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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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Source file: Laws/federal/codes/united-states-code/title-12/section-1752-short-title--2b77a65f78.md
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Source location: Title 12, Chapter 14, § 1752; chapter-014-federal-credit-unions.md
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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
**(a) Members; meetings; lines of credit and approval of loans; delegation to loan officers** If the bylaws provide for a credit committee, then pursuant to the provisions of the bylaws, the board of directors may appoint or the members may elect a credit committee which shall consist of an odd number of members of the credit union, but which shall not include more than one loan officer. The method used shall be set forth in the bylaws. The credit committee shall hold such meetings as the business of the Federal credit union may require, not less frequently than once a month, to consider applications for loans or lines of credit. Reasonable notice of such meetings shall be given to all members of the committee. Except for those loans or lines of credit required to be approved by the board of directors in [section 1757(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1757/5&num=0&edition=prelim), approval of an application shall be by majority of the committee who are present at the meeting at which it is considered provided that a majority of the full committee is present. The credit committee may appoint and delegate to loan officers the authority to approve applications. **(b) Review and reversal of loan refusals; review by board in lieu of committee; limitation on disbursements by loan officers** If the bylaws provide for a credit committee, all applications not approved by the loan officer shall be reviewed by the credit committee, and the approval of a majority of the members who are present at the meeting when such review is undertaken shall be required to reverse the loan officer’s decision provided a majority of the full committee is present. If there is not a credit committee, a member shall have the right upon writ
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1762
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 18 U.S.C. § 709
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes Section, acts June 26, 1934, ch. 750, title I, § 116, formerly § 12, 48 Stat. 1221; Oct. 25, 1949, ch. 713, § 3, 63 Stat. 890; renumbered § 17 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 634; Pub. L. 91–206, § 2(1), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 116, and amended Pub. L. 91–468, §§ 1(2), 9, Oct. 19, 1970, 84 Stat. 994, 1017; Pub. L. 95–22, title III, § 305, Apr. 19, 1977, 91 Stat. 52; Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681, related to requirement of reserves against losses and authorization of Board to decrease reserve requirement or to require special reserves. See [section 1790d(e) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1790d/e&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1764
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Federal law — U.S. Code and appendices · legal_authorities
The Board is authorized to accept gifts of money made unconditionally by will or otherwise for the carrying out of any of the functions under this chapter. A conditional gift of money made by will or otherwise for such purposes may be accepted and used in accordance with its conditions, but no such gift shall be accepted which is conditioned upon any expenditure not to be met therefrom or from income thereof unless the Board determines that supplementation of such gift from the fees it may expend pursuant to sections 1755 and 1756 of this title or from any funds appropriated pursuant to [section 1766(f)(2)(C) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1766/f/2/C&num=0&edition=prelim) for the purpose of making such expenditure will not adversely affect the sound administration of this chapter. Any such gift shall be deposited in the Treasury of the United States for the account of the Administration and may be expended in accordance with [section 1755 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1755&num=0&edition=prelim) or as provided in the preceding sentence.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1772c
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes #### Codification Section, act June 29, 1948, ch. 711, § 2, 62 Stat. 1091, related to establishment of Bureau of Federal Credit Unions. See [section 1752a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1752a&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1752a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Termination of insurance** (1) Any insured credit union other than a Federal credit union may, upon not less than ninety days’ written notice to the Board and upon the affirmative vote of a majority of its members within one year prior to the giving of such notice, terminate its status as an insured credit union. (2) Any insured credit union, other than a Federal credit union, which has obtained a new certificate of insurance from a corporation authorized and duly licensed to insure member accounts may upon not less than ninety days’ written notice to the Board convert from status as an insured credit union under this chapter: Provided, That at the time of giving notice to the Board the provisions of paragraph (b)(1) of this section are not being invoked against the credit union. **(b) Unsound condition of credit union; notice to correct condition; hearing; judicial review** (1) Whenever, in the opinion of the Board, any insured credit union is engaging or has engaged in unsafe or unsound practices in conducting the business of such credit union, or is in an unsafe or unsound condition to continue operations as an insured credit union, or is violating or has violated an applicable law, rule, regulation, order, or any condition imposed in writing by the Board in connection with any action on any application, notice, or other request by the credit union or institution-affiliated party,, 11 So in original. or is violating or has violated any written agreement entered into with the Board, the Board shall serve upon the credit union a statement with respect to such practices or conditions or violations for the purpose of securing the correction thereof. In the case of an insured State-chartered credit union, the Board shall send a copy of such statement to the comm
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1787
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Redesignation of Department of Health, Education, and Welfare** The Department of Health, Education, and Welfare is hereby redesignated the Department of Health and Human Services, and the Secretary of Health, Education, and Welfare or any other official of the Department of Health, Education, and Welfare is hereby redesignated the Secretary or official, as appropriate, of Health and Human Services. **(b) Reference to Department, Secretary, etc., of Health, Education, and Welfare deemed reference to Department, Secretary, etc., of Health and Human Services** Any reference to the Department of Health, Education, and Welfare, the Secretary of Health, Education, and Welfare, or any other official of the Department of Health, Education, and Welfare in any law, rule, regulation, certificate, directive, instruction, or other official paper in force on May 4, 1980, shall be deemed to refer and apply to the Department of Health and Human Services or the Secretary of Health and Human Services, respectively, except to the extent such reference is to a function or office transferred to the Secretary or the Department under this chapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 20 U.S.C. § 3508
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Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter— (1) (A) *Bank.—* — The term “Federal Home Loan Bank” or “Bank” means a bank established under the authority of this chapter. (B) *Bank system.—* — The term “Federal Home Loan Bank System” means the Federal Home Loan Banks under the supervision of the Director. (2) **State.—** — The term “State”, in addition to the States of the United States, includes the District of Columbia, Guam, Puerto Rico, the United States Virgin Islands, American Samoa, and the Commonwealth of the Northern Mariana Islands. (3) The term “member” means any institution which has subscribed for the stock of a Federal Home Loan Bank. (4) The term “home mortgage loan” means a loan made by a member upon the security of a home mortgage. (5) The term “home mortgage” means a mortgage upon real estate, in fee simple, or on a leasehold (1) under a lease for not less than ninety-nine years which is renewable or (2) under a lease having a period of not less than fifty years to run from the date the mortgage was executed, upon which is located, or which comprises or includes, one or more homes or other dwelling units, all of which may be defined by the Director and shall include, in addition to first mortgages, such classes of first liens as are commonly given to secure advances on real estate by institutions authorized under this chapter to become members, under the laws of the State in which the real estate is located, together with the credit instruments, if any, secured thereby. (6) The term “unpaid principal,” when used in respect of a loan secured by a home mortgage means the principal thereof less the sum of (1) payments made on such principal, and (2) in cases where shares or stock are pledged as security for the loan, the payments made on such shares or stock plus
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1422
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Demonstration mortgage risk-sharing program; areas; number of mortgages** The purpose of this section is to authorize a demonstration mortgage risk-sharing program designed to test the feasibility of entering into risk-sharing contracts with private mortgage insurers and with insured community development financial institutions in order to reduce Government risk and administrative costs, and to speed mortgage processing. The Secretary shall limit the demonstration under this section to not more than four administrative regions of the Department of Housing and Urban Development, and shall assure that the program is in the financial interest of the Government and will not result in loss of employment by any employees of the Department of Housing and Urban Development before the expiration of the 5-year period beginning on December 21, 2000. The aggregate number of mortgages for which risk of nonpayment is shared under this section in any administrative region of the Department of Housing and Urban Development in any fiscal year may not exceed 20 percent of the aggregate number of mortgages and loans insured by the Secretary under this subchapter in such region during the preceding fiscal year. **(b) One- to four-family dwellings; requirements for private mortgage insurance companies** Notwithstanding any other provision of this chapter inconsistent with this section, the Secretary is authorized, in providing mortgage insurance with respect to one- to four-family dwellings under sections 1709(b), 1715y, and 1715z–10 11 See References in Text note below. of this title, to enter into risk-sharing contracts with private mortgage insurance companies which have been determined to be qualified insurers under [section 1717(b)(2)(C) of this title](https://uscode.house.gov/v
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1735f–18
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