12 U.S.C. § 4311 — Credit unions

submitted 35 years ago by Pub. L. 102-242 to r/title-12-BANKS-AND-BANKING · 94 words · no verdicts yet

in plain englishAI-generated · not legal advice

Bureau regulations do not directly apply to the specified institutions. The NCUA Board must issue substantially similar credit-union rules within 90 days.

(a) A Bureau regulation under this chapter may not directly apply to an institution described in section 461(b)(1)(A)(iv). (b) Within 90 days after such a regulation takes effect, the National Credit Union Administration Board must issue a substantially similar regulation, considering credit unions’ unique nature and limits on paying dividends on member accounts.

the actual law source: uscode.house.gov ↗public domain

(a) In general

No regulation prescribed by the Bureau under this chapter shall apply directly with respect to any depository institution described in clause (iv) of section 461(b)(1)(A) of this title.

(b) Regulations prescribed by NCUA

Within 90 days of the effective date of any regulation prescribed by the Bureau under this chapter, the National Credit Union Administration Board shall prescribe a regulation substantially similar to the regulation prescribed by the Bureau taking into account the unique nature of credit unions and the limitations under which they may pay dividends on member accounts.

Source credit: (Pub. L. 102–242, title II, § 272, Dec. 19, 1991, 105 Stat. 2342; Pub. L. 102–550, title XVI, § 1604(e)(2)(P), (Q), Oct. 28, 1992, 106 Stat. 4084; Pub. L. 111–203, title X, § 1100B(1), (3), July 21, 2010, 124 Stat. 2109, 2110.)

history & why it existsrecord from the source credit

1991Enacted · Pub. L. 102-242 · 105 Stat. 2342
1992Amended · Pub. L. 102-550 · 106 Stat. 4084
2010Amended · Pub. L. 111-203 · 124 Stat. 2109, 2110

A history note hasn’t been published yet. The record shows enactment by Pub. L. 102-242 on 1991-12-19.

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