§ 1795e. Extensions of credit
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/usc/title-12/section-1795eA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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 association.
(b)The Secretary of the Treasury is authorized to lend to the Facility up to $500,000,000, in the event the Board certifies to the Secretary that the Facility does not have sufficient funds to meet liquidity needs of credit unions. Any such loan shall bear an interest rate not greater than one-eighth of 1 per centum above the current average market yield on outstanding obligations of the United States with remaining time to maturity comparable to the maturity of such loan. The authority of the Secretary to lend under this subsection shall be limited to such extent or in such amounts as are provided in advance in appropriation Acts.
(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.)
Connections25 cite this · traces to 4
Cited by 25 sections · top 20
public-private-law
statutes-at-large
statute-compilations
register
- NoticesNotice and request for comments
- Rules and RegulationsFinal Interpretive Ruling and Policy Statement (IRPS) 01-2, “Central Liquidity Facility Advance Policy
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- NoticesNotice and request for comment
- NoticesProposed Interpretive Ruling and Policy Statement (IRPS) 00-2, “Central Liquidity Facility Advance Policy”, with request for comments
- Proposed RulesInterim final rule with request for comments
- Rules and RegulationsNotice and request for comment
- Rules and RegulationsNotice
- Proposed RulesProposed rule
- Proposed RulesAdvance notice of proposed rulemaking with request for comment (ANPR)
- UnknownInterim final rule with request for comments
Traces to 4 documents
13 references not yet in our index
- June 26, 1934, ch. 750
- Pub. L. 95–630, title V, § 502(b)
- 92 Stat. 3681
- Pub. L. 96–221, title III, § 309(a)(4)
- 94 Stat. 149
- 134 Stat. 482
- Section 309(b)(1) of Pub. L. 96–221
- act June 26, 1934, ch. 750
- Pub. L. 96–221, § 309(a)(4)
- Pub. L. 95–630
- Pub. L. 95–630, § 502(b)
- section 509 of Pub. L. 95–630
- section 1806 of Pub. L. 95–630
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§ 1795e
Extensions of credit
Fed. Reg.×12
Bills×5
Stat. Comp.×3
Stat.×3
Pub. L.×2
ActJune 26, 1934, ch. 750
Pub. L.Pub. L. 95–630, title V, § 502(b)
Stat.92 Stat. 3681
Pub. L.Pub. L. 96–221, title III, § 309(a)(4)
Stat.94 Stat. 149
Cites 17 · showing 9Cited by 25 across 5 sources