§1772c–1 — Title 12 Banks and Banking | U.S. Code

Summary

The Board can run and use the Community Development Credit Union Revolving Loan Fund (called the Fund), including any extra money added to it and any earnings, following this section and the Board’s rules. The Board can invest unused Fund money in U.S. Treasury securities and keep the interest in the Fund. The Board can require loans from the Fund to be matched by higher shares in the borrowing credit union. The Board may also use interest from the Fund to pay for technical help to community development credit unions, but only if an appropriations Act allows it.

Title 12, §1772c–1

Banks and Banking — Source: USLM XML via OLRC

(a)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.

(b)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.

(c)The Board may require that any loans made from the Fund be matched by increased shares in the borrower credit union.

(d)Interest earned by the Fund may be allocated by the Board for technical assistance to community development credit unions, subject to an appropriations Act.

(e)As used in this section, the term “Fund” means the Community Development Credit Union Revolving Loan Fund.

Editorial Notes

References in Text

The Community Development Credit Union Revolving Loan Fund Transfer Act, referred to in subsec. (a), is Pub. L. 99–609, Nov. 6, 1986, 100 Stat. 3475, which is set out as a note under section 9822 of Title 42, The Public Health and Welfare.

§1772c–1 Community development revolving loan fund for credit unions

Summary

Title 12, §1772c–1

Notes & Related Subsidiaries

Editorial Notes

References in Text

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