+(2) the Board may not delegate its authority to reclassify an insured credit union into a lower net worth category or to treat an insured credit union as if it were in a lower net worth category.
+
+(i) Action required regarding critically undercapitalized credit unions (1) In general The Board shall, not later than 90 days after the date on which an insured credit union becomes critically undercapitalized—
+
+(A) appoint a conservator or liquidating agent for the credit union; or
+
+(B) take such other action as the Board determines would better achieve the purpose of this section, after documenting why the action would better achieve that purpose.
+
+(2) Periodic redeterminations required Any determination by the Board under paragraph (1)(B) to take any action with respect to an insured credit union in lieu of appointing a conservator or liquidating agent shall cease to be effective not later than the end of the 180-day period beginning on the date on which the determination is made, and a conservator or liquidating agent shall be appointed for that credit union under paragraph (1)(A), unless the Board makes a new determination under paragraph (1)(B) before the end of the effective period of the prior determination.
+
+(3) Appointment of liquidating agent required if other action fails to restore net worth (A) In general Notwithstanding paragraphs (1) and (2), the Board shall appoint a liquidating agent for an insured credit union if the credit union is critically undercapitalized on average during the calendar quarter beginning 18 months after the date on which the credit union became critically undercapitalized.
+
+(B) Exception Notwithstanding subparagraph (A), the Board may continue to take such other action as the Board determines to be appropriate in lieu of appointment of a liquidating agent if—
+
+(i) the Board determines that—
+
+(I) the insured credit union has been in substantial compliance with an approved net worth restoration plan that requires consistent improvement in the net worth of the credit union since the date of the approval of the plan; and
+
+(II) the insured credit union has positive net income or has an upward trend in earnings that the Board projects as sustainable; and
+
+(ii) the Board certifies that the credit union is viable and not expected to fail.
+
+(4) Nondelegation (A) In general Except as provided in subparagraph (B), the Board may not delegate the authority of the Board under this subsection.
+
+(B) Exception The Board may delegate the authority of the Board under this subsection with respect to an insured credit union that has less than $5,000,000 in total assets, if the Board permits the credit union to appeal any adverse action to the Board.
+
+(j) Reviews required when share insurance fund experiences losses (1) In general If the Fund incurs a material loss with respect to an insured credit union, the Inspector General of the Board shall—
+
+(A) submit to the Board a written report reviewing the supervision of the credit union by the Administration (including the implementation of this section by the Administration), which shall include—
+
+(i) a description of the reasons why the problems of the credit union resulted in a material loss to the Fund; and
+
+(ii) recommendations for preventing any such loss in the future; and
+
+(B) submit a copy of the report under subparagraph (A) to—
+
+(i) the Comptroller General of the United States;
+
+(ii) the Corporation;
+
+(iii) in the case of a report relating to a State credit union, the appropriate State supervisor; and
+
+(iv) to any Member of Congress, upon request.
+
+(2) Material loss defined For purposes of determining whether the Fund has incurred a material loss with respect to an insured credit union, a loss is material if it exceeds the sum of—
+
+(A) $25,000,000; and
+
+(B) an amount equal to 10 percent of the total assets of the credit union on the date on which the Board initiated assistance under section 1788 of this title or was appointed liquidating agent.
+
+(3) Public disclosure required (A) In general The Board shall disclose a report under this subsection, upon request under section 552 of title 5, without excising—
+
+(i) any portion under section 552(b)(5) of title 5; or
+
+(ii) any information about the insured credit union (other than trade secrets) under section 552(b)(8) of title 5.
+
+(B) Rule of construction Subparagraph (A) may not be construed as requiring the agency to disclose the name of any customer of the insured credit union (other than an institution-affiliated party), or information from which the identity of such customer could reasonably be ascertained.
+
+(4) Losses that are not material (A) Semiannual report For the 6-month period ending on March 31, 2010, and each 6-month period thereafter, the Inspector General of the Board shall—
+
+(i) identify any losses that the Inspector General estimates were incurred by the Fund during such 6-month period, with respect to insured credit unions;
+
+(ii) for each loss to the Fund that is not a material loss, determine—
+
+(I) the grounds identified by the Board or the State official having jurisdiction over a State credit union for appointing the Board as the liquidating agent for any Federal or State credit union; and
+
+(II) whether any unusual circumstances exist that might warrant an in-depth review of the loss; and
+
+(iii) prepare and submit a written report to the Board and to Congress on the results of the determinations of the Inspector General that includes—
+
+(I) an identification of any loss that warrants an in-depth review, and the reasons such review is warranted, or if the Inspector General determines that no review is warranted, an explanation of such determination; and
+
+(II) for each loss identified in subclause (I) that warrants an in-depth review, the date by which such review, and a report on the review prepared in a manner consistent with reports under paragraph (1)(A), will be completed.
+
+(B) Deadline for semiannual report The Inspector General of the Board shall—
+
+(i) submit each report required under subparagraph (A) expeditiously, and not later than 90 days after the end of the 6-month period covered by the report; and
+
+(ii) provide a copy of the report required under subparagraph (A) to any Member of Congress, upon request.
+
+(5) GAO review The Comptroller General of the United States shall, under such conditions as the Comptroller General determines to be appropriate—
+
+(A) review each report made under paragraph (1), including the extent to which the Inspector General of the Board complied with the requirements under section 419 of title 5 with respect to each such report; and
+
+(B) recommend improvements to the supervision of insured credit unions (including improvements relating to the implementation of this section).
+
+(k) Appeals process Material supervisory determinations, including decisions to require prompt corrective action, made pursuant to this section by Administration officials other than the Board may be appealed to the Board pursuant to the independent appellate process required by section 4806 of this title (or, if the Board so specifies, pursuant to separate procedures prescribed by regulation).
+
+(l) Consultation and cooperation with State credit union supervisors (1) In general In implementing this section, the Board shall consult and seek to work cooperatively with State officials having jurisdiction over State-chartered insured credit unions.
+
+(2) Evaluating net worth restoration plan In evaluating any net worth restoration plan submitted by a State-chartered insured credit union, the Board shall seek the views of the State official having jurisdiction over the credit union.
+
+(3) Deciding whether to appoint conservator or liquidating agent With respect to any decision by the Board on whether to appoint a conservator or liquidating agent for a State-chartered insured credit union—
+
+(A) the Board shall—
+
+(i) seek the views of the State official having jurisdiction over the credit union; and
+
+(ii) give that official an opportunity to take the proposed action;
+
+(B) the Board shall, upon timely request of an official referred to in subparagraph (A), promptly provide the official with—
+
+(i) a written statement of the reasons for the proposed action; and
+
+(ii) reasonable time to respond to that statement;
+
+(C) if the official referred to in subparagraph (A) makes a timely written response that disagrees with the proposed action and gives reasons for that disagreement, the Board shall not appoint a conservator or liquidating agent for the credit union, unless the Board, after considering the views of the official, has determined that—
+
+(i) the Fund faces a significant risk of loss with respect to the credit union if a conservator or liquidating agent is not appointed; and
+
+(ii) the appointment is necessary to reduce—
+
+(I) the risk that the Fund would incur a loss with respect to the credit union; or
+
+(II) any loss that the Fund is expected to incur with respect to the credit union; and
+
+(D) the Board may not delegate any determination under subparagraph (C).
+
+(m) Corporate credit unions exempted This section does not apply to any insured credit union that—
+
+(1) operates primarily for the purpose of serving credit unions; and
+
+(2) permits individuals to be members of the credit union only to the extent that applicable law requires that such persons own shares.
+
+(n) Other authority not affected This section does not limit any authority of the Board or a State to take action in addition to (but not in derogation of) any action that is required under this section.
+
+(o) Definitions For purposes of this section the following definitions shall apply:
+
+(1) Federal banking agency The term “Federal banking agency” has the same meaning as in section 1813 of this title.
+
+(2) Net worth The term “net worth”—
+
+(A) with respect to any insured credit union, means the retained earnings balance of the credit union, as determined under generally accepted accounting principles, together with any amounts that were previously retained earnings of any other credit union with which the credit union has combined;
+
+(B) with respect to any insured credit union, includes, at the Board’s discretion and subject to rules and regulations established by the Board, assistance provided under section 1788 of this title to facilitate a least-cost resolution consistent with the best interests of the credit union system; and
+
+(C) with respect to a low-income credit union, includes secondary capital accounts that are—
+
+(i) uninsured; and
+
+(ii) subordinate to all other claims against the credit union, including the claims of creditors, shareholders, and the Fund.
+
+(3) Net worth ratio The term “net worth ratio” means, with respect to a credit union, the ratio of the net worth of the credit union to the total assets of the credit union.
+
+(4) New credit union The term “new credit union” means an insured credit union that—
+
+(A) has been in operation for less than 10 years; and
+
+(B) has not more than $10,000,000 in total assets.
+
+(June 26, 1934, ch. 750, title II, § 216, as added Pub. L. 105–219, title III, § 301(a), Aug. 7, 1998, 112 Stat. 923; amended Pub. L. 109–351, title V, § 504, title VII, § 726(25), Oct. 13, 2006, 120 Stat. 1975, 2003; Pub. L. 111–203, title IX, § 988(a), July 21, 2010, 124 Stat. 1938; Pub. L. 111–382, § 3, Jan. 4, 2011, 124 Stat. 4135; Pub. L. 117–286, § 4(b)(33), Dec. 27, 2022, 136 Stat. 4346.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2022—Subsec. (j)(5)(A). Pub. L. 117–286 substituted “section 419 of title 5” for “section 8L of the Inspector General Act of 1978 (5 U.S.C. App.)”. 2011—Subsec. (o)(2). Pub. L. 111–382 amended par. (2) generally. Prior to amendment, text read as follows: “The term ‘net worth’— “(A) with respect to any insured credit union, means the retained earnings balance of the credit union, as determined under generally accepted accounting principles, together with any amounts that were previously retained earnings of any other credit union with which the credit union has combined; and “(B) with respect to a low-income credit union, includes secondary capital accounts that are— “(i) uninsured; and “(ii) subordinate to all other claims against the credit union, including the claims of creditors, shareholders, and the Fund.” 2010—Subsec. (j). Pub. L. 111–203 amended subsec. (j) generally. Prior to amendment, text read as follows: “For purposes of determining whether the Fund has incurred a material loss with respect to an insured credit union (such that the inspector general of the Board must make a report), a loss is material if it exceeds the sum of— “(1) $10,000,000; and “(2) an amount equal to 10 percent of the total assets of the credit union at the time at which the Board initiated assistance under section 1788 of this title or was appointed liquidating agent.” 2006—Subsec. (n). Pub. L. 109–351, § 726(25), inserted “any action” before “that is required”. Subsec. (o)(2)(A). Pub. L. 109–351, § 504, inserted “the” before “retained earnings balance” and “, together with any amounts that were previously retained earnings of any other credit union with which the credit union has combined” before semicolon.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 2010 AmendmentAmendment by Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of this title.
+
+Effective DatePub. L. 105–219, title III, § 301(e), Aug. 7, 1998, 112 Stat. 931, provided that: “(1) In general.—Except as provided in paragraph (2), section 216 of the Federal Credit Union Act [12 U.S.C. 1790d] (as added by this section) shall become effective 2 years after the date of enactment of this Act [Aug. 7, 1998]. “(2) Risk-based net worth requirement.—Section 216(d) of the Federal Credit Union Act (as added by this section) shall become effective on January 1, 2001.”
+
+RegulationsPub. L. 105–219, title III, § 301(d), Aug. 7, 1998, 112 Stat. 930, provided that: “(1) In general.—Except as provided in paragraph (2), the Board shall—“(A) publish in the Federal Register proposed regulations to implement section 216 of the Federal Credit Union Act [12 U.S.C. 1790d] (as added by subsection (a) of this section) not later than 270 days after the date of enactment of this Act [Aug. 7, 1998]; and “(B) promulgate final regulations to implement section 216 not later than 18 months after the date of enactment of this Act. “(2) Risk-based net worth requirement.—“(A) Advance notice of proposed rulemaking.—Not later than 180 days after the date of enactment of this Act, the Board shall publish in the Federal Register an advance notice of proposed rulemaking, as required by section 216(d) of the Federal Credit Union Act, as added by this Act. “(B) Final regulations.—The Board shall promulgate final regulations, as required by section 216(d) not later than 2 years after the date of enactment of this Act.”
+
+Consultation RequiredPub. L. 105–219, title III, § 301(c), Aug. 7, 1998, 112 Stat. 930, provided that: “In developing regulations to implement section 216 of the Federal Credit Union Act [12 U.S.C. 1790d] (as added by subsection (a) of this section), the Board shall consult with the Secretary, the Federal banking agencies, and the State officials having jurisdiction over State-chartered insured credit unions.”
+
+Report to CongressPub. L. 105–219, title III, § 301(f), Aug. 7, 1998, 112 Stat. 931, provided that: “When the Board publishes proposed regulations pursuant to subsection (d)(1)(A) [set out above], or promulgates final regulations pursuant to subsection (d)(1)(B) [set out above], the Board shall submit to the Congress a report that specifically explains— “(1) how the regulations carry out section 216(b)(1)(B) of the Federal Credit Union Act [12 U.S.C. 1790d(b)(1)(B)] (as added by this section), relating to the cooperative character of credit unions; and “(2) how the regulations differ from section 38 of the Federal Deposit Insurance Act [12 U.S.C. 1831o], and the reasons for those differences.”
+
+Definitions Pub. L. 105–219, § 3, Aug. 7, 1998, 112 Stat. 914, provided that: “As used in this Act [see Short Title of 1998 Amendment note set out under section 1751 of this title]— “(1) the term ‘Administration’ means the National Credit Union Administration; “(2) the term ‘Board’ means the National Credit Union Administration Board; “(3) the term ‘Federal banking agencies’ has the same meaning as in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813]; “(4) the terms ‘insured credit union’ and ‘State-chartered insured credit union’ have the same meanings as in section 101 of the Federal Credit Union Act [12 U.S.C. 1752]; and “(5) the term ‘Secretary’ means the Secretary of the Treasury.”

legal/us/code/title-12/chapter-14/section-1790e.md

@@ -0,0 +1,73 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1790e"
+description: "Temporary Corporate Credit Union Stabilization Fund"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1790e"
+citation: "12 U.S.C. § 1790e"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1790e"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "808ae89ad54ee1788cf946575662448228a918c600345d331ea4084ecbf0ee45"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "337b4c23d27aefa760d1d1b191c2cc445c0ec28dc580e1837964c11294db78d2"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1790e - Temporary Corporate Credit Union Stabilization Fund
+
+## Text
+
+(a) Establishment of Stabilization Fund There is hereby created in the Treasury of the United States a fund to be known as the “Temporary Corporate Credit Union Stabilization Fund.” The Board will administer the Stabilization Fund as prescribed by section 1789 of this title.
+
+(b) Expenditures from Stabilization Fund Money in the Stabilization Fund shall be available upon requisition by the Board, without fiscal year limitation, for making payments for the purposes described in section 1783(a) of this title, subject to the following additional limitations:
+
+(1) All payments other than administrative payments shall be connected to the conservatorship, liquidation, or threatened conservatorship or liquidation, of a corporate credit union.
+
+(2) Prior to authorizing each payment the Board shall—
+
+(A) certify that, absent the existence of the Stabilization Fund, the Board would have made the identical payment out of the National Credit Union Share Insurance Fund (Insurance Fund); and
+
+(B) report each such certification to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives.
+
+(c) Authority to borrow (1) In general The Stabilization Fund is authorized to borrow from the Secretary of the Treasury from time-to-time as deemed necessary by the Board. The maximum outstanding amount of all borrowings from the Treasury by the Stabilization Fund and the National Credit Union Share Insurance Fund, combined, is limited to the amount provided for in section 1783(d)(1) of this title, including any authorized increases in that amount.
+
+(2) Repayment of advances (A) In general The advances made under this section shall be repaid by the Stabilization Fund, and interest on such advance shall be paid, to the General fund of the Treasury.
+
+(B) Variable rate of interest The Secretary of the Treasury shall make the first rate determination at the time of the first advance under this section and shall reset the rate again for all advances on each anniversary of the first advance. The interest rate shall be equal to the average market yield on outstanding marketable obligations of the United States with remaining periods to maturity equal to 12 months.
+
+(3) Repayment schedule The Stabilization Fund shall repay the advances on a first-in, first-out basis, with interest on the amount repaid, at times and dates determined by the Board at its discretion. All advances shall be repaid not later than the date of the seventh anniversary of the first advance to the Stabilization Fund, unless the Board extends this final repayment date. The Board shall obtain the concurrence of the Secretary of the Treasury on any proposed extension, including the terms and conditions of the extended repayment and any additional advances.
+
+(d) Assessment authority (1) Assessments relating to expenditures under subsection (b) In order to make expenditures, as described in subsection (b), the Board may assess a special premium with respect to each insured credit union in an aggregate amount that is reasonably calculated to make any pending or future expenditure described in subsection (b), which premium shall be due and payable not later than 60 days after the date of the assessment. In setting the amount of any assessment under this subsection, the Board shall take into consideration any potential impact on credit union earnings that such an assessment may have.
+
+(2) Special premiums relating to repayments under subsection (c)(3) Not later than 90 days before the scheduled date of each repayment described in subsection (c)(3), the Board shall set the amount of the upcoming repayment and shall determine whether the Stabilization Fund will have sufficient funds to make the repayment. If the Stabilization Fund is not likely to have sufficient funds to make the repayment, the Board shall assess with respect to each insured credit union a special premium, which shall be due and payable not later than 60 days after the date of the assessment, in an aggregate amount calculated to ensure that the Stabilization Fund is able to make the required repayment.
+
+(3) Computation Any assessment or premium charge for an insured credit union under this subsection shall be stated as a percentage of its insured shares, as represented on the previous call report of that insured credit union. The percentage shall be identical for each insured credit union. Any insured credit union that fails to make timely payment of the assessment or special premium is subject to the procedures and penalties described under subsections (d), (e), and (f) of section 1782 of this title.
+
+(e) Distributions from Insurance Fund At the end of any calendar year in which the Stabilization Fund has an outstanding advance from the Treasury, the Insurance Fund is prohibited from making the distribution to insured credit unions described in section 1782(c)(3) of this title. In lieu of the distribution described in that section, the Insurance Fund shall make a distribution to the Stabilization Fund of the maximum amount possible that does not reduce the Insurance Fund’s equity ratio below the normal operating level and does not reduce the Insurance Fund’s available assets ratio below 1.0 percent.
+
+(f) Investment of Stabilization Fund assets The Board may request the Secretary of the Treasury to invest such portion of the Stabilization Fund as is not, in the Board’s judgment, required to meet the current needs of the Stabilization Fund. Such investments shall be made by the Secretary of the Treasury in public debt securities, with maturities suitable to the needs of the Stabilization Fund, as determined by the Board, and bearing interest at a rate determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturity.
+
+(g) Reports The Board shall submit an annual report to Congress on the financial condition and the results of the operation of the Stabilization Fund. The report is due to Congress within 30 days after each anniversary of the first advance made under subsection (c)(1). Because the Fund will use advances from the Treasury to meet corporate stabilization costs with full repayment of borrowings to Treasury at the Board’s discretion not due until 7 years from the initial advance, to the extent operating expenses of the Fund exceed income, the financial condition of the Fund may reflect a deficit. With planned and required future repayments, the Board shall resolve all deficits prior to termination of the Fund.
+
+(h) Closing of Stabilization Fund Within 90 days following the seventh anniversary of the initial Stabilization Fund advance, or earlier at the Board’s discretion, the Board shall distribute any funds, property, or other assets remaining in the Stabilization Fund to the Insurance Fund and shall close the Stabilization Fund. If the Board extends the final repayment date as permitted under subsection (c)(3), the mandatory date for closing the Stabilization Fund shall be extended by the same number of days.
+
+(June 26, 1934, ch. 750, title II, § 217, as added Pub. L. 111–22, div. A, title II, § 204(f)(1), May 20, 2009, 123 Stat. 1651; amended Pub. L. 111–382, § 1, Jan. 4, 2011, 124 Stat. 4134.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2011—Subsec. (c)(3). Pub. L. 111–382, § 1(a), inserted “and any additional advances” before period at end. Subsec. (d). Pub. L. 111–382, § 1(b), added subsec. (d) and struck out former subsec. (d). Prior to amendment, text read as follows: “At least 90 days prior to each repayment described in subsection (c)(3), the Board shall set the amount of the upcoming repayment and determine if the Stabilization Fund will have sufficient funds to make the repayment. If the Stabilization Fund might not have sufficient funds to make the repayment, the Board shall assess each federally insured credit union a special premium due and payable within 60 days in an aggregate amount calculated to ensure the Stabilization Fund is able to make the repayment. The premium charge for each credit union shall be stated as a percentage of its insured shares as represented on the credit union’s previous call report. The percentage shall be identical for each credit union. Any credit union that fails to make timely payment of the special premium is subject to the procedures and penalties described under subsections (d), (e), and (f) of section 1782 of this title.”

legal/us/code/title-12/chapter-14/section-1795.md

@@ -0,0 +1,47 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1795"
+description: "Congressional findings"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1795"
+citation: "12 U.S.C. § 1795"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1795"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "e022e4d68984c5d25e1566f8be79c9bb68d2f35f6f6ca1f0460d850a620c63b7"
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+text_hash: "f515c257f9b98f537e2522689db67ff12d935207ac6109164f88f5ab7309e2d2"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1795 - Congressional findings
+
+## Text
+
+The Congress finds that the establishment of a National Credit Union Central Liquidity Facility is needed to improve general financial stability by meeting the liquidity needs of credit unions and thereby encourage savings, support consumer and mortgage lending, and provide basic financial resources to all segments of the economy.
+
+(June 26, 1934, ch. 750, title III, formerly subch. III, § 301, as added Pub. L. 95–630, title XVIII, § 1802, Nov. 10, 1978, 92 Stat. 3719; amended Pub. L. 96–221, title III, § 309(b)(1), Mar. 31, 1980, 94 Stat. 149.)
+
+## Notes
+
+Editorial Notes
+
+Codification Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
+
+Statutory Notes and Related Subsidiaries
+
+Effective DatePub. L. 95–630, title XVIII, § 1806, Nov. 10, 1978, 92 Stat. 3724, provided that: “This title [enacting this subchapter 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] shall take effect on October 1, 1979.”
+
+Short TitleFor short title of title XVIII of Pub. L. 95–630, Nov. 10, 1978, 92 Stat. 3719, as the “National Credit Union Central Liquidity Facility Act”, see section 1801 of Pub. L. 95–630, set out as a Short Title of 1978 Amendment note under section 1751 of this title.

legal/us/code/title-12/chapter-14/section-1795a.md

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+---
+type: "LegalText"
+title: "12 U.S.C. § 1795a"
+description: "Definitions"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1795a"
+citation: "12 U.S.C. § 1795a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1795a"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
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+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1795a - Definitions
+
+## Text
+
+As used in this subchapter, the term—
+
+(1) “liquidity needs” means the needs of credit unions primarily serving natural persons for—
+
+(A) short-term adjustment credit available to assist in meeting temporary requirements for funds or to cushion more persist­ent outflows of funds pending an orderly adjustment of credit union assets and liabilities;
+
+(B) seasonal credit available for longer periods to assist in meeting seasonal needs for funds arising from a combination of expected patterns of movement in share and deposit accounts and loans; and
+
+(C) protracted adjustment credit available in the event of unusual or emergency circumstances of a longer term nature resulting from national, regional or local difficulties.11 So in original. The period probably should be a semicolon.
+
+(2) “Central Liquidity Facility” or “Facility” means the National Credit Union Central Liquidity Facility;
+
+(3) “paid-in and unimpaired capital and surplus” means the balance of the paid-in share accounts and deposits as of a given date, less any loss that may have been incurred for which there is no reserve or which has not been charged against undivided earnings, plus the credit balance (or less the debit balance) of the undivided earnings account as of a given date, after all losses have been provided for and net earnings or net losses have been added thereto or deducted therefrom. Reserves shall not be considered as part of surplus,22 So in original. The comma probably should be a semicolon. and
+
+(4) “member” means a Regular or an Agent member of the Facility.
+
+(June 26, 1934, ch. 750, title III, formerly subch. III, § 302, as added Pub. L. 95–630, title XVIII, § 1802, Nov. 10, 1978, 92 Stat. 3719; amended Pub. L. 96–221, title III, § 309(b)(1), (2), Mar. 31, 1980, 94 Stat. 149; Pub. L. 116–136, div. A, title IV, § 4016(a)(1), (b)(1)(A), Mar. 27, 2020, 134 Stat. 481, 482.)
+
+## Notes
+
+Editorial Notes
+
+Codification Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
+
+Amendments2020—Par. (1). Pub. L. 116–136, § 4016(b)(1)(A), inserted “primarily serving natural persons” after “credit unions” in introductory provisions. Pub. L. 116–136, § 4016(a)(1), struck out “primarily serving natural persons” after “credit unions” in introductory provisions. 1980—Pub. L. 96–221, § 309(b)(2), substituted “title” for “subchapter”, which for purposes of codification has been editorially translated as “subchapter”, thereby requiring no further change in text.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 2020 AmendmentPub. L. 116–136, div. A, title IV, § 4016(b)(2), Mar. 27, 2020, 134 Stat. 482, as amended by Pub. L. 116–260, div. N, title V, § 540(a)(2), Dec. 27, 2020, 134 Stat. 2090, provided that: “The amendments made by paragraph (1) [amending this section and sections 1795c and 1795e of this title] shall take effect on December 31, 2021.”
+
+Effective DateSection effective Oct. 1, 1979, see section 1806 of Pub. L. 95–630, set out as a note under section 1795 of this title.

legal/us/code/title-12/chapter-14/section-1795b.md

@@ -0,0 +1,51 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1795b"
+description: "National Credit Union Administration Central Liquidity Facility; establishment; management; jurisdiction"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1795b"
+citation: "12 U.S.C. § 1795b"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1795b"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "ad4a56ca844a1cdf1d5cf8f88db12a934d3947971e7791533e88cd4ab9afbeef"
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+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1795b - National Credit Union Administration Central Liquidity Facility; establishment; management; jurisdiction
+
+## Text
+
+There is created the National Credit Union Administration Central Liquidity Facility. The Central Liquidity Facility, an instrumentality of the United States, shall exist within the National Credit Union Administration and be managed by the Board. The United States district court shall have original jurisdiction over any case to which the Board on behalf of the Facility is a party, without regard to the amount in controversy.
+
+(June 26, 1934, ch. 750, title III, formerly subch. III, § 303, as added and amended Pub. L. 95–630, title V, § 502(b), title XVIII, § 1802, Nov. 10, 1978, 92 Stat. 3681, 3720; Pub. L. 96–221, title III, § 309(a)(4), (b)(1), Mar. 31, 1980, 94 Stat. 149; Pub. L. 98–369, div. B, title VIII, § 2813(a)(1), July 18, 1984, 98 Stat. 1206.)
+
+## Notes
+
+Editorial Notes
+
+Codification Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
+
+Amendments1984—Pub. L. 98–369 inserted “, an instrumentality of the United States,”. 1980—Pub. L. 96–221, § 309(a)(4), substituted “Board” for “Administrator” in two places, such change having been made previously by Pub. L. 95–630. 1978—Pub. L. 95–630, § 502(b), substituted “Board” for “Administrator” in two places.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1984 AmendmentAmendment by Pub. L. 98–369 effective Oct. 1, 1979, see section 2813(c) of Pub. L. 98–369, set out as an Effective Date note under section 1795k of this title.
+
+Effective Date of 1978 AmendmentAmendment effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
+
+Effective DateSection effective Oct. 1, 1979, see section 1806 of Pub. L. 95–630, set out as a note under section 1795 of this title.

legal/us/code/title-12/chapter-14/section-1795c.md

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+---
+type: "LegalText"
+title: "12 U.S.C. § 1795c"
+description: "Membership"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1795c"
+citation: "12 U.S.C. § 1795c"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1795c"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "4f9b01a7f02c4da04e2e2bd20b0c15e6ba65538f5b5c0d4ca187a562b1640017"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "31e522c0bce8a3e3915a5a17bfd9108bee97a2e8d0ee66286565b6a4de28598e"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1795c - Membership
+
+## Text
+
+(a) Credit unions serving natural persons A credit union primarily serving natural persons may be a Regular member of the Facility by subscribing to the capital stock of the Facility in an amount not less than one-half of 1 per centum of the credit union’s paid-in and unimpaired capital and surplus.
+
+(b) Credit unions serving other credit unions A credit union or group of credit unions, primarily serving other credit unions, may be an Agent member of the Facility by—
+
+(1) obtaining the approval of the Board;
+
+(2) subscribing to the capital stock of the Facility in an amount not less than one-half of 1 per centum of the paid-in and unimpaired capital and surplus of all those credit unions which primarily serve natural persons, which are members of such credit union or of any credit union comprising such credit union group, and which are not regular members;
+
+(3) agreeing to comply with rules and regulations the Board shall prescribe with respect to, but not limited to, management quality, asset and liability safety and soundness, internal operating and control practices and procedures, and participation of natural persons in the affairs of such credit union or credit union group; and
+
+(4) agreeing to submit to the supervision of the Board which shall include, but not be limited to, reporting requirements and periodic unrestricted examinations.
+
+(c) Stock subscription requirements Stock subscriptions provided for in subsections (a) and (b)(2) of this section shall be—
+
+(1) based on an arithmetic average of paid-in capital and surplus over the six months preceding application and membership; and
+
+(2) adjusted at the close of each calendar year in accordance with an arithmetic average of paid-in capital and surplus over a period determined by the Board.
+
+(d) Functions of Agent members of Facility An Agent member of the Facility shall perform for its member credit unions those functions required by the Board to carry out this subchapter.
+
+(e) Withdrawal from or termination of membership (1) A member of the Facility whose capital stock subscription constitutes less than 5 per centum of such stock outstanding, may withdraw from membership in the Facility six months after notifying the Board of its intention to do so.
+
+(2) A member of the Facility whose capital stock subscription constitutes 5 per centum or more of such stock outstanding, may withdraw from membership in the Facility twenty-four months after notifying the Board of its intention to do so.
+
+(3) The Board may terminate membership in the Facility if, after opportunity for a hearing, the Board determines a member has failed to comply with any provision of this subchapter or regulation issued pursuant thereto.
+
+(June 26, 1934, ch. 750, title III, formerly subch. III, § 304, as added and amended Pub. L. 95–630, title V, § 502(b), title XVIII, § 1802, Nov. 10, 1978, 92 Stat. 3681, 3720; Pub. L. 96–221, title III, § 309(a)(4), (b)(1), (2), Mar. 31, 1980, 94 Stat. 149; Pub. L. 109–351, title VII, § 726(26), Oct. 13, 2006, 120 Stat. 2003; Pub. L. 116–136, div. A, title IV, § 4016(a)(2), (b)(1)(B), Mar. 27, 2020, 134 Stat. 481, 482.)
+
+## Notes
+
+Editorial Notes
+
+Codification Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
+
+Amendments2020—Subsec. (b)(2). Pub. L. 116–136, § 4016(b)(1)(B), substituted “all those credit unions” for “such credit unions as the Board may in its discretion determine”. Pub. L. 116–136, § 4016(a)(2), substituted “such credit unions as the Board may in its discretion determine” for “all those credit unions”. 2006—Subsec. (b)(3). Pub. L. 109–351 substituted “the affairs of such credit union” for “the affairs or such credit union”. 1980—Subsecs. (b), (c). Pub. L. 96–221, § 309(a)(4), substituted “Board” for “Administrator” wherever appearing, such change having been made previously by Pub. L. 95–630. Subsecs. (d), (e). Pub. L. 96–221, § 309(a)(4), (b)(2), substituted “Board” for “Administrator” wherever appearing, such change having been made previously by Pub. L. 95–630, and “title” for “subchapter” wherever appearing, which for purposes of codification has been editorially translated as “subchapter”, thereby requiring no further change in text. 1978—Pub. L. 95–630, § 502(b), substituted “Board” for “Administrator” wherever appearing.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 2020 AmendmentAmendment by section 4016(b)(1)(B) of Pub. L. 116–136, effective Dec. 31, 2021, see section 4016(b)(2) of Pub. L. 116–136, set out as a note under section 1795a of this title.
+
+Effective Date of 1978 AmendmentAmendment effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630 set out as a note under section 1752 of this title.
+
+Effective DateSection effective Oct. 1, 1979, see section 1806 of Pub. L. 95–630, set out as a note under section 1795 of this title.

legal/us/code/title-12/chapter-14/section-1795d.md

@@ -0,0 +1,65 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1795d"
+description: "Capital stock"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1795d"
+citation: "12 U.S.C. § 1795d"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1795d"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "583e2b6298a83d0eca21024096ca59eb820ecb3abfb4b6cc04f5a1607c612357"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "a9c57c599a3a7782b4c0056ad4ed1f4d7b5b12412cad4c8a1378df066b107a86"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1795d - Capital stock
+
+## Text
+
+(a) Opening of books; minimum subscription As soon as practicable, the Board shall open books for subscriptions to the capital stock of the Facility. The minimum subscription shall be $50.
+
+(b) Requirements The capital stock of the Facility—
+
+(1) shall be divided into shares having a par value of $50 each;
+
+(2) shall be paid for with cash or with securities of the United States or any Agency thereof in accordance with requirements the Board may impose;
+
+(3) shall share in dividend distributions at rates determined by the Board. However, rates on the required capital stock shall be without preference; and
+
+(4) shall not be transferred or hypothecated except as provided for herein.
+
+(c) Redemption of stock When circumstances require that all or a portion of a member’s stock be redeemed by the Facility, the Board shall pay an amount equal to what the member originally paid for the stock less any amount owed by the member to the Facility.
+
+(d) Use of subscription amount At least one-half of the payment for the subscription amount required for membership under section 1795c of this title shall be transferred to the Facility. The remainder may be held by the member on call of the Board and shall be invested in assets designated by the Board.
+
+(e) Restriction on advances to credit unions A credit union or credit union group that becomes a member of the Facility later than six months after the date the Board opens books for capital stock subscriptions, may not borrow or receive advances from the Facility without approval by the Board for a period of six months after becoming a member.
+
+(June 26, 1934, ch. 750, title III, formerly subch. III, § 305, 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)(2), (4), (b)(1), Mar. 31, 1980, 94 Stat. 148, 149.)
+
+## Notes
+
+Editorial Notes
+
+Codification Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
+
+Amendments1980—Subsec. (a). Pub. L. 96–221, § 309(a)(4), substituted “Board” for “Administrator”, such change having been previously made by Pub. L. 95–630. Subsec. (b). Pub. L. 96–221, § 309(a)(2), (4), substituted “Board” for “Administrator” wherever appearing, such change having been previously made by Pub. L. 95–630, and in par. (3) inserted specific requirement that rates on required capital stock be without preference. Subsecs. (c) to (e). 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.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1978 AmendmentAmendment effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
+
+Effective DateSection effective Oct. 1, 1979, see section 1806 of Pub. L. 95–630, set out as a note under section 1795 of this title.

legal/us/code/title-12/chapter-14/section-1795e.md

@@ -0,0 +1,57 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1795e"
+description: "Extensions of credit"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1795e"
+citation: "12 U.S.C. § 1795e"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1795e"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "a58af466432422b62903758e578719eb30d261e29a8320edf8cd09dd257b7d82"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "8afd8eaed5d3e332be1935b2e7ffe3b0e9123b791b3ce9d67910c58f2aaeedb5"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1795e - Extensions of credit
+
+## Text
+
+(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.
+
+(2) The Board may advance funds to a member on terms and conditions prescribed by the Board after giving due consideration to creditworthiness.
+
+(3) The Board shall not advance funds for the benefit of a credit union whose share or deposit accounts are insured by a State share or deposit guaranty credit union, insurance corporation, or guaranty association, without consultation with the appropriate State share or deposit guaranty credit union, insurance corporation, or guaranty association.
+
+(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; Pub. L. 116–136, div. A, title IV, § 4016(a)(3), (b)(1)(C), Mar. 27, 2020, 134 Stat. 482.)
+
+## Notes
+
+Editorial Notes
+
+Codification Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
+
+Amendments2020—Subsec. (a)(1). Pub. L. 116–136, § 4016(b)(1)(C), which directed substitution of “the intent of which is to expand credit union portfolios” for “without first having obtained evidence from the applicant that the applicant has made reasonable efforts to first use primary sources of liquidity of the applicant, including balance sheet and market funding sources, to address the liquidity needs of the applicant” in the second sentence, was executed by making the substitution in the third sentence, to reflect the probable intent of Congress. Pub. L. 116–136, § 4016(a)(3), which directed substitution of “without first having obtained evidence from the applicant that the applicant has made reasonable efforts to first use primary sources of liquidity of the applicant, including balance sheet and market funding sources, to address the liquidity needs of the applicant” for “the intent of which is to expand credit union portfolios” in the second sentence, was executed by making the substitution in the third sentence, to reflect the probable intent of Congress. 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.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 2020 AmendmentAmendment by section 4016(b)(1)(C) of Pub. L. 116–136, effective Dec. 31, 2020, see section 4016(b)(2) of Pub. L. 116–136, set out as a note under section 1795a of this title.
+
+Effective Date of 1978 AmendmentAmendment effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
+
+Effective DateSection effective Oct. 1, 1979, see section 1806 of Pub. L. 95–630, set out as a note under section 1795 of this title.

legal/us/code/title-12/chapter-14/section-1795f.md

@@ -0,0 +1,95 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1795f"
+description: "Powers of Board"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1795f"
+citation: "12 U.S.C. § 1795f"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1795f"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "d18d23575c4786e8ba459ff2e44c16da8aafcef6091023024a0f6168e9fed261"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "8297f6a659c1355b30873a089c6be142254af4cef5b8af718282c422a7fc871b"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1795f - Powers of Board
+
+## Text
+
+(a) General authorities The Board on behalf of the Facility shall have the ability to—
+
+(1) prescribe the manner in which the general business of the Facility shall be conducted;
+
+(2) prescribe rules and regulations to carry out this subchapter;
+
+(3) determine the expenditures incurred by the Administration to carry out this subchapter, and the expenditures incurred by the Facility to carry out subchapters I and II of this chapter, and annually assess the Facility and the Administration accordingly;
+
+(4) borrow from—
+
+(A) any source, provided that the total face value of these obligations shall not exceed twelve times the subscribed capital stock and surplus of the Facility, provided that, the total face value of such obligations shall not exceed 16 times the subscribed capital stock and surplus of the Facility for the period beginning on March 27, 2020, and ending on December 31, 2021; and
+
+(B) the National Credit Union Share Insurance Fund up to $500,000 to defray initial organizational and operating expenses of the Facility at such rates and terms consistent with prevailing market conditions;
+
+(5) guarantee performance of the terms of any financial obligation of a member but only when such obligation bears a clear and conspicuous notice on its face that only the resources of the Facility underlie such guarantee;
+
+(6) purchase any asset from a member with the member’s endorsement;
+
+(7) invest in obligations of the United States or any agency thereof;
+
+(8) make deposits in federally insured financial institutions and make investments in shares or deposits of credit unions;
+
+(9) sue and be sued, complain, and defend, in any State or Federal court;
+
+(10) adopt a seal;
+
+(11) pursue to final disposition by way of compromise or otherwise claims both for and against the United States (other than tort claims, claims involving administrative expenses, and claims in excess of $5,000 arising out of contracts for construction, repairs, and the purchase of supplies and materials) which are not in litigation and have not been referred to the Department of Justice;
+
+(12) appoint officers and employees to assist in carrying out this subchapter, who shall be appointed subject to the provisions of title 5;
+
+(13) conduct business, carry on operations, have offices, and exercise the powers granted by this subchapter in any State or territory;
+
+(14) lease, purchase, or otherwise acquire and own, hold, improve, use, or otherwise deal in and with property, real, personal, or mixed, or any interest therein, wherever situated;
+
+(15) enter into contracts with any public or private organization, partnership, corporation, or individual;
+
+(16) advance funds on a fully secured basis to a State credit union share or deposit insurance corporation, guaranty credit union, or guaranty association. Such advance shall not exceed twelve months in maturity, shall be relent at an interest rate not exceeding that imposed by the Facility, and shall not be renewable;
+
+(17) exercise such incidental powers as shall be necessary or requisite to enable it to carry out effectively the purposes for which the facility is incorporated; and
+
+(18) advance funds to the National Credit Union Share Insurance Fund under such terms and conditions as may be established by the Board.
+
+(b) Collection and settlement of checks, share drafts, etc.; charges; rules and regulations (1) The Board may authorize the Central Liquidity Facility or its Agent members, subject to such rules and regulations, including definitions of terms used in this subsection, as the Board shall from time to time prescribe, to be drawees of, and to engage in, or be agents or intermediaries for, or otherwise participate or assist in, the collection and settlement of (including presentment, clearing, and payment of, and remitting for), checks, share drafts, or any other negotiable or nonnegotiable items or instruments of payment drawn on or issued by members of the Central Liquidity Facility, any of its Agent members, or any other credit union eligible to become a member of the Central Liquidity Facility, and to have such incidental powers as the Board shall find necessary for the exercise of any such authorization.
+
+(2) The Central Liquidity Facility or its Agent members shall make charges, to be determined and regulated by the Board consistent with the principles set forth in section 248a(c) of this title, or utilize the services of, or act as agent for, or be a member of, a Federal Reserve bank, clearinghouse, or any other public or private financial institution or other agency, in the exercise of any powers or functions pursuant to this subsection.
+
+(3) The Board is authorized, with respect to participation in the collection and settlement of any items by the Central Liquidity Facility or by its Agent members, and with respect to the collection and settlement (including payment by the payor institution) of items payable by members of the Central Liquidity Facility or of any of its Agent members, to prescribe rules and regulations regarding the rights, powers, responsibilities, duties, and liabilities, including standards relating thereto, of such entities and other parties to any such items or their collection and settlement. In prescribing such rules and regulations, the Board may adopt or apply, in whole or in part, general banking usage and practices, and, in instances or respects in which they would otherwise not be applicable, Federal Reserve regulations and operating letters, the Uniform Commercial Code, and clearinghouse rules.
+
+(June 26, 1934, ch. 750, title III, formerly subch. III, § 307, as added and amended Pub. L. 95–630, title V, § 502(b), title XVIII, § 1802, Nov. 10, 1978, 92 Stat. 3681, 3722; Pub. L. 96–221, title III, §§ 309(a)(3), (4), (b), 312, Mar. 31, 1980, 94 Stat. 149, 150; Pub. L. 97–320, title V, § 531, Oct. 15, 1982, 96 Stat. 1536; Pub. L. 116–136, div. A, title IV, § 4016(a)(4), Mar. 27, 2020, 134 Stat. 482; Pub. L. 116–260, div. N, title V, § 540(b), Dec. 27, 2020, 134 Stat. 2090.)
+
+## Notes
+
+Editorial Notes
+
+Codification Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
+
+Amendments2020—Subsec. (a)(4)(A). Pub. L. 116–260 substituted “December 31, 2021” for “December 31, 2020”. Pub. L. 116–136 inserted before semicolon “, provided that, the total face value of such obligations shall not exceed 16 times the subscribed capital stock and surplus of the Facility for the period beginning on March 27, 2020, and ending on December 31, 2020”. 1982—Subsec. (a)(17), (18). Pub. L. 97–320 added pars. (17) and (18). 1980—Pub. L. 96–221, §§ 309(a)(3), (4), (b)(2), (3), 312, designated existing provisions as subsec. (a) substituted “Board” for “Administrator”, such change having been made previously by Pub. L. 95–630, and “title” and “titles” for “subchapter” and “subchapters”, which for purposes of codification has been editorially translated as “subchapter” or “subchapters” thereby requiring no further change in text, in par. (15) struck out requirement respecting advance appropriation of amounts, and added subsec. (b). 1978—Pub. L. 95–630, § 502(b), substituted “Board” for “Administrator”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1978 AmendmentAmendment effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
+
+Effective DateSection effective Oct. 1, 1979, see section 1806 of Pub. L. 95–630, set out as a note under section 1795 of this title.

legal/us/code/title-12/chapter-14/section-1795g.md

@@ -0,0 +1,49 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1795g"
+description: "Depositories, custodians, and fiscal agents"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1795g"
+citation: "12 U.S.C. § 1795g"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1795g"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "53ca159292ecd48402b2c43226633df9297848219974542cc9f089d2a7dc4352"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "3430ec9e501953f9e74ac51e6d4b6fdd36de2c2f6c192b7f0d4236761f633b94"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1795g - Depositories, custodians, and fiscal agents
+
+## Text
+
+The Federal Reserve Banks are authorized to act as depositories, custodians and/or fiscal agents for the Central Liquidity Facility in the general performance of its powers conferred by this subchapter. Each Federal Reserve Bank when designated by the Board as fiscal agent for the Central Liquidity Facility, shall be entitled to be reimbursed for all expenses incurred as such fiscal agent.
+
+(June 26, 1934, ch. 750, title III, formerly subch. III, § 308, as added and amended Pub. L. 95–630, title V, § 502(b), title XVIII, § 1802, Nov. 10, 1978, 92 Stat. 3681, 3723; Pub. L. 96–221, title III, § 309(a)(4), (b)(1), (2), Mar. 31, 1980, 94 Stat. 149.)
+
+## Notes
+
+Editorial Notes
+
+Codification Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
+
+Amendments1980—Pub. L. 96–221, § 309(a)(4), (b)(2), substituted “Board” for “Administrator”, such change having been made previously by Pub. L. 95–630, and “title” for “subchapter”, which for purposes of codification has been editorially translated as “subchapter”, thereby requiring no further change in text. 1978—Pub. L. 95–630, § 502(b), substituted “Board” for “Administrator”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1978 AmendmentAmendment effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
+
+Effective DateSection effective Oct. 1, 1979, see section 1806 of Pub. L. 95–630, set out as a note under section 1795 of this title.

legal/us/code/title-12/chapter-14/section-1795h.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1795h"
+description: "Audit of financial transactions"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1795h"
+citation: "12 U.S.C. § 1795h"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1795h"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "2705d76137b6767f927f6c0e6f544f6e7c4cd5ba4e460b4c34251701728bb7a7"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "e4ba98a83c2d42ae59fcc4427406fe1108d431c1a114c1f5d0ea642e724750bf"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1795h - Audit of financial transactions
+
+## Text
+
+The Comptroller General of the United States shall audit the Central Liquidity Facility under such rules and regulations as the Comptroller may prescribe.
+
+(June 26, 1934, ch. 750, title III, formerly subch. III, § 309, as added Pub. L. 95–630, title XVIII, § 1802, Nov. 10, 1978, 92 Stat. 3723; amended Pub. L. 96–221, title III, § 309(b)(1), Mar. 31, 1980, 94 Stat. 149.)
+
+## Notes
+
+Editorial Notes
+
+Codification Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
+
+Statutory Notes and Related Subsidiaries
+
+Effective DateSection effective Oct. 1, 1979, see section 1806 of Pub. L. 95–630, set out as a note under section 1795 of this title.

legal/us/code/title-12/chapter-14/section-1795i.md

@@ -0,0 +1,47 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1795i"
+description: "Annual report"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1795i"
+citation: "12 U.S.C. § 1795i"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1795i"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "59b67053f1710526bd6f81f1ec92706b0ae9e4b2477c0ee63ebc267f98df4406"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "97c560923012e5afb34a19d19b3e5cba85fccfc7a972248161a5941757c128a9"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1795i - Annual report
+
+## Text
+
+The annual report required by section 1752a(d) of this title shall include a full report of the activities of the Facility.
+
+(June 26, 1934, ch. 750, title III, formerly subch. III, § 310, as added Pub. L. 95–630, title XVIII, § 1802, Nov. 10, 1978, 92 Stat. 3723; amended Pub. L. 96–221, title III, § 309(b)(1), Mar. 31, 1980, 94 Stat. 149; Pub. L. 109–351, title VII, § 726(27), Oct. 13, 2006, 120 Stat. 2003.)
+
+## Notes
+
+Editorial Notes
+
+Codification Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
+
+Amendments2006—Pub. L. 109–351 substituted “section 1752a(d)” for “section 1752a(e)”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective DateSection effective Oct. 1, 1979, see section 1806 of Pub. L. 95–630, set out as a note under section 1795 of this title.

legal/us/code/title-12/chapter-14/section-1795j.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1795j"
+description: "Agent of Federal Reserve System"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1795j"
+citation: "12 U.S.C. § 1795j"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1795j"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "05cac5fadf8bc06f1e3cae695a4967b816e133aa4b040d41b7579abf320572a7"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "9af02e30d94b77cd45f392c57f3c77b8f5c1c1a7ede3bada41c28be75a562d6a"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1795j - Agent of Federal Reserve System
+
+## Text
+
+The facility is authorized to act upon the request of the Board of Governors of the Federal Reserve System as an agent of the Federal Reserve System in matters pertaining to credit unions under such terms and conditions as may be established by the Board of Governors of the Federal Reserve System.
+
+(June 26, 1934, ch. 750, title III, § 311, as added Pub. L. 97–320, title V, § 532, Oct. 15, 1982, 96 Stat. 1536.)

legal/us/code/title-12/chapter-14/section-1795k.md

@@ -0,0 +1,51 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 1795k"
+description: "State and local tax exemption"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "14"
+chapter_name: "FEDERAL CREDIT UNIONS"
+section: "1795k"
+citation: "12 U.S.C. § 1795k"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s1795k"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "04234ed8bfa6473af18de7fe192abe0981d9c0c7bf6372dee35930dbad69123b"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "7eb486e91ed6180c3459e3aa1a41969293764f4e87853a1f5836fdf5990e862a"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 1795k - State and local tax exemption
+
+## Text
+
+(a) Franchise, activities, etc., of Central Liquidity Facility; exception The Central Liquidity Facility, and its franchise, activities, capital reserves, surplus, and income, shall be exempt from all State and local taxation now or hereafter imposed, other than taxes on real property held by the Facility (to the same extent, according to its value, as other similar property held by other persons is taxed).
+
+(b) Notes, bonds, debentures and other obligations of Central Liquidity Facility; exceptions (1) Except as provided in paragraph (2), the notes, bonds, debentures, and other obligations issued on behalf of the Central Liquidity Facility and the income therefrom shall be exempt from all State and local taxation now or hereafter imposed.
+
+(2) Any obligation described in paragraph (1) shall not be exempt from State or local gift, estate, inheritance, legacy, succession, or other wealth transfer taxes.
+
+(c) “State” defined; tax status For purposes of this section—
+
+(1) the term “State” includes the District of Columbia; and
+
+(2) taxes imposed by counties or municipalities, or any territory, dependency, or possession of the United States shall be treated as local taxes.
+
+(June 26, 1934, ch. 750, title III, § 312, as added Pub. L. 98–369, div. B, title VIII, § 2813(a)(2), July 18, 1984, 98 Stat. 1206.)
+
+## Notes
+
+Statutory Notes and Related Subsidiaries
+
+Effective DatePub. L. 98–369, div. B, title VIII, § 2813(c), July 18, 1984, 98 Stat. 1207, provided that: “The amendments made by this section [enacting this section and amending section 1795b of this title and section 501 of Title 26, Internal Revenue Code] shall take effect on October 1, 1979.”