12 U.S.C. § 1756 — Reports and examinations

Page 860 TITLE 12—BANKS AND BANKING § 1756 § 1756. Reports and examinations Federal credit unions shall be under the super- vision of the Board, and shall make financial re- ports 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 pur- pose shall make its books and records accessible to, any person designated by the Board. (June 26, 1934, ch. 750, title I, § 106, formerly § 6, 48 Stat. 1218; Dec. 6, 1937, ch. 3, § 1, 51 Stat. 4; 1947 Reorg. Plan No. 1, § 401, eff. July 1, 1947, 12 F.R. 4534, 61 Stat. 952; June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091; renumbered § 7 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 629; Pub. L. 91–206, § 2(1), Mar. 10, 1970, 84 Stat. 49; renum- bered title I, § 106, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 95–630, title V, § 508, Nov. 10, 1978, 92 Stat. 3683.) Editorial Notes AMENDMENTS 1978—Pub. L. 95–630 substituted ‘‘Board’’ for ‘‘Admin- istrator’’ in two places and ‘‘reports to it as and when it’’ for ‘‘reports to him as and when he’’ and struck out provisions relating to the payment of an examination fee by Federal credit unions and the deposit of such fee to the credit of the special fund created by section 1755 of this title. 1970—Pub. L. 91–206 substituted ‘‘Administrator’’ for ‘‘Director’’ in three places. 1959—Pub. L. 86–354 provided for the making of re- ports to the Director as and when he may require. 1937—Act Dec. 6, 1937, inserted ‘‘giving due consider- ation to the time and expense incident to such exami- nations, and to the ability of Federal credit unions to pay such fees’’ and struck out proviso relating to condi- tions relieving certain unions from payment of exam- ination fee. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1978 AMENDMENT Amendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provi- sions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title. Executive Documents TRANSFER OF FUNCTIONS Transfer of functions of Farm Credit Administration and Governor thereof, generally, see notes set out under section 1751 of this title. Functions of Governor of Farm Credit Administra- tion under this section transferred to Federal Deposit Insurance Corporation by Reorg. Plan No. 1 of 1947. § 1756a. Omitted Editorial Notes CODIFICATION Section, act July 22, 1942, ch. 516, 56 Stat. 700, which authorized reimbursement of Farm Credit Administra- tion personnel for use of private automobiles for exam- ining, supervising, and servicing Federal credit unions, was from the Department of Agriculture Appropriation Act, 1943, and was not repeated in subsequent appro- priation acts. Similar provisions were contained in act July 1, 1941, ch. 267, 55 Stat. 444, the Department of Ag- riculture Appropriation Act, 1942. § 1757. Powers A Federal credit union shall have succession in its corporate name during its existence and shall have power— (1) to make contracts; (2) to sue and be sued; (3) to adopt and use a common seal and alter the same at pleasure; (4) to purchase, hold, and dispose of property necessary or incidental to its operations; (5) to make loans, the maturities of which shall not exceed 15 years, except as otherwise provided herein, and extend lines of credit to its members, to other credit unions, and to credit union organizations and to participate with other credit unions, credit union organi- zations, or financial organizations in making loans to credit union members in accordance with the following: (A) Loans to members shall be made in conformity with criteria established by the board of directors: Provided, That— (i) a residential real estate loan on a one-to-four-family dwelling, including an individual cooperative unit, that is or will be the principal residence of a credit union member, and which is secured by a first lien upon such dwelling, may have a matu- rity not exceeding thirty years or such other limits as shall be set by the National Credit Union Administration Board (ex- cept that a loan on an individual coopera- tive unit shall be adequately secured as de- fined by the Board), subject to the rules and regulations of the Board; (ii) a loan to finance the purchase of a mobile home, which shall be secured by a first lien on such mobile home, to be used by the credit union member as his resi- dence, a loan for the repair, alteration, or improvement of a residential dwelling which is the residence of a credit union member, or a second mortgage loan se- cured by a residential dwelling which is the residence of a credit union member, shall have a maturity not to exceed 15 years or any longer term which the Board may allow; (iii) a loan secured by the insurance or guarantee of, or with advance commit- ment to purchase the loan by, the Federal Government, a State government, or any agency of either may be made for the ma- turity and under the terms and conditions specified in the law under which such in- surance, guarantee, or commitment is pro- vided; (iv) a loan or aggregate of loans to a di- rector or member of the supervisory or credit committee of the credit union mak- ing the loan which exceeds $20,000 plus pledged shares, be approved by the board of directors; (v) loans to other members for which di- rectors or members of the supervisory or credit committee act as guarantor or en- dorser be approved by the board of direc- tors when such loans standing alone or when added to any outstanding loan or loans of the guarantor or endorser exceeds $20,000; (vi) the rate of interest may not exceed 15 per centum per annum on the unpaid balance inclusive of all finance charges, except that the Board may establish—