§1767 Fiscal Agents and Depositories; Authorization to Secure Deposits by Governmental Bodies

Summary

When the U.S. Treasury asks, every federal credit union must act as the Treasury’s fiscal agent. They must help collect taxes and other money owed to the government, handle government lending, borrowing, and repayments, and help issue, sell, redeem, or buy back government debt like bonds, notes, and Treasury certificates. The National Credit Union Administration (the Board) must give the Treasury the names, addresses, and other available information about all federal credit unions when requested. If the Treasury chooses a federal credit union for this role, that credit union can hold public money (but not customs receipts) under the Treasury’s rules. If the federal government, an Indian tribe, or a state or local government deposits funds with a federal credit union (when the law allows), the credit union may pledge its own assets to secure those deposited funds.