Title 12 — Banks and BankingRelease 119-73not60
§1789a Credit Unions as Depositaries of Public Money; Fiscal Agents; Duties
Title 12 › Chapter 14— FEDERAL CREDIT UNIONS › Subchapter II— SHARE INSURANCE › § 1789a
Summary
Credit unions whose accounts are federally insured can hold government money and act as the United States’ fiscal agents. The Treasury Secretary can put public money in those credit unions, must make rules to let them do this, and the credit unions must carry out reasonable duties, like helping collect taxes and other amounts owed to the United States.
Full Legal Text
Title 12, §1789a
Banks and Banking — Source: USLM XML via OLRC
Any credit union the accounts of which are insured under this subchapter shall be a depositary of public money and may be employed as fiscal agent of the United States. The Secretary of the Treasury is authorized to deposit public money in any such insured credit union, and shall prescribe such regulations as may be necessary to enable such credit unions to become depositaries of public money and fiscal agents of the United States. Each credit union shall perform all such reasonable duties as depositaries of public money and fiscal agent of the United States as may be required of it including services in connection with the collection of taxes and other obligations owed the United States.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Prior Provisions
A prior section 210 of act June 26, 1934, ch. 750, was renumbered section 211 and is classified to section 1790 of this title.
Reference
Citations & Metadata
Citation
12 U.S.C. § 1789a
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60