12 U.S.C. § 1751a — Omitted

Page 854 TITLE 12—BANKS AND BANKING § 1751a ‘‘(1) The American credit union movement began as a cooperative effort to serve the productive and provident credit needs of individuals of modest means. ‘‘(2) Credit unions continue to fulfill this public purpose, and current members and membership groups should not face divestiture from the financial services institution of their choice as a result of re- cent court action. ‘‘(3) To promote thrift and credit extension, a meaningful affinity and bond among members, mani- fested by a commonality of routine interaction, shared and related work experiences, interests, or ac- tivities, or the maintenance of an otherwise well-un- derstood sense of cohesion or identity is essential to the fulfillment of the public mission of credit unions. ‘‘(4) Credit unions, unlike many other participants in the financial services market, are exempt from Federal and most State taxes because they are mem- ber-owned, democratically operated, not-for-profit or- ganizations generally managed by volunteer boards of directors and because they have the specified mission of meeting the credit and savings needs of consumers, especially persons of modest means. ‘‘(5) Improved credit union safety and soundness provisions will enhance the public benefit that citi- zens receive from these cooperative financial services institutions.’’ TRANSFER OF FUNCTIONS Secretary and Department of Health, Education, and Welfare redesignated Secretary and Department of Health and Human Services by section 3508 of Title 20, Education. Executive Documents TRANSFER OF FUNCTIONS Transfer of functions of Farm Credit Administration and Governor thereof to Bureau of Farm Credit Unions and Director thereof under jurisdiction of Federal Se- curity Agency by act June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091, and abolishment of Agency and transfer of its functions to Department of Health, Education, and Welfare by Reorg. Plan No. 1 of 1953, § 5, eff. Apr. 11, 1953, 18 F.R. 2053, 67 Stat. 632, see section 1752a of this title, and notes thereunder. Functions of Farm Credit Administration and Gov- ernor thereof under this chapter, together with func- tions of Secretary of Agriculture with respect thereto, transferred to Federal Deposit Insurance Corporation by Reorg. Plan No. 1 of 1947, § 401, eff. July 1, 1947, 12 F.R. 4534, 61 Stat. 952, set out in the Appendix to Title 5, Government Organization and Employees. A similar transfer of functions for duration of World War II was effected by Ex. Ord. No. 9148, Apr. 27, 1942, 7 F.R. 3145. Farm Credit Administration transferred to Depart- ment of Agriculture by Reorg. Plan No. I of 1939, § 401, eff. July 1, 1939, 4 F.R. 2730, 53 Stat. 1429, set out in the Appendix to Title 5. § 1751a. Omitted Editorial Notes CODIFICATION Section, act June 29, 1948, ch. 711, § 2, 62 Stat. 1091, re- lated to establishment of Bureau of Federal Credit Unions. See section 1752a of this title. SUBCHAPTER I—GENERAL PROVISIONS § 1752. Definitions As used in this chapter— (1) the term ‘‘Federal credit union’’ means a cooperative association organized in accord- ance with the provisions of this chapter for the purpose of promoting thrift among its members and creating a source of credit for provident or productive purposes; (2) the term ‘‘Chairman’’ means the Chair- man of the National Credit Union Administra- tion Board; (3) the term ‘‘Administration’’ means the National Credit Union Administration; (4) the term ‘‘Board’’ means the National Credit Union Administration Board; (5) The terms ‘‘member account’’ and ‘‘ac- count’’ mean a share, share certificate, or share draft account of a member of a credit union of a type approved by the Board which evidences money or its equivalent received or held by a credit union in the usual course of business and for which it has given or is obli- gated to give credit to the account of the member, and, in the case of a credit union serving predominantly low-income members (as defined by the Board), such terms (when referring to the account of a nonmember served by such credit union) mean a share, share certificate, or share draft account of such nonmember which is of a type approved by the Board and evidences money or its equivalent received or held by such credit union in the usual course of business and for which it has given or is obligated to give cred- it to the account of such nonmember, and such terms mean share, share certificate, or share draft account of nonmember credit unions and nonmember units of Federal, State, or local governments and political subdivisions thereof enumerated in section 1787 of this title, and such terms mean custodial accounts estab- lished for loans sold in whole or in part pursu- ant to section 1757(13) of this title: Provided, That for purposes of insured State credit unions, reference in this paragraph to ‘‘share’’, ‘‘share certificate’’, or ‘‘share draft’’, accounts includes, as determined by the Board, the equivalent of such accounts under State law; (6) The terms ‘‘State credit union’’ and ‘‘State-chartered credit union’’ mean a credit union organized and operated according to the laws of any State, the District of Columbia, the several territories and possessions of the United States, the Panama Canal Zone, or the Commonwealth of Puerto Rico, which laws provide for the organization of credit unions similar in principle and objectives to Federal credit unions; (7) The term ‘‘insured credit union’’ means any credit union the member accounts of which are insured in accordance with the pro- visions of subchapter II of this chapter, and the term ‘‘noninsured credit union’’ means any credit union the member accounts of which are not so insured; (8) The term ‘‘Fund’’ means the National Credit Union Share Insurance Fund; and (9) The term ‘‘branch’’ includes any branch credit union, branch office, branch agency, ad- ditional office, or any branch place of business located in any State of the United States, the District of Columbia, the several territories, including the trust territories, and possessions of the United States, the Panama Canal Zone, or the Commonwealth of Puerto Rico, at which member accounts are established or