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12 U.S.C. § 1795d — National Credit Union Administration Central Liquidity Facility; establishment; management; jurisdiction
Federal law — U.S. Code and appendices · legal_authorities
There is created the National Credit Union Administration Central Liquidity Facility. The Central Liquidity Facility, an instrumentality of the United States, shall exist within the National Credit Union Administration and be managed by the Board. The United States district court shall have original jurisdiction over any case to which the Board on behalf of the Facility is a party, without regard to the amount in controversy.
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Stable record: federal_law:legal_authorities:record_usc_6719a599f79f6e8f9d7e87da
Source file: Laws/federal/codes/united-states-code/title-12/section-1795d-national-credit-union-administration-central-liquidity-facility-establis--e55bddce0c.md
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Source location: Title 12, Chapter 14, § 1795d; chapter-014-federal-credit-unions.md
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There is created the National Credit Union Administration Central Liquidity Facility. The Central Liquidity Facility, an instrumentality of the United States, shall exist within the National Credit Union Administration and be managed by the Board. The United States district court shall have original jurisdiction over any case to which the Board on behalf of the Facility is a party, without regard to the amount in controversy.
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Federal law — U.S. Code and appendices · legal_authorities
The annual report required by [section 1752a(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1752a/d&num=0&edition=prelim) shall include a full report of the activities of the Facility.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1795k
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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
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
Page 952
TITLE 12—BANKS AND BANKING
§ 1795d
(c) Stock subscription requirements
Stock subscriptions provided for in sub-
sections (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 pre-
ceding 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 de-
termined by the Board.
(d) Functions of Agent members of Facility
An Agent member of the Facility shall per-
form for its member credit unions those func-
tions required by the Board to carry out this
subchapter.
(e) Withdrawal from or termination of member-
ship
(1) A member of the Facility whose capital
stock subscription constitutes less than 5 per
centum of such stock outstanding, may with-
draw from membership in the Facility six
months after notifying the Board of its inten-
tion 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 inten-
tion 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.
(June 26, 1934, ch. 750, title III, formerly subch.
III, § 304, as added and amended Pub. L. 95–630,
title V, § 502(b), title XVIII, § 1802, Nov. 10, 1978,
92 Stat. 3681, 3720; Pub. L. 96–221, title III,
§ 309(a)(4), (b)(1), (2), Mar. 31, 1980, 94 Stat. 149;
Pub. L. 109–351, title VII, § 726(26), Oct. 13, 2006,
120 Stat. 2003; Pub. L. 116–136, div. A, title IV,
§ 4
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1795d
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