12 U.S.C. § 1772c–1 — Community development revolving loan fund for credit unions
submitted 92 years ago by Pub. L. 103-325 to r/title-12-BANKS-AND-BANKING · 140 words · no verdicts yet
This section governs the Board's authority over the Community Development Credit Union Revolving Loan Fund. It permits investment of idle money, matching shares for loans, and technical assistance funded by interest.
This section governs the Board's authority over the Community Development Credit* Union Revolving Loan Fund. It permits investment of idle money, matching shares for loans, and technical assistance funded by interest.
(a) In general. The Board* may exercise the authority granted by the Community Development Credit Union Revolving Loan Fund Transfer Act. This includes any additional appropriation made to the Fund and any earnings that accrue. The authority is subject only to this section and regulations issued by the Board.
(b) Investment. The Board may invest idle Fund money in securities of the United States Treasury. Any interest earned on those securities becomes part of the Fund.
(c) Loans. The Board may require every loan made from the Fund to be matched by increased shares in the credit union that borrows the money.
(d) Interest. Subject to an appropriations Act, the Board may allocate interest earned by the Fund for technical assistance to community development credit unions.
(e) “Fund” defined. In this section, “Fund” means the Community Development Credit Union Revolving Loan Fund.
The Board* may exercise the authority granted to it by the Community Development Credit* Union Revolving Loan Fund Transfer Act, including any additional appropriation made or earnings accrued, subject only to this section and to regulations prescribed by the Board.
The Board may invest any idle Fund moneys in United States Treasury securities. Any interest accrued on such securities shall become a part of the Fund.
The Board may require that any loans made from the Fund be matched by increased shares in the borrower credit union.
Interest earned by the Fund may be allocated by the Board for technical assistance to community development credit unions, subject to an appropriations Act.
As used in this section, the term “Fund” means the Community Development Credit Union Revolving Loan Fund.
Source credit: (June 26, 1934, ch. 750, title I, § 130, as added Pub. L. 103–325, title I, § 120(b), Sept. 23, 1994, 108 Stat. 2188.)
- 1934Enacted · Pub. L. 103-325 · 108 Stat. 2188
A history note hasn’t been published yet. The record shows enactment by Pub. L. 103-325 on 1934-06-26.
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