§ 1784. Examination of insured credit unions
1,245 words·~6 min read·
/usc/title-12/section-1784A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Examiners and claim agents; powers; report by examiner; jurisdiction of court The Board shall appoint examiners who shall have power, on its behalf, to examine any insured credit union, any credit union making application for insurance of its member accounts, or any closed insured credit union whenever in the judgment of the Board an examination is necessary to determine the condition of any such credit union for insurance purposes. Each examiner shall have power to make a thorough examination of all of the affairs of the credit union and shall make a full and detailed report of the condition of the credit union to the Board. The Board in like manner shall appoint claim agents who shall have power to investigate and examine all claims for insured member accounts. Each claim agent shall have power to administer oaths and affirmations, to examine and to take and preserve testimony under oath as to any matter in respect to claims for insured accounts, and to issue subpenas and subpenas duces tecum and, for the enforcement thereof, to apply to the United States district court for the judicial district or the United States court in any territory in which the principal office of the credit union is located or in which the witness resides or carries on business. Such courts shall have jurisdiction and power to order and require compliance with any such subpena.
(b)Power of Board; jurisdiction of court In connection with examinations of insured credit unions, or with other types of investigations to determine compliance with applicable law and regulations, the Board, or its designated representatives, shall have power to administer oaths and affirmations, to examine and to take and preserve testimony under oath as to any matter in respect of the affairs of any such credit union, and to issue subpenas and subpenas duces tecum and to exercise such other powers as are set forth in section 1786(p) of this title and, for the enforcement thereof, to apply to the United States district court for the judicial district or the United States Court in any territory in which the principal office of the credit union is located or in which the witness resides or carries on business. Such courts shall have jurisdiction and power to order and require compliance with any such subpena.
(c)Court orders enforcing subpenas; immunity In cases of refusal to obey a subpena issued to, or contumacy by, any person, the Board may invoke the aid of any court of the United States within the jurisdiction of which such hearing, examination, or investigation is carried on, or where such person resides or carries on business, in requiring the attendance and testimony of witnesses and the production of books, records, or other papers. Such court may issue an order requiring such person to appear before the Board, or before a person designated by it, there to produce records, if so ordered, or to give testimony touching the matter in question. Any failure to obey such order of the court may be punished by such court as a contempt thereof. All process in any such case may be served in the judicial district whereof such person is an inhabitant or carries on business or wherever he may be found. No person shall be excused from attending and testifying or from producing books, records, or other papers in obedience to a subpena issued under the authority of this subchapter on the ground that the testimony or evidence, documentary or otherwise, required of him may tend to incriminate him or subject him to penalty or forfeiture, but no individual shall be prosecuted or subject to any penalty or forfeiture for or on account of any transaction, matter, or thing concerning which he is compelled to testify or produce evidence, documentary or otherwise, after having claimed his privilege against self-incrimination, except that such individual so testifying shall not be exempt from prosecution and punishment for perjury committed in so testifying.
(d)Administration acceptance of State board reports; reports of Board furnished to State board The Administration may accept any report of examination made by or to any commission, board, or authority having supervision of a State-chartered credit union and may furnish to any such commission, board, or authority reports of examination made on behalf of the Board.
(e)Flood insurance compliance by insured credit unions
(1)Examination The Board shall, during each examination conducted under this section, determine whether the insured credit union is complying with the requirements of the national flood insurance program.
(2)Report
(A)Requirement Not later than 1 year after September 23, 1994, and biennially thereafter for the next 4 years, the Board shall submit a report to the Congress on compliance by insured credit unions with the requirements of the national flood insurance program.
(B)Contents The report shall include a description of the methods used to determine compliance, the number of insured credit unions examined during the reporting year, a listing and total number of insured credit unions found not to be in compliance, actions taken to correct incidents of noncompliance, and an analysis of compliance, including a discussion of any trends, patterns, and problems, and recommendations regarding reasonable actions to improve the efficiency of the examinations processes.
(f)Access to liquidity The Board shall—
(1)periodically assess the potential liquidity needs of each insured credit union, and the options that the credit union has available for meeting those needs; and
(2)periodically assess the potential liquidity needs of insured credit unions as a group, and the options that insured credit unions have available for meeting those needs.
(g)Sharing information with Federal reserve banks The Board shall, for the purpose of facilitating insured credit unions’ access to liquidity, make available to the Federal reserve banks (subject to appropriate assurances of confidentiality) information relevant to making advances to such credit unions, including the Board’s reports of examination.
(June 26, 1934, ch. 750, title II, § 204, as added Pub. L. 91–468, § 1(3), Oct. 19, 1970, 84 Stat. 1001; amended Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 101–73, title IX, § 915(a), Aug. 9, 1989, 103 Stat. 486; Pub. L. 103–325, title V, § 529(b), Sept. 23, 1994, 108 Stat. 2266; Pub. L. 105–219, title III, § 303, Aug. 7, 1998, 112 Stat. 934; Pub. L. 109–351, title VII, § 726(13), Oct. 13, 2006, 120 Stat. 2002.)
Connections47 cite this · traces to 2
Cited by 47 sections · top 41
register
- Proposed RulesProposed rule
- Proposed RulesProposed rule
- Proposed RulesProposed rule
- Rules and RegulationsFinal rule
- NoticesProposed rule
- Proposed RulesSupplemental proposed rule
- Proposed RulesProposed rule
- Proposed RulesNotice of proposed rulemaking
- NoticesNotice of a rescinded system of records; notice of a modified system of records
- NoticesNotice of a modified system of records; notice of modified standard routine uses
- Rules and RegulationsProposed rule
- NoticesRequest for comment
- Rules and RegulationsRequest for comment
- Proposed RulesProposed rule
- NoticesFinal notice
statutes-at-large
- Public Law 101–73To reform, recapitalize, and consolidate the Federal deposit insurance system, to enhance the regulatory and enforcement powers of Federal financial institutions regulatory agencies, and for other purposes
- Public Law 105–219To amend the Federal Credit Union Act to clarify existing law with regard to the field of membership of Federal credit unions, to preserve the integrity and purpose of Federal credit unions, to enhance supervisory oversight of insured credit unions, and for other purposes
- Public Law 109–351To provide regulatory relief and improve productivity for insured depository institutions, and for other purposes
statute-compilations
bill
- Sec. 2Extension of examination cycle of the National Credit Union Administration to 18 months
- Sec. 1186Extension of examination cycle of the National Credit Union Administration to 18 months or longer
- Sec. 1186Extension of examination cycle of the National Credit Union Administration to 18 months or longer
- Sec. 507Enforcement of mandatory purchase requirements
- Sec. 508Enforcement of mandatory purchase requirements
- Sec. 507Enforcement of mandatory purchase requirements
- Sec. 508Enforcement of mandatory purchase requirements
- Sec. 2Timeliness of examinations and required permission, regulatory, and reporting guidance
- Sec. 401Timeliness of examinations and required permission, regulatory, and reporting guidance
- Sec. 401Timeliness of examinations and required permission, regulatory, and reporting guidance
- Sec. 2Examination relief for certain well managed and well capitalized financial institutions
- Sec. 2Examination relief for certain well managed and well capitalized financial institutions
- Sec. 3Examination practices
- Sec. 2Examination relief for certain well managed and well capitalized financial institutions
- Sec. 3Examination practices
- Sec. 2Examination relief for certain well managed and well capitalized financial institutions
- Sec. 3Examination practices
- Sec. 603Supervisory Modifications for Appropriate Risk-based Testing
- Sec. 603Supervisory Modifications for Appropriate Risk-based Testing
- Sec. 303Supervisory Modifications for Appropriate Risk-based Testing
- Sec. 303Supervisory Modifications for Appropriate Risk-based Testing
20 references not yet in our index
- June 26, 1934, ch. 750
- Pub. L. 91–468, § 1(3)
- 84 Stat. 1001
- Pub. L. 95–630, title V, § 502(b)
- 92 Stat. 3681
- Pub. L. 101–73, title IX, § 915(a)
- 103 Stat. 486
- Pub. L. 103–325, title V, § 529(b)
- 108 Stat. 2266
- Pub. L. 105–219, title III, § 303
- 112 Stat. 934
- Pub. L. 109–351, title VII, § 726(13)
- 120 Stat. 2002
- Pub. L. 109–351
- Pub. L. 105–219
- Pub. L. 103–325
- Pub. L. 101–73, § 915(a)(1)
- Pub. L. 101–73, § 915(a)(2)
- Pub. L. 95–630
- section 509 of Pub. L. 95–630
Citation graph
cites case law
§ 1784
Examination of insured credit unions
Bills×25
Fed. Reg.×16
Stat.×3
U.S.C.×2
Stat. Comp.×1
ActJune 26, 1934, ch. 750
Pub. L.Pub. L. 91–468, § 1(3)
Stat.84 Stat. 1001
Pub. L.Pub. L. 95–630, title V, § 502(b)
Stat.92 Stat. 3681
Cites 22 · showing 7Cited by 47 across 5 sources