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12 U.S.C. § 1757 — Reports and examinations
Federal law — U.S. Code and appendices · legal_authorities
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.
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Source file: Laws/federal/codes/united-states-code/title-12/section-1757-reports-and-examinations--b62e5bddc8.md
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Source location: Title 12, Chapter 14, § 1757; chapter-014-federal-credit-unions.md
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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.
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Federal law — U.S. Code and appendices · legal_authorities
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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1751
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Federal law — U.S. Code and appendices · legal_authorities
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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1755
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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “Federal Credit Union Act”.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1752
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Federal law — U.S. Code and appendices · legal_authorities
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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1795b
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Deposit insurance**
(1) **Insured amounts payable**
(A) *In general* — The Corporation shall insure the deposits of all insured depository institutions as provided in this chapter.
(B) *Net amount of insured deposit* — The net amount due to any depositor at an insured depository institution shall not exceed the standard maximum deposit insurance amount as determined in accordance with subparagraphs (C), (D), (E) and (F) and paragraph (3).
(C) *Aggregation of deposits* — For the purpose of determining the net amount due to any depositor under subparagraph (B), the Corporation shall aggregate the amounts of all deposits in the insured depository institution which are maintained by a depositor in the same capacity and the same right for the benefit of the depositor either in the name of the depositor or in the name of any other person, other than any amount in a trust fund described in paragraph (1) or (2) of [section 1817(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1817/i&num=0&edition=prelim) or any funds described in [section 1817(i)(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1817/i/3&num=0&edition=prelim).
(D) *Coverage for certain employee benefit plan deposits*
(i) *Pass-through insurance* — The Corporation shall provide pass-through deposit insurance for the deposits of any employee benefit plan.
(ii) *Prohibition on acceptance of benefit plan deposits* — An insured depository institution that is not well capitalized or adequately capitalized may not accept employee benefit plan deposits.
(iii) *Definitions* — For purposes of this subparagraph, the following definitions shall apply:
(I) *Capital standards* — The terms “well ca
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1821
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Omitted**
**(b) Automated clearinghouse system**
(1) **Expansion of system** — The Board of Governors shall work with the Federal reserve banks and the Department of the Treasury to expand the use of the automated clearinghouse system and other payment mechanisms for remittance transfers to foreign countries, with a focus on countries that receive significant remittance transfers from the United States, based on—
(A) the number, volume, and size of such transfers;
(B) the significance of the volume of such transfers relative to the external financial flows of the receiving country, including—
(i) the total amount transferred; and
(ii) the total volume of payments made by United States Government agencies to beneficiaries and retirees living abroad;
(C) the feasibility of such an expansion; and
(D) the ability of the Federal Reserve System to establish payment gateways in different geographic regions and currency zones to receive remittance transfers and route them through the payments systems in the destination countries.
(2) **Report to Congress** — Not later than one calendar year after July 21, 2010, and on April 30 biennially thereafter during the 10-year period beginning on July 21, 2010, the Board of Governors shall 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 on the status of the automated clearinghouse system and its progress in complying with the requirements of this subsection. The report shall include an analysis of adoption rates of International ACH Transactions rules and formats, the efficacy of increasing adoption rates, and potential recommendations to increase adoption.
**(c) Expansion of financial institution
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5611
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Federal law — U.S. Code and appendices · legal_authorities
**(a) SEED Program** The United States shall implement, beginning in fiscal year 1990, a concerted Program of Support for East European Democracy (which may also be referred to as the “SEED Program”). The SEED Program shall be comprised of diverse undertakings designed to provide cost-effective assistance to those countries of Eastern Europe that have taken substantive steps toward institutionalizing political democracy and economic pluralism.
**(b) Objectives of SEED assistance** The President should ensure that the assistance provided to East European countries pursuant to this chapter is designed—
(1) to contribute to the development of democratic institutions and political pluralism characterized by—
(A) the establishment of fully democratic and representative political systems based on free and fair elections,
(B) effective recognition of fundamental liberties and individual freedoms, including freedom of speech, religion, and association,
(C) termination of all laws and regulations which impede the operation of a free press and the formation of political parties,
(D) creation of an independent judiciary, and
(E) establishment of non-partisan military, security, and police forces;
(2) to promote the development of a free market economic system characterized by—
(A) privatization of economic entities,
(B) establishment of full rights to acquire and hold private property, including land and the benefits of contractual relations,
(C) simplification of regulatory controls regarding the establishment and operation of businesses,
(D) dismantlement of all wage and price controls,
(E) removal of trade restrictions, including on both imports and exports,
(F) liberalization of investment and capital, including the repatriation of profits b
Source: Supplied U.S. Code snapshot — release unconfirmed · 22 U.S.C. § 5411
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** In order to facilitate the development of indigenous credit unions in Poland and Hungary, it is the policy of the United States that—
(1) United States citizens, financial institutions (other than federally insured depository institutions), and other persons may make contributions and loans to, make capital deposits in, and provide other forms of financial and technical assistance to credit unions in Poland and Hungary; and
(2) federally insured depository institutions may provide technical assistance to credit unions in Poland and Hungary, to the extent that the provision of such assistance is prudent and not inconsistent with safe and sound banking practice.
**(b) Omitted**
**(c) Definitions** For purposes of subsection (a)—
(1) the term “credit union” means a member-owned, nonprofit, cooperative depository institution—
(A) which is formed to permit individuals in the field of membership specified in such institution’s charter to pool their savings, lend the savings to one another, and own the organization where they save, borrow, and obtain related financial services; and
(B) whose members are united by a common bond and democratically operate the institution; and
(2) the term “federally insured depository institution” means—
(A) any insured depository institution (as defined in [section 1813(c)(2) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/c/2&num=0&edition=prelim)); and
(B) any insured credit union (as defined in [section 1752(7) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1752/7&num=0&edition=prelim)).
Source: Supplied U.S. Code snapshot — release unconfirmed · 22 U.S.C. § 5442
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Federal law — U.S. Code and appendices · legal_authorities
Page 860
TITLE 12—BANKS AND BANKING
§ 1756
§ 1756. Reports and examinations
Federal credit unions shall be under the super-
vision of the Board, and shall make financial re-
ports 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 pur-
pose 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; renum-
bered 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.)
Editorial Notes
AMENDMENTS
1978—Pub. L. 95–630 substituted ‘‘Board’’ for ‘‘Admin-
istrator’’ 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 re-
ports to the Director as and when he may require.
1937—Act Dec. 6, 1937, inserted ‘‘giving due consider-
ation to the time and expense incident to such exami-
nations, and to the ability of Federal credit unions to
pay such fees’’ and struck out proviso relating to condi-
tions relieving certain unions from payment of exam-
ination fee
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1757
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