§1755 — Title 12 Banks and Banking | U.S. Code

Summary

Federal credit unions must pay an annual operating fee to the Administration under rules the Board makes. The fee can be split into separate charges for different functions. The Board decides how the fee is figured, when it covers, and when payments are due, taking into account the Administration’s costs and the credit unions’ ability to pay. If the fee has separate parts, no supervision charge is due in the year the credit union gets its charter or the year it is liquidated or its charter is canceled, and the Board can waive other charges that year. All fees go to the U.S. Treasurer for the Administration’s account and can be spent to cover Administration expenses, including exams and oversight. At the Board’s request, the Treasury Secretary must invest unused portions in U.S. interest‑bearing securities with maturities the Board asks for and rates set by the Secretary after considering market yields; any income from those investments goes back into the Administration’s account.

Title 12, §1755

Banks and Banking — Source: USLM XML via OLRC

(a)In accordance with rules prescribed by the Board, each Federal credit union shall pay to the Administration an annual operating fee which may be composed of one or more charges identified as to the function or functions for which assessed.

(b)The fee assessed under this section shall be determined according to a schedule, or schedules, or other method determined by the Board to be appropriate, which gives due consideration to the expenses of the Administration in carrying out its responsibilities under this chapter and to the ability of Federal credit unions to pay the fee. The Board shall, among other things, determine the periods for which the fee shall be assessed and the date or dates for the payment of the fee or increments thereof.

(c)If the annual operating fee is composed of separate charges, no supervision charge shall be payable by a Federal credit union, and the Board may waive payment of any or all other charges comprising the fee, with respect to the year in which its charter is issued, or in which final distribution is made in its liquidation or the charter is canceled.

(d)All operating fees shall be deposited with the Treasurer of the United States for the account of the Administration and may be expended by the Board to defray the expenses incurred in carrying out the provisions of this chapter including the examination and supervision of Federal credit unions.

(e)(1)Upon request of the Board, the Secretary of the Treasury shall invest and reinvest such portions of the annual operating fees deposited under subsection (d) as the Board determines are not needed for current operations.

(2)Such investments may be made only in interest bearing securities of the United States with maturities requested by the Board bearing interest at rates determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturities.

(3)All income derived from such investments and reinvestments shall be deposited to the account of the Administration described in subsection (d).

Notes & Related Subsidiaries

Editorial Notes

Amendments

1982—Subsec. (e). Pub. L. 97–320 added subsec. (e). 1978—Pub. L. 95–630 substituted provisions relating to the payment of an operating fee by each Federal credit union to the Board for provisions relating to the payment of costs incident to the ascertainment of whether an organization certificate should be approved and costs upon approval by the subscriber of such certificate to the Administration and payment of a supervision fee by each Federal credit union to the Administration. 1970—Pub. L. 91–206 substituted “Administrator” for “Director” and “Administration” for “Bureau”, wherever appearing. 1959—Pub. L. 86–354 incorporated in last sentence subject matter formerly contained in a proviso clause following table and authorized fees to be expended for supervisory expenses. 1952—Act Apr. 17, 1952, amended section, substituting a graduated scale of supervisory fees for the $10 a year supervisory 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.

Effective Date

of 1952 AmendmentAct Apr. 17, 1952, ch. 214, § 2, 66 Stat. 63, provided that: “The amendment by section 1 of this Act [amending this section] shall apply to supervision fees payable with respect to the calendar year 1952 and subsequent calendar years.”

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.

§1755 Fees

Summary

Title 12, §1755

Notes & Related Subsidiaries

Editorial Notes

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Executive Documents

Transfer of Functions

Citations & Metadata