§ 1795f. Powers of Board
1,223 words·~6 min read·
/usc/title-12/section-1795fA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)General authorities The Board on behalf of the Facility shall have the ability to—
(1)prescribe the manner in which the general business of the Facility shall be conducted;
(2)prescribe rules and regulations to carry out this subchapter;
(3)determine the expenditures incurred by the Administration to carry out this subchapter, and the expenditures incurred by the Facility to carry out subchapters I and II of this chapter, and annually assess the Facility and the Administration accordingly;
(4)borrow from—
(A)any source, provided that the total face value of these obligations shall not exceed twelve times the subscribed capital stock and surplus of the Facility, provided that, the total face value of such obligations shall not exceed 16 times the subscribed capital stock and surplus of the Facility for the period beginning on March 27, 2020, and ending on December 31, 2021; and
(B)the National Credit Union Share Insurance Fund up to $500,000 to defray initial organizational and operating expenses of the Facility at such rates and terms consistent with prevailing market conditions;
(5)guarantee performance of the terms of any financial obligation of a member but only when such obligation bears a clear and conspicuous notice on its face that only the resources of the Facility underlie such guarantee;
(6)purchase any asset from a member with the member’s endorsement;
(7)invest in obligations of the United States or any agency thereof;
(8)make deposits in federally insured financial institutions and make investments in shares or deposits of credit unions;
(9)sue and be sued, complain, and defend, in any State or Federal court;
(10)adopt a seal;
(11)pursue to final disposition by way of compromise or otherwise claims both for and against the United States (other than tort claims, claims involving administrative expenses, and claims in excess of $5,000 arising out of contracts for construction, repairs, and the purchase of supplies and materials) which are not in litigation and have not been referred to the Department of Justice;
(12)appoint officers and employees to assist in carrying out this subchapter, who shall be appointed subject to the provisions of title 5;
(13)conduct business, carry on operations, have offices, and exercise the powers granted by this subchapter in any State or territory;
(14)lease, purchase, or otherwise acquire and own, hold, improve, use, or otherwise deal in and with property, real, personal, or mixed, or any interest therein, wherever situated;
(15)enter into contracts with any public or private organization, partnership, corporation, or individual;
(16)advance funds on a fully secured basis to a State credit union share or deposit insurance corporation, guaranty credit union, or guaranty association. Such advance shall not exceed twelve months in maturity, shall be relent at an interest rate not exceeding that imposed by the Facility, and shall not be renewable;
(17)exercise such incidental powers as shall be necessary or requisite to enable it to carry out effectively the purposes for which the facility is incorporated; and
(18)advance funds to the National Credit Union Share Insurance Fund under such terms and conditions as may be established by the Board.
(b)Collection and settlement of checks, share drafts, etc.; charges; rules and regulations
(1)The Board may authorize the Central Liquidity Facility or its Agent members, subject to such rules and regulations, including definitions of terms used in this subsection, as the Board shall from time to time prescribe, to be drawees of, and to engage in, or be agents or intermediaries for, or otherwise participate or assist in, the collection and settlement of (including presentment, clearing, and payment of, and remitting for), checks, share drafts, or any other negotiable or nonnegotiable items or instruments of payment drawn on or issued by members of the Central Liquidity Facility, any of its Agent members, or any other credit union eligible to become a member of the Central Liquidity Facility, and to have such incidental powers as the Board shall find necessary for the exercise of any such authorization.
(2)The Central Liquidity Facility or its Agent members shall make charges, to be determined and regulated by the Board consistent with the principles set forth in section 248a(c) of this title, or utilize the services of, or act as agent for, or be a member of, a Federal Reserve bank, clearinghouse, or any other public or private financial institution or other agency, in the exercise of any powers or functions pursuant to this subsection.
(3)The Board is authorized, with respect to participation in the collection and settlement of any items by the Central Liquidity Facility or by its Agent members, and with respect to the collection and settlement (including payment by the payor institution) of items payable by members of the Central Liquidity Facility or of any of its Agent members, to prescribe rules and regulations regarding the rights, powers, responsibilities, duties, and liabilities, including standards relating thereto, of such entities and other parties to any such items or their collection and settlement. In prescribing such rules and regulations, the Board may adopt or apply, in whole or in part, general banking usage and practices, and, in instances or respects in which they would otherwise not be applicable, Federal Reserve regulations and operating letters, the Uniform Commercial Code, and clearinghouse rules.
(June 26, 1934, ch. 750, title III, formerly subch. III, § 307, as added and amended Pub. L. 95–630, title V, § 502(b), title XVIII, § 1802, Nov. 10, 1978, 92 Stat. 3681, 3722; Pub. L. 96–221, title III, §§ 309(a)(3), (4), (b), 312, Mar. 31, 1980, 94 Stat. 149, 150; Pub. L. 97–320, title V, § 531, Oct. 15, 1982, 96 Stat. 1536; Pub. L. 116–136, div. A, title IV, § 4016(a)(4), Mar. 27, 2020, 134 Stat. 482; Pub. L. 116–260, div. N, title V, § 540(b), Dec. 27, 2020, 134 Stat. 2090.)
Connections31 cite this · traces to 5
Cited by 31 sections · top 28
public-private-law
statutes-at-large
- Public Law 116–136To amend the Internal Revenue Code of 1986 to repeal the excise tax on high cost employer-sponsored health coverage
- Public Law 95–630To extend the authority for the flexible regulation of Interest rates on deposits and accounts in depository institutions
- Public Law 110–329Making appropriations for the Department of Homeland Security for the fiscal year ending September 30, 2008, and for other purposes
- Public Law 111–117Making appropriations for the Departments of Transportation, and Housing and Urban Development, and related agencies for the fiscal year ending September 30, 2010, and for other purposes
- Public Law 116–260Making consolidated appropriations for the fiscal year ending September 30, 2021, providing coronavirus emergency response and relief, and for other purposes
- Public Law 96–221To facilitate the implementation of monetary policy, to provide for the gradual elimination of all limitations on the rates of interest which are payable on deposits and accounts, and to authorize interest-bearing transaction accounts, and for other purposes
- Public Law 111–8Making omnibus appropriations for the fiscal year ending September 30, 2009, and for other purposes
statute-compilations
- Sec. 4016TEMPORARY CREDIT UNION PROVISIONS
- Sec. 307powers of the administrator
- Sec. 505None of the funds made available by this Act may be used in contravention of Executive Order No. 12898 of February 11, 1994 (“Federal Actions to Address Environmental Justice in Minority Populations and Low-Income Populations”).
register
bill
- Sec. 526
- Sec. 2Temporary credit union provisions
- Sec. 4016Temporary credit union provisions
- Sec. 4016Temporary credit union provisions
- Sec. 2Temporary credit union provisions
- Sec. 2Permanent extension of enhancements
- Sec. 5423Extension of the Central Liquidity Facility
- Sec. 5423Extension of the Central Liquidity Facility
- Sec. 2Permanent extension of certain enhancements
17 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
- 94 Stat. 149
- Pub. L. 97–320, title V, § 531
- 96 Stat. 1536
- 134 Stat. 482
- 134 Stat. 2090
- Section 309(b)(1) of Pub. L. 96–221
- act June 26, 1934, ch. 750
- Pub. L. 97–320
- Pub. L. 96–221
- Pub. L. 95–630
- Pub. L. 95–630, § 502(b)
- section 509 of Pub. L. 95–630
- section 1806 of Pub. L. 95–630
Citation graph
cites case law
§ 1795f
Powers of Board
Bills×9
Fed. Reg.×8
Stat.×8
Pub. L.×3
Stat. Comp.×3
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
Stat.94 Stat. 149
Cites 22 · showing 10Cited by 31 across 5 sources