FEDERAL · 12 U.S.C. · Chapter SUBCHAPTER III—CENTRAL LIQUIDITY FACILITY
Extensions of credit
12 U.S.C. § 1795e
Title12 — Banks and Banking
ChapterSUBCHAPTER III—CENTRAL LIQUIDITY FACILITY
This text of 12 U.S.C. § 1795e (Extensions of credit) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
12 U.S.C. § 1795e.
Text
(a)(1) A member may apply for an extension of credit from the Facility to meet its liquidity needs. The Board shall approve or deny any such application within five working days after receiving it. The Board shall not approve an application for credit the intent of which is to expand credit union portfolios.
(2)The Board may advance funds to a member on terms and conditions prescribed by the Board after giving due consideration to creditworthiness.
(3)The Board shall not advance funds for the benefit of a credit union whose share or deposit accounts are insured by a State share or deposit guaranty credit union, insurance corporation, or guaranty association, without consultation with the appropriate State share or deposit guaranty credit union, insurance corporation, or guaranty associat
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Related
Debt Obligations of the National Credit Union Administration
(Office of Legal Counsel, 1982)
Source Credit
History
(June 26, 1934, ch. 750, title III, formerly subch. III, §306, as added and amended Pub. L. 95–630, title V, §502(b), title XVIII, §1802, Nov. 10, 1978, 92 Stat. 3681, 3721; Pub. L. 96–221, title III, §309(a)(4), (b)(1), Mar. 31, 1980, 94 Stat. 149; Pub. L. 116–136, div. A, title IV, §4016(a)(3), (b)(1)(C), Mar. 27, 2020, 134 Stat. 482.)
Editorial Notes
Editorial Notes
Codification
Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
Amendments
2020—Subsec. (a)(1). Pub. L. 116–136, §4016(b)(1)(C), which directed substitution of "the intent of which is to expand credit union portfolios" for "without first having obtained evidence from the applicant that the applicant has made reasonable efforts to first use primary sources of liquidity of the applicant, including balance sheet and market funding sources, to address the liquidity needs of the applicant" in the second sentence, was executed by making the substitution in the third sentence, to reflect the probable intent of Congress.
Pub. L. 116–136, §4016(a)(3), which directed substitution of "without first having obtained evidence from the applicant that the applicant has made reasonable efforts to first use primary sources of liquidity of the applicant, including balance sheet and market funding sources, to address the liquidity needs of the applicant" for "the intent of which is to expand credit union portfolios" in the second sentence, was executed by making the substitution in the third sentence, to reflect the probable intent of Congress.
1980—Subsecs. (a), (b). Pub. L. 96–221, §309(a)(4), substituted "Board" for "Administrator" wherever appearing, such change having been previously made by Pub. L. 95–630.
1978—Pub. L. 95–630, §502(b), substituted "Board" for "Administrator" wherever appearing.
Statutory Notes and Related Subsidiaries
Effective Date of 2020 Amendment
Amendment by section 4016(b)(1)(C) of Pub. L. 116–136, effective Dec. 31, 2020, see section 4016(b)(2) of Pub. L. 116–136, set out as a note under section 1795a of this title.
Effective Date of 1978 Amendment
Amendment effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
Effective Date
Section effective Oct. 1, 1979, see section 1806 of Pub. L. 95–630, set out as a note under section 1795 of this title.
Codification
Section 309(b)(1) of Pub. L. 96–221 redesignated subch. III as title III of act June 26, 1934, ch. 750, cited as a credit to this section.
Amendments
2020—Subsec. (a)(1). Pub. L. 116–136, §4016(b)(1)(C), which directed substitution of "the intent of which is to expand credit union portfolios" for "without first having obtained evidence from the applicant that the applicant has made reasonable efforts to first use primary sources of liquidity of the applicant, including balance sheet and market funding sources, to address the liquidity needs of the applicant" in the second sentence, was executed by making the substitution in the third sentence, to reflect the probable intent of Congress.
Pub. L. 116–136, §4016(a)(3), which directed substitution of "without first having obtained evidence from the applicant that the applicant has made reasonable efforts to first use primary sources of liquidity of the applicant, including balance sheet and market funding sources, to address the liquidity needs of the applicant" for "the intent of which is to expand credit union portfolios" in the second sentence, was executed by making the substitution in the third sentence, to reflect the probable intent of Congress.
1980—Subsecs. (a), (b). Pub. L. 96–221, §309(a)(4), substituted "Board" for "Administrator" wherever appearing, such change having been previously made by Pub. L. 95–630.
1978—Pub. L. 95–630, §502(b), substituted "Board" for "Administrator" wherever appearing.
Statutory Notes and Related Subsidiaries
Effective Date of 2020 Amendment
Amendment by section 4016(b)(1)(C) of Pub. L. 116–136, effective Dec. 31, 2020, see section 4016(b)(2) of Pub. L. 116–136, set out as a note under section 1795a of this title.
Effective Date of 1978 Amendment
Amendment effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.
Effective Date
Section effective Oct. 1, 1979, see section 1806 of Pub. L. 95–630, set out as a note under section 1795 of this title.
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12 U.S.C. § 1795e, Counsel Stack Legal Research, https://law.counselstack.com/usc/12/1795e.