Title 12Banks and BankingRelease 119-73

§1756 Reports and examinations

Title 12 › Chapter CHAPTER 14— - FEDERAL CREDIT UNIONS › Subchapter SUBCHAPTER I— - GENERAL PROVISIONS › § 1756

Last updated Apr 6, 2026|Official source

Summary

The Board oversees federal credit unions and can require them to send financial reports whenever it asks, but at least once a year. The Board can also appoint people to review a credit union, and the credit union must let those people look at its financial records and other papers.

Full Legal Text

Title 12, §1756

Banks and Banking — Source: USLM XML via OLRC

Federal credit unions shall be under the supervision of the Board, and shall make financial reports to it as and when it may require, but at least annually. Each Federal credit union shall be subject to examination by, and for this purpose shall make its books and records accessible to, any person designated by the Board.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

1978—Pub. L. 95–630 substituted “Board” for “Administrator” in two places and “reports to it as and when it” for “reports to him as and when he” and struck out provisions relating to the payment of an examination fee by Federal credit unions and the deposit of such fee to the credit of the special fund created by section 1755 of this title. 1970—Pub. L. 91–206 substituted “Administrator” for “Director” in three places. 1959—Pub. L. 86–354 provided for the making of reports to the Director as and when he may require. 1937—Act Dec. 6, 1937, inserted “giving due consideration to the time and expense incident to such examinations, and to the ability of Federal credit unions to pay such fees” and struck out proviso relating to conditions relieving certain unions from payment of examination fee.

Statutory Notes and Related Subsidiaries

Effective Date

of 1978 AmendmentAmendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.

Executive Documents

Transfer of Functions

of Farm Credit Administration and Governor thereof, generally, see notes set out under section 1751 of this title. Functions of Governor of Farm Credit Administration under this section transferred to Federal Deposit Insurance Corporation by Reorg. Plan No. 1 of 1947.

Reference

Citations & Metadata

Citation

12 U.S.C. § 1756

Title 12Banks and Banking

Last Updated

Apr 6, 2026

Release point: 119-73