Browse Arkansas Code titles and sections

12 U.S.C. § 1795g — Extensions of credit

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1795g — Extensions of credit

**(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.

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1795g

Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.

Original supplied file — preserved unchanged

Download original Markdown file

File SHA-256: 58719a8469e852f8c2aac1eabccdad63bff7ba8cbb7f07f8e7ea55d9ecdf03ba. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.

Authority boundary: historical or unconfirmed source not current law verified.

Open the recorded source website ↗

Record provenance

Stable record: federal_law:legal_authorities:record_usc_080adb074856c3383f9b3cfd
Source file: Laws/federal/codes/united-states-code/title-12/section-1795g-extensions-of-credit--d71e20079a.md
Pages: Not recorded – Not recorded
Passage SHA-256: 9fe42839771598511ee66846bf6fac89d857b3dfabda5947e518133e963ea1cc

Source location: Title 12, Chapter 14, § 1795g; chapter-014-federal-credit-unions.md

Stored source content

Cross-references

Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1795 — Prompt corrective action

**(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 e

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1795

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1795a — Temporary Corporate Credit Union Stabilization Fund

**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1789&num=0&edition=prelim). **(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1783/a&num=0&edition=prelim), 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

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1795a

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1752 — Short title

This chapter may be cited as the “Federal Credit Union Act”.

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1752

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1795g — Untitled legal text

Page 955 TITLE 12—BANKS AND BANKING § 1795j 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 sur- plus 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, des- ignated existing provisions as subsec. (a) substituted ‘‘Board’’ for ‘‘Administrator’’, such change having been made previously by Pub. L. 95–630, and ‘‘title’’ and ‘‘ti- tles’’ 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 require- ment 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 AMENDMENT Amendment 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 Section effective Oct. 1, 1979, see section 1806 of Pub. L. 95–630, set out as a note under section 1795 of this title. § 1795g. Depositories, custodians, and fiscal agents 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 entitle

Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1795g

Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.