12 USC 1790e - Temporary Corporate Credit Union Stabilization Fund

U.S Code last checked for updates: Nov 22, 2024

§ 1790e.

Temporary Corporate Credit Union Stabilization Fund

(a)

Establishment of Stabilization Fund

(b)

Expenditures from Stabilization Fund

Money in the Stabilization Fund shall be available upon requisition by the Board, without fiscal year limitation, for making payments for the purposes described in section 1783(a) of this title, subject to the following additional limitations:

(1)

All payments other than administrative payments shall be connected to the conservatorship, liquidation, or threatened conservatorship or liquidation, of a corporate credit union.

(2)

Prior to authorizing each payment the Board shall—

(A)

certify that, absent the existence of the Stabilization Fund, the Board would have made the identical payment out of the National Credit Union Share Insurance Fund (Insurance Fund); and

(B)

report each such certification to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives.

(c)

Authority to borrow

(1)

In general

(2)

Repayment of advances

(A)

In general

(B)

Variable rate of interest

(3)

Repayment schedule

(d)

Assessment authority

(1)

Assessments relating to expenditures under subsection (b)

(2)

Special premiums relating to repayments under subsection (c)(3)

(3)

Computation

(e)

Distributions from Insurance Fund

(f)

Investment of Stabilization Fund assets

(g)

Reports

(h)

Closing of Stabilization Fund

(June 26, 1934, ch. 750, title II, § 217, as added Pub. L. 111–22, div. A, title II, § 204(f)(1), May 20, 2009, 123 Stat. 1651; amended Pub. L. 111–382, § 1, Jan. 4, 2011, 124 Stat. 4134.)

cite as: 12 USC 1790e