§1767 — Title 12 Banks and Banking | U.S. Code

Summary

Federal credit unions must serve as fiscal agents if the Treasury Secretary asks. They must help collect taxes and handle the government’s borrowing, lending, and repayment, including issuing or selling government debt like bonds and notes. The Board must give the Treasury names, addresses, and other requested info about federal credit unions. The Treasury can also name a federal credit union to hold public money (not customs receipts) under its rules. If a federal credit union receives deposits from the U.S. government, an Indian tribe, or a state or local government, it may pledge its own assets to secure those deposits.

Title 12, §1767

Banks and Banking — Source: USLM XML via OLRC

(a)Each Federal credit union organized under this chapter, when requested by the Secretary of the Treasury, shall act as fiscal agent of the United States and shall perform such services as the Secretary of the Treasury may require in connection with the collection of taxes and other obligations due the United States and the lending, borrowing, and repayment of money by the United States, including the issue, sale, redemption, or repurchase of bonds, notes, Treasury certificates of indebtedness, or other obligations of the United States; and to facilitate such purposes the Board shall furnish to the Secretary of the Treasury from time to time the names and addresses of all Federal credit unions with such other available information concerning them as may be requested by the Secretary of the Treasury. Any Federal credit union organized under this chapter, when designated for that purpose by the Secretary of the Treasury, shall be a depository of public money, except receipts from customs, under such regulations as may be prescribed by the Secretary of the Treasury.

(b)Any Federal credit union, upon the deposit with it of any funds by the Federal Government, an Indian tribe, or any State or local government or political subdivision thereof as otherwise authorized by this chapter, is authorized to pledge any of its assets securing the payment of the funds so deposited.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1987—Pub. L. 100–86 designated existing provisions as subsec. (a) and added subsec. (b). 1978—Pub. L. 95–630 substituted “Board” for “Administrator”. 1970—Pub. L. 91–206 substituted “Administrator” for “Director”.

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.

§1767 Fiscal agents and depositories; authorization to secure deposits by governmental bodies