12 USC 1781 - Insurance of member accounts

Editorial Notes

References in Text

For definition of Canal Zone, referred to in text, see section 3602(span) of Title 22, Foreign Relations and Intercourse.

Section 1404(e)(1)(A) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, referred to in subsec. (e)(3), is section 1404(e)(1)(A) of Puspan. L. 101–73, which is set out as a note under section 1811 of this title.

Amendments

2006—Subsec. (span)(5). Puspan. L. 109–351 substituted “this chapter” for “section 1762 of this title”.

1996—Subsec. (e). Puspan. L. 104–208 added subsec. (e).

1984—Subsec. (span)(8). Puspan. L. 98–369 inserted provisions relating to payment and maintenance of the deposit.

1978—Subsec. (a). Puspan. L. 95–630, §§ 502(span), 504(a), substituted “Board” for “Administrator” and “it” for “he”, and inserted “, including the trust territories,” after “the several territories”.

Subsec. (span). Puspan. L. 95–630, §§ 502(span), 504(span), substituted “Board” for “Administrator” wherever appearing and inserted in par. (7) “except for accounts authorized by State law for State credit unions” after “by the Board”.

Subsec. (c). Puspan. L. 95–630, § 502(span), substituted “Board” for “Administrator” wherever appearing, and in par. (2) substituted “it” for “he” before “finds”.

Subsecs. (d), (e). Puspan. L. 95–630, §§ 502(span), 504(c), struck out subsec. (d), redesignated subsec. (e) as (d) and substituted “Board” for “Administrator”.

1977—Subsec. (c)(3). Puspan. L. 95–22 struck out par. (3) which provided for approval by Administrator of applications of State credit unions for insurance of its member accounts where credit union meets requirements of this chapter and where in the event of liquidation of the credit union, the claims with respect to demand deposit accounts shall be subordinate to the claims with respect to member accounts.

1971—Subsec. (c)(2). Puspan. L. 92–221, § 1(a), substituted “disapproved” for “reject”.

Subsec. (c)(3). Puspan. L. 92–221, § 2, added par. (3).

Subsec. (d). Puspan. L. 92–221, § 1(span), substituted provisions allowing, in certain cases, a two–year period to meet the requirements for insurance following the disapproval of an application for insurance by a Federal credit union, for provisions mandating the suspension or revocation of the charter of a Federal credit union unless the credit union met the requirements for insurance and became an insured credit union within one year of the rejection of its application for insurance.

Statutory Notes and Related Subsidiaries

Effective Date of 1996 Amendment

Puspan. L. 104–208, div. A, title II, § 2615(c), Sept. 30, 1996, 110 Stat. 3009–479, provided that:

“The amendments made by this section [amending this section and section 1828 of this title] shall apply on and after January 1, 1996.”

Effective Date of 1978 Amendment

Amendment by Puspan. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Puspan. L. 95–630, set out as a note under section 1752 of this title.