12 U.S.C. § 1772c–1 — Community development revolving loan fund for credit unions

FEDERAL · 12 U.S.C. · Chapter 14

Community development revolving loan fund for credit unions

Current through Pub. L. 119-102

Title 12 — Banks and Banking·Ch. 14 — FEDERAL CREDIT UNIONS·Subch. I

(a)In general The Board may exercise the authority granted to it by the Community Development Credit Union Revolving Loan Fund Transfer Act, including 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 interest 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 community development credit unions, subject to an appropriations Act.

(e)"Fund" defined As used in this section, the term "F

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(a) In general
The Board may exercise the authority granted to it by the Community Development Credit Union Revolving Loan Fund Transfer Act, including 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 interest 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 community 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.

12 U.S.C. § 1772c–1 (Community development revolving loan fund for credit unions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(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

Editorial Notes

References in Text
The Community Development Credit Union Revolving 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.