Sec. 5. Credit unions
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/bill/116/s/821/is/section-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 13 of the Federal Reserve Act ( 12 U.S.C. 342 ) is amended by inserting after Provided further, That no such nonmember bank or trust company with more than $10,000,000,000 in total consolidated assets may refuse to do business with any person licensed under section 923 of title 18, United States Code, who is in compliance with the law, based on concerns other than traditional underwriting and credit considerations, as defined in section 10B(c): appropriate: . Section 206(b)(1) of the Federal Credit Union Act ( 12 U.S.C. 1786 ) is amended by inserting or is refusing or has refused to do business with any person licensed under section 923 of title 18, United States Code, who is in compliance with the law, based on concerns other than traditional underwriting and credit considerations, as defined in section 10B(c) of the Federal Reserve Act ( after 12 U.S.C. 347b(c) ), as an insured credit union, .
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U.S. Code
- Deposits; exchange and collection; member and nonmember banks or other depository institutions; charges§ 342
- Termination of insured credit union status; cease and desist orders; removal or suspension from office; procedure§ 1786
- Advances to individual member banks on time or demand notes; maturities; time notes secured by mortgage loans covering one-to-four family residences§ 347b
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