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12 U.S.C. § 1788 — Omitted
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Section, act June 26, 1934, ch. 750, title II, § 206A, as added Pub. L. 105–164, § 3(b), Mar. 20, 1998, 112 Stat. 35; amended Pub. L. 109–351, title VII, § 726(20), Oct. 13, 2006, 120 Stat. 2003, which related to regulation and examination of credit union organizations and service providers by the National Credit Union Administration Board, ceased to be effective as of Dec. 31, 2001, pursuant to subsec. (f) of the section.
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Source file: Laws/federal/codes/united-states-code/title-12/section-1788-omitted--1370d507ba.md
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Source location: Title 12, Chapter 14, § 1788; chapter-014-federal-credit-unions.md
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### Statutory Notes
#### Codification
Section, act June 26, 1934, ch. 750, title II, § 206A, as added Pub. L. 105–164, § 3(b), Mar. 20, 1998, 112 Stat. 35; amended Pub. L. 109–351, title VII, § 726(20), Oct. 13, 2006, 120 Stat. 2003, which related to regulation and examination of credit union organizations and service providers by the National Credit Union Administration Board, ceased to be effective as of Dec. 31, 2001, pursuant to subsec. (f) of the section.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Creation; use of fund** There is hereby created in the Treasury of the United States a National Credit Union Share Insurance Fund which shall be used by the Board as a revolving fund for carrying out the purposes of this subchapter. Money in the fund shall be available upon requisition by the Board, without fiscal year limitation, for making payments of insurance under [section 1787 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1787&num=0&edition=prelim), for providing assistance and making expenditures under [section 1788 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1788&num=0&edition=prelim) in connection with the liquidation or threatened liquidation of insured credit unions, and for such administrative and other expenses incurred in carrying out the purposes of this subchapter as it may determine to be proper.
**(b) Deposit of deposits and premium charges, fees and penalties** All deposits and premium charges for insurance paid pursuant to the provisions of [section 1782 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1782&num=0&edition=prelim) and all fees for examinations and all penalties collected by the Board under any provision of this subchapter shall be deposited in the National Credit Union Share Insurance Fund. The Board shall report annually to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives with respect to the operating level of the fund. Such report shall also include the results of an independent audit of the fund.
**(c) Investment authorization** The Board may authorize the Secretary of the Treasury to inve
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1785
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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) 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
Page 939
TITLE 12—BANKS AND BANKING
§ 1788
Subsec. (k)(1). Pub. L. 101–73, § 915(c), inserted ‘‘may
investigate said claims under section 1786(p) of this
title,’’ after ‘‘before paying the insured accounts,’’ in
last sentence.
Subsecs. (l) to (p). Pub. L. 101–73, § 1217(a)(3), redesig-
nated former subsecs. (e) to (i) as (l) to (p), respec-
tively.
1987—Subsec. (a)(1). Pub. L. 100–86, § 714(a), designated
existing provisions as subpar. (A) and added subpar. (B).
Subsec. (j). Pub. L. 100–86, § 714(b), redesignated
former section 1788(c) of this title as subsec. (j) of this
section and substituted ‘‘subject only to the regulation
of the Board, or, in cases where the Board has been ap-
pointed liquidating agent solely by a public authority
having jurisdiction over the matter other than said
Board, subject only to the regulation of such public au-
thority’’ for ‘‘subject to the regulation of the court or
other public body having jurisdiction over the matter’’.
1986—Subsec. (c)(3). Pub. L. 99–514 substituted ‘‘Inter-
nal Revenue Code of 1986’’ for ‘‘Internal Revenue Code
of 1954’’ wherever appearing, which for purposes of codi-
fication was translated as ‘‘title 26’’ thus requiring no
change in text.
1980—Subsec.
(c)(1).
Pub.
L.
96–221
substituted
‘‘$100,000’’ for ‘‘$40,000’’.
1979—Subsec. (c)(2)(A)(v). Pub. L. 96–153 added cl. (v).
1978—Subsecs. (a), (b). Pub. L. 95–630, § 502(b), sub-
stituted ‘‘Board’’ for ‘‘Administrator’’ wherever appear-
ing, ‘‘it’’ for ‘‘he’’ and ‘‘him’’, and ‘‘its’’ for ‘‘his’’,
where appropriate.
Subsec. (c). Pub. L. 95–630, §§ 502(b), 1401(c), sub-
stituted in pars. (1) and (2) ‘‘Board’’ for ‘‘Adminis-
trator’’ wherever appearing and ‘‘it’’ and ‘‘its’’ for ‘‘he’’
and ‘‘his’’, respectively, where appropriate, and added
p
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1788
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