12 U.S.C. § 1751 — Short title

Page 853 TITLE 12—BANKS AND BANKING § 1751 CHAPTER 14—FEDERAL CREDIT UNIONS Sec. 1751. Short title. 1751a. Omitted. SUBCHAPTER I—GENERAL PROVISIONS 1752. Definitions. 1752a. National Credit Union Administration. 1753. Federal credit union organization. 1754. Approval of organization certificate. 1755. Fees. 1756. Reports and examinations. 1756a. Omitted. 1757. Powers. 1757a. Limitation on member business loans. 1758. Bylaws. 1759. Membership. 1760. Members’ meetings. 1761. Management. 1761a. Officers of the board. 1761b. Board of directors; meetings; powers and du- ties; executive committee; membership offi- cers; membership application. 1761c. Credit committee. 1761d. Supervisory committee; powers and duties; suspension of members; passbook. 1762. Repealed. 1763. Dividends. 1764. Expulsion and withdrawal. 1765. Minors. 1766. Powers of Board. 1767. Fiscal agents and depositories; authorization to secure deposits by governmental bodies. 1768. Taxation. 1769. Separability; right to alter, amend, or repeal chapter. 1770. Allotment of space in Federal buildings or Federal land. 1771. Conversion from Federal to State credit union and from State to Federal credit union. 1772. Territorial application of chapter. 1772a. Gifts; acceptance of conditional gifts; deposit. 1772b. Apportionment. 1772c. Trust fund. 1772c–1. Community development revolving loan fund for credit unions. 1772d. Forfeiture of organization certificate for money laundering or cash transaction re- porting offenses. 1772e. Data standards. 1772f. Open data publication. 1773. District of Columbia credit unions; conver- sion to Federal status. 1774. Approval of certificate; assets and obligations of applicant credit union. 1775. Conditions upon conversion to Federal status. SUBCHAPTER II—SHARE INSURANCE 1781. Insurance of member accounts. 1782. Administration of insurance fund. 1783. National Credit Union Share Insurance Fund. 1784. Examination of insured credit unions. 1785. Requirements governing insured credit unions. 1786. Termination of insured credit union status; cease and desist orders; removal or suspen- sion from office; procedure. 1786a. Omitted. 1787. Payment of insurance. 1788. Special assistance to avoid liquidation. 1789. Administrative provisions. 1789a. Credit unions as depositaries of public money; fiscal agents; duties. 1790. Nondiscriminatory provision. 1790a. Board disapproval of directors, committee members, and senior executive officers of insured credit unions. 1790b. Credit union employee protection remedy. 1790c. Reward for information leading to recoveries or civil penalties. 1790d. Prompt corrective action. 1790e. Temporary Corporate Credit Union Stabiliza- tion Fund. SUBCHAPTER III—CENTRAL LIQUIDITY FACILITY 1795. Congressional findings. 1795a. Definitions. 1795b. National Credit Union Administration Cen- tral Liquidity Facility; establishment; management; jurisdiction. 1795c. Membership. 1795d. Capital stock. 1795e. Extensions of credit. 1795f. Powers of Board. 1795g. Depositories, custodians, and fiscal agents. 1795h. Audit of financial transactions. 1795i. Annual report. 1795j. Agent of Federal Reserve System. 1795k. State and local tax exemption. § 1751. Short title This chapter may be cited as the ‘‘Federal Credit Union Act’’. (June 26, 1934, ch. 750, § 1, 48 Stat. 1216; Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 628.) Editorial Notes AMENDMENTS 1959—Pub. L. 86–354 reen acted section without change. Statutory Notes and Related Subsidiaries SHORT TITLE OF 2022 AMENDMENT Pub. L. 117–103, div. T, § 101, Mar. 15, 2022, 136 Stat. 823, provided that: ‘‘This division [amending section 1764 of this title] may be cited as the ‘Credit Union Governance Modernization Act of 2022’.’’ SHORT TITLE OF 2014 AMENDMENT Pub. L. 113–252, § 1, Dec. 18, 2014, 128 Stat. 2893, pro- vided that: ‘‘This Act [amending section 1787 of this title] may be cited as the ‘Credit Union Share Insur- ance Fund Parity Act’.’’ SHORT TITLE OF 1998 AMENDMENT Pub. L. 105–219, § 1(a), Aug. 7, 1998, 112 Stat. 913, pro- vided that: ‘‘This Act [enacting sections 1757a and 1790d of this title, amending sections 1752a, 1759, 1782, and 1784 to 1787 of this title, repealing section 1762 of this title, and enacting provisions set out as notes under this section and sections 1752a, 1757a, 1759, 1790d, 4801, and 4803 of this title] may be cited as the ‘Credit Union Membership Access Act’.’’ SHORT TITLE OF 1987 AMENDMENT Pub. L. 100–86, title VII, § 701, Aug. 10, 1987, 101 Stat. 652, provided that: ‘‘This title [enacting section 1772c of this title and amending sections 1757, 1761a, 1761b, 1764, 1766, 1767, and 1786 to 1788 of this title and sections 45, 46, and 57a of Title 15, Commerce and Trade] may be cited as the ‘Credit Union Amendments of 1987’.’’ SHORT TITLE OF 1978 AMENDMENT Pub. L. 95–630, title XVIII, § 1801, Nov. 10, 1978, 92 Stat. 3719, provided that: ‘‘This title [enacting subchapter III of this chapter and amending section 1757 of this title, section 709 of Title 18, Crimes and Criminal Procedure, and section 856 of former Title 31, Money and Finance] may be cited as the ‘National Credit Union Central Li- quidity Facility Act’.’’ CONGRESSIONAL FINDINGS Pub. L. 105–219, § 2, Aug. 7, 1998, 112 Stat. 913, provided that: ‘‘The Congress finds the following: 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