12 U.S.C. § 1772c — Trust fund

Page 882 TITLE 12—BANKS AND BANKING § 1772b 1 See References in Text note below. § 1772b. Apportionment Notwithstanding any other provision of law, funds received by the Board pursuant to any method provided by this chapter, and interest, dividend, or other income thereon, shall not be subject to apportionment for the purpose of chapter 15 of title 31 or under any other author- ity. (June 26, 1934, ch. 750, title I, § 128, as added Pub. L. 100–86, title V, § 505(e), Aug. 10, 1987, 101 Stat. 633.) § 1772c. Trust fund Notwithstanding any other provision of law, all moneys of the Board shall be treated as trust funds for the purpose of section 906(a)(2) 1 of title 2. This section is effective for fiscal year 1986 and every fiscal year thereafter. (June 26, 1934, ch. 750, title I, § 129, as added Pub. L. 100–86, title VII, § 708, Aug. 10, 1987, 101 Stat. 653.) Editorial Notes REFERENCES IN TEXT Section 906(a) of title 2, referred to in text, was amended generally by Pub. L. 101–508, title XIII, § 13101(d)(1), Nov. 5, 1990, 104 Stat. 1388–589, and subse- quently repealed by Pub. L. 111–139, title I, § 10(a), Feb. 12, 2010, 124 Stat. 21. Provisions similar to those for- merly appearing in section 906(a)(2) are now contained in section 906(k)(6) of Title 2, The Congress. § 1772c–1. Community development revolving loan fund for credit unions (a) In general The Board may exercise the authority granted to it by the Community Development Credit Union Revolving Loan Fund Transfer Act, in- cluding any additional appropriation made or earnings accrued, subject only to this section and to regulations prescribed by the Board. (b) Investment The Board may invest any idle Fund moneys in United States Treasury securities. Any inter- est accrued on such securities shall become a part of the Fund. (c) Loans The Board may require that any loans made from the Fund be matched by increased shares in the borrower credit union. (d) Interest Interest earned by the Fund may be allocated by the Board for technical assistance to commu- nity development credit unions, subject to an appropriations Act. (e) ‘‘Fund’’ defined As used in this section, the term ‘‘Fund’’ means the Community Development Credit Union Revolving Loan Fund. (June 26, 1934, ch. 750, title I, § 130, as added Pub. L. 103–325, title I, § 120(b), Sept. 23, 1994, 108 Stat. 2188.) Editorial Notes REFERENCES IN TEXT The Community Development Credit Union Revolv- ing Loan Fund Transfer Act, referred to in subsec. (a), is Pub. L. 99–609, Nov. 6, 1986, 100 Stat. 3475, which is set out as a note under section 9822 of Title 42, The Public Health and Welfare. § 1772d. Forfeiture of organization certificate for money laundering or cash transaction re- porting offenses (a) Forfeiture of franchise for money laundering or cash transaction reporting offenses (1) Conviction of title 18 offenses (A) Duty to notify If a credit union has been convicted of any criminal offense under section 1956 or 1957 of title 18, the Attorney General shall provide to the Board a written notification of the conviction and shall include a certified copy of the order of conviction from the court rendering the decision. (B) Notice of termination; pretermination hearing After receiving written notification from the Attorney General of such a conviction, the Board shall issue to such credit union a notice of its intention to terminate all rights, privileges, and franchises of the cred- it union and schedule a pretermination hear- ing. (2) Conviction of title 31 offenses If a credit union is convicted of any criminal offense under section 5322 or 5324 of title 31 after receiving written notification from the Attorney General, the Board may issue to such credit union a notice of its intention to terminate all rights, privileges, and franchises of the credit union and schedule a pretermination hearing. (3) Judicial review Section 1786(j) of this title shall apply to any proceeding under this section. (b) Factors to be considered In determining whether a franchise shall be forfeited under subsection (a), the Board shall take into account the following factors: (1) The extent to which directors, committee members, or senior executive officers (as de- fined by the Board in regulations which the Board shall prescribe) of the credit union knew of, or were involved in, the commission of the money laundering offense of which the credit union was found guilty. (2) The extent to which the offense occurred despite the existence of policies and proce- dures within the credit union which were de- signed to prevent the occurrence of any such offense. (3) The extent to which the credit union has fully cooperated with law enforcement au- thorities with respect to the investigation of the money laundering offense of which the credit union was found guilty. (4) The extent to which the credit union has implemented additional internal controls (since the commission of the offense of which