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12 U.S.C. § 1790a — Credit unions as depositaries of public money; fiscal agents; duties
Federal law — U.S. Code and appendices · legal_authorities
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.
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Source file: Laws/federal/codes/united-states-code/title-12/section-1790a-credit-unions-as-depositaries-of-public-money-fiscal-agents-duties--10fa39a870.md
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Source location: Title 12, Chapter 14, § 1790a; chapter-014-federal-credit-unions.md
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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.
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Federal law — U.S. Code and appendices · legal_authorities
**(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;
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1790
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Liquidation by Board; bond; appointment of agent; fees to be fixed by Board**
(1)
(A) Upon its finding that a Federal credit union insured under this subchapter is bankrupt or insolvent, the Board shall close such credit union for liquidation and appoint itself liquidating agent therefor.
(B) Not later than 10 days after the date on which the Board closes a credit union for liquidation pursuant to paragraph (1), or accepts appointment as liquidating agent pursuant to subsection (b), such insured credit union may apply to the United States district court for the judicial district in which the principal office of such insured credit union is located or the United States District Court for the District of Columbia, for an order requiring the Board to show cause why it should not be prohibited from continuing such liquidation. Except as otherwise provided in this subparagraph, no court may take any action for or toward the removal of any liquidating agent or, except at the instance of the Board, restrain or affect the exercise of powers or functions of a liquidating agent.
(2) Notwithstanding any other provision of law, the Board as liquidating agent of a closed Federal credit union insured under this subchapter shall not be required to furnish bond and shall have the right to appoint an agent or agents to assist it in its duties as such liquidating agent. All fees, compensation, and expenses of liquidation and administration thereof shall be fixed by the Board and may be paid by them out of funds coming into its possession as such liquidating agent.
(3) **Liquidation to facilitate prompt corrective action.—** — The Board may close any credit union for liquidation, and appoint itself or another (including, in the case of a State-chartered insured credit union
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1789
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Not later than 180 days after September 23, 1994, each appropriate Federal banking agency and the National Credit Union Administration Board shall establish an independent intra-agency appellate process. The process shall be available to review material supervisory determinations made at insured depository institutions or at insured credit unions that the agency supervises.
**(b) Review process** In establishing the independent appellate process under subsection (a), each agency shall ensure that—
(1) any appeal of a material supervisory determination by an insured depository institution or insured credit union is heard and decided expeditiously; and
(2) appropriate safeguards exist for protecting the appellant from retaliation by agency examiners.
**(c) Comment period** Not later than 90 days after September 23, 1994, each appropriate Federal banking agency and the National Credit Union Administration Board shall provide public notice and opportunity for comment on proposed guidelines for the establishment of an appellate process under this section.
**(d) Agency ombudsman**
(1) **Establishment required** — Not later than 180 days after September 23, 1994, each Federal banking agency and the National Credit Union Administration Board shall appoint an ombudsman.
(2) **Duties of ombudsman** — The ombudsman appointed in accordance with paragraph (1) for any agency shall—
(A) act as a liaison between the agency and any affected person with respect to any problem such party may have in dealing with the agency resulting from the regulatory activities of the agency; and
(B) assure that safeguards exist to encourage complainants to come forward and preserve confidentiality.
**(e) Alternative dispute resolution pilot program**
(1) **In general**
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4806
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Scope of coverage** This section shall apply to any covered person that is—
(1) an insured depository institution with total assets of more than $10,000,000,000 and any affiliate thereof; or
(2) an insured credit union with total assets of more than $10,000,000,000 and any affiliate thereof.
**(b) Supervision**
(1) **In general** — The Bureau shall have exclusive authority to require reports and conduct examinations on a periodic basis of persons described in subsection (a) for purposes of—
(A) assessing compliance with the requirements of Federal consumer financial laws;
(B) obtaining information about the activities subject to such laws and the associated compliance systems or procedures of such persons; and
(C) detecting and assessing associated risks to consumers and to markets for consumer financial products and services.
(2) **Coordination** — To minimize regulatory burden, the Bureau shall coordinate its supervisory activities with the supervisory activities conducted by prudential regulators and the State bank regulatory authorities, including consultation regarding their respective schedules for examining such persons described in subsection (a) and requirements regarding reports to be submitted by such persons.
(3) **Use of existing reports** — The Bureau shall, to the fullest extent possible, use—
(A) reports pertaining to a person described in subsection (a) that have been provided or required to have been provided to a Federal or State agency; and
(B) information that has been reported publicly.
(4) **Preservation of authority** — Nothing in this title 11 See References in Text note below. may be construed as limiting the authority of the Director to require reports from a person described in subsection (a), as permitted under pa
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5519
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Federal law — U.S. Code and appendices · legal_authorities
Page 942
TITLE 12—BANKS AND BANKING
§ 1789a
sions, see section 509 of Pub. L. 95–630, set out as a note
under section 1752 of this title.
§ 1789a. Credit unions as depositaries of public
money; fiscal agents; duties
Any credit union the accounts of which are in-
sured under this subchapter shall be a deposi-
tary 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 nec-
essary to enable such credit unions to become
depositaries of public money and fiscal agents of
the United States. Each credit union shall per-
form all such reasonable duties as depositaries
of public money and fiscal agent of the United
States as may be required of it including serv-
ices 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.)
Editorial Notes
PRIOR PROVISIONS
A prior section 210 of act June 26, 1934, ch. 750, was re-
numbered section 211 and is classified to section 1790 of
this title.
§ 1790. Nondiscriminatory provision
It is not the purpose of this subchapter to dis-
criminate in any manner against State-char-
tered credit unions and in favor of Federal cred-
it unions, but it is the purpose of this sub-
chapter to provide all credit unions with the
same opportunity to obtain and enjoy the bene-
fits 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.)
§ 1790a. Board disapproval of directo
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1790a
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