22 U.S.C. § 5426: United States policy of…

Summary

The United States supports and allows U.S. citizens, non‑bank financial firms, and other people to give money, make loans, put in capital, and provide other financial or technical help to build credit unions in Poland and Hungary. Banks and credit unions that are federally insured may give technical help only when it is prudent and follows safe, sound banking practices. Credit union: a member‑owned, nonprofit cooperative where members pool savings, lend to each other, and run the group democratically. Federally insured depository institution: any insured depository institution (12 U.S.C. 1813(c)(2)) and any insured credit union (12 U.S.C. 1752(7)).

Title 22, §5426

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(a)In general

In order to facilitate the development of indigenous credit unions in Poland and Hungary, it is the policy of the United States that—

(1)United States citizens, financial institutions (other than federally insured depository institutions), and other persons may make contributions and loans to, make capital deposits in, and provide other forms of financial and technical assistance to credit unions in Poland and Hungary; and

(2)federally insured depository institutions may provide technical assistance to credit unions in Poland and Hungary, to the extent that the provision of such assistance is prudent and not inconsistent with safe and sound banking practice.

(b)Omitted

(c)Definitions

For purposes of subsection (a)—

(1)the term “credit union” means a member-owned, nonprofit, cooperative depository institution—

(A)which is formed to permit individuals in the field of membership specified in such institution’s charter to pool their savings, lend the savings to one another, and own the organization where they save, borrow, and obtain related financial services; and

(B)whose members are united by a common bond and democratically operate the institution; and

(2)the term “federally insured depository institution” means—

(A)any insured depository institution (as defined in section 1813(c)(2) of title 12); and

(B)any insured credit union (as defined in section 1752(7) of title 12).

Editorial Notes

Codification Section is comprised of section 206 of Pub. L. 101–179. Subsec. (b) of section 206 of Pub. L. 101–179 amended section 1757 of Title 12, Banks and Banking.

§5426 United States Policy of Private Financial Support for Polish and Hungarian Credit Unions

Summary

Title 22, §5426

Notes & Related Subsidiaries

Editorial Notes

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