Title 12, Banks and BankingRelease 119-102
§3001 Congressional Statement of Findings and Purpose
Title 12 › CHAPTER 31 — NATIONAL CONSUMER COOPERATIVE BANK › § 3001
Summary
Creates a National Consumer Cooperative Bank to give loans and technical help to consumer and self-help cooperatives. Many people—especially the elderly, the poor, and inner-city residents—are being left out because of inflation, unemployment, and a gap between producer prices and what consumers can afford. The Bank will provide money and technical support so member-owned co-ops can grow and help strengthen the economy.
Full Legal Text
Title 12, §3001
Banks and Banking, Source: USLM XML via OLRC
The economic and financial structure of this country in combination with the Nation’s natural resources and the productivity of the American people has produced one of the highest average standards of living in the world. However, the Nation has been experiencing inflation and unemployment together with an increasing gap between producers’ prices and consumers’ purchasing power. This has resulted in a growing number of our citizens, especially the elderly, the poor, and the inner city resident, being unable to share in the fruits of our Nation’s highly efficient economic system. The Congress finds that user-owned cooperatives are a proven method for broadening ownership and control of the economic organizations, increasing the number of market participants, narrowing price spreads, raising the quality of goods and services available to their membership, and building bridges between producers and consumers, and their members and patrons. The Congress also finds that consumer and other types of self-help cooperatives have been hampered in their formation and growth by lack of access to adequate cooperative credit facilities and lack of technical assistance. Therefore, the Congress finds a need for the establishment of a National Consumer Cooperative Bank which will make available necessary financial and technical assistance to cooperative self-help endeavors as a means of strengthening the Nation’s economy.
Legislative History
Notes & Related Subsidiaries
Statutory Notes and Related Subsidiaries
Short Title
of 1989 Amendment Pub. L. 101–206, § 1, Dec. 7, 1989, 103 Stat. 1832, provided that: “This Act [amending section 3014 of this title] may be cited as the ‘National Consumer Cooperative Bank
Amendments
of 1989’.”
Short Title
of 1981 Amendment Pub. L. 97–35, title III, § 390, Aug. 13, 1981, 95 Stat. 433, provided that: “This subtitle [subtitle C (§§ 390–396) of title III of Pub. L. 97–35, enacting section 3017a, 3026, and 3051 of this title; amending sections 3011 to 3015, 3017, 3018, 3019, 3024, 3025, 3042, and 3043 of this title, section 5315 of Title 5, Government Organization and Employees, and section 856, 867, and 868 of former Title 31, Money and Finance; and enacting provisions set out as notes under sections 3011 to 3015, 3017, 3017a, 3019, 3025, and 3026 of this title] may be cited as the ‘National Consumer Cooperative Bank Act
Amendments
of 1981’.”
Short Title
Pub. L. 95–351, § 1, Aug. 20, 1978, 92 Stat. 499, provided: “That this Act [enacting this chapter and amending section 5315 of Title 5, Government Organization and Employees, and section 856, 867, and 868 of former Title 31, Money and Finance] may be cited as the ‘National Consumer Cooperative Bank Act’.”
Reference
Citations & Metadata
Citation
12 U.S.C. § 3001
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102