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12 U.S.C. § 1795e — Membership
Federal law — U.S. Code and appendices · legal_authorities
**(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) F
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Source location: Title 12, Chapter 14, § 1795e; chapter-014-federal-credit-unions.md
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**(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.
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Federal law — U.S. Code and appendices · legal_authorities
**(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
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Federal law — U.S. Code and appendices · legal_authorities
**(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
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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “Federal Credit Union Act”.
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Federal law — U.S. Code and appendices · legal_authorities
Page 953
TITLE 12—BANKS AND BANKING
§ 1795f
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.
AMENDMENTS
1980—Subsec. (a). Pub. L. 96–221, § 309(a)(4), sub-
stituted ‘‘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), sub-
stituted ‘‘Board’’ for ‘‘Administrator’’ wherever appear-
ing, 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 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.
§ 1795e. 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 re-
ceiving it. The Board shall not approve an appli-
cation 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
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