PRIA, Government Policy, Made Personal

Summary

The Board can use the Community Development Credit Union Revolving Loan Fund, plus any extra appropriations or earnings, within this section and Board rules. The Board can invest idle Fund money in United States Treasury securities (interest becomes part of the Fund), require loans be matched by increased shares in the borrower credit union, and use Fund interest for technical assistance, subject to an appropriations Act. "Fund" means the Community Development Credit Union Revolving Loan Fund.

Title 12, §1772c–1

Banks and Banking, Source: USLM XML via OLRC

(a)In general

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)Investment

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)Loans

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

(d)Interest

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)“Fund” defined

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

Citations & Metadata