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12 U.S.C. § 1795b — Congressional findings
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.
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Source file: Laws/federal/codes/united-states-code/title-12/section-1795b-congressional-findings--c0f3f5026a.md
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Source location: Title 12, Chapter 14, § 1795b; chapter-014-federal-credit-unions.md
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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.
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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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1757
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Federal law — U.S. Code and appendices · legal_authorities
Whoever, except as permitted by the laws of the United States, uses the words “national”, “Federal”, “United States”, “reserve”, or “Deposit Insurance” as part of the business or firm name of a person, corporation, partnership, business trust, association or other business entity engaged in the banking, loan, building and loan, brokerage, factorage, insurance, indemnity, savings or trust business; or
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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.
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Federal law — U.S. Code and appendices · legal_authorities
**(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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1751a
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Federal law — U.S. Code and appendices · legal_authorities
Page 951
TITLE 12—BANKS AND BANKING
§ 1795c
2 So in original. The comma probably should be a semicolon.
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,2 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.)
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
2020—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 intro-
ductory 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 AMENDMENT
Pub. L. 116–136, div. A, title IV, § 4016(b)(2), Mar. 27,
2020, 134 Stat. 482,
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1795b
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