12 U.S.C. § 1790a — Board disapproval of directors, com-

Page 942 TITLE 12—BANKS AND BANKING § 1789a sions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title. § 1789a. Credit unions as depositaries of public money; fiscal agents; duties Any credit union the accounts of which are in- sured under this subchapter shall be a deposi- tary of public money and may be employed as fiscal agent of the United States. The Secretary of the Treasury is authorized to deposit public money in any such insured credit union, and shall prescribe such regulations as may be nec- essary to enable such credit unions to become depositaries of public money and fiscal agents of the United States. Each credit union shall per- form all such reasonable duties as depositaries of public money and fiscal agent of the United States as may be required of it including serv- ices in connection with the collection of taxes and other obligations owed the United States. (June 26, 1934, ch. 750, title II, § 210, as added Pub. L. 95–147, § 2(c)(1), Oct. 28, 1977, 91 Stat. 1227.) Editorial Notes PRIOR PROVISIONS A prior section 210 of act June 26, 1934, ch. 750, was re- numbered section 211 and is classified to section 1790 of this title. § 1790. Nondiscriminatory provision It is not the purpose of this subchapter to dis- criminate in any manner against State-char- tered credit unions and in favor of Federal cred- it unions, but it is the purpose of this sub- chapter to provide all credit unions with the same opportunity to obtain and enjoy the bene- fits of this subchapter. (June 26, 1934, ch. 750, title II, § 211, formerly § 210, as added Pub. L. 91–468, § 1(3), Oct. 19, 1970, 84 Stat. 1015; renumbered § 211, Pub. L. 95–147, § 2(c)(2), Oct. 28, 1977, 91 Stat. 1228.) § 1790a. Board disapproval of directors, com- mittee members, and senior executive offi- cers of insured credit unions (a) Prior notice required An insured credit union shall notify the Board of the proposed addition of any individual to the board of directors or committee or the employ- ment of any individual as a senior executive of- ficer of such credit union at least 30 days before such addition or employment becomes effective, if the insured credit union— (1) has been chartered less than 2 years; or (2) is in troubled condition, as determined on the basis of such credit union’s most recent re- port of condition or report of examination. (b) Disapproval by Board An insured credit union may not add any indi- vidual to the board of directors or employ any individual as a senior executive officer if the Board issues a notice of disapproval of such ad- dition or employment before the end of the 30- day period beginning on the date the agency re- ceives notice of the proposed action pursuant to subsection (a). (c) Exception in extraordinary circumstances (1) In general The Board may prescribe by regulation con- ditions under which the prior notice require- ment of subsection (a) may be waived in the event of extraordinary circumstances. (2) No effect on disapproval authority of Board Such waivers shall not affect the authority of the Board to issue notices of disapproval of such additions or employment of such individ- uals within 30 days after each such waiver. (d) Additional information Any notice submitted to the Board by any in- sured credit union pursuant to subsection (a) shall include— (1) the information described in section 1817(j)(6)(A) of this title about the individual; and (2) such other information as the Board may prescribe by regulation. (e) Standard for disapproval The Board shall issue a notice of disapproval with respect to a notice submitted pursuant to subsection (a) if the competence, experience, character, or integrity of the individual with re- spect to whom such notice is submitted indi- cates that it would not be in the best interests of the depositors of the insured credit union or in the best interests of the public to permit the individual to be employed by, or associated with, such insured credit union. (f) Definition regulations The Board shall prescribe by regulation a defi- nition for the terms ‘‘troubled condition’’ and ‘‘senior executive officer’’ for purposes of sub- section (a). (June 26, 1934, ch. 750, title II, § 212, as added Pub. L. 101–73, title IX, § 914(b), Aug. 9, 1989, 103 Stat. 485.) Editorial Notes CODIFICATION Section 914(b) of Pub. L. 101–73, which directed that this section be added to title II of ‘‘the Federal Credit Union Insurance Act (12 U.S.C. 1781 et seq.)’’ was exe- cuted by adding this section to the Federal Credit Union Act, which comprises this chapter, as the prob- able intent of Congress. § 1790b. Credit union employee protection rem- edy (a) In general (1) Employees of credit unions No insured credit union may discharge or otherwise discriminate against any employee with respect to compensation, terms, condi- tions, or privileges of employment because the employee (or any person acting pursuant to the request of the employee) provided informa- tion to the Board or the Attorney General re- garding any possible violation of any law or regulation by the credit union or any director, officer, or employee of the credit union. (2) Employees of the Administration The Administration may not discharge or otherwise discriminate against any employee