§ 1767. — Fiscal agents and depositories; authorization to secure deposits by governmental bodies.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1767]
TITLE 12--BANKS AND BANKING
CHAPTER 14--FEDERAL CREDIT UNIONS
SUBCHAPTER I--GENERAL PROVISIONS
Sec. 1767. Fiscal agents and depositories; authorization to
secure deposits by governmental bodies
(a) Each Federal credit union organized under this chapter, when
requested by the Secretary of the Treasury, shall act as fiscal agent of
the United States and shall perform such services as the Secretary of
the Treasury may require in connection with the collection of taxes and
other obligations due the United States and the lending, borrowing, and
repayment of money by the United States, including the issue, sale,
redemption, or repurchase of bonds, notes, Treasury certificates of
indebtedness, or other obligations of the United States; and to
facilitate such purposes the Board shall furnish to the Secretary of the
Treasury from time to time the names and addresses of all Federal credit
unions with such other available information concerning them as may be
requested by the Secretary of the Treasury. Any Federal credit union
organized under this chapter, when designated for that purpose by the
Secretary of the Treasury, shall be a depository of public money, except
receipts from customs, under such regulations as may be prescribed by
the Secretary of the Treasury.
(b) Any Federal credit union, upon the deposit with it of any funds
by the Federal Government, an Indian tribe, or any State or local
government or political subdivision thereof as otherwise authorized by
this chapter, is authorized to pledge any of its assets securing the
payment of the funds so deposited.
(June 26, 1934, ch. 750, title I, Sec. 121, formerly Sec. 17, 48 Stat.
1222; 1947, Reorg. Plan No. 1, Sec. 401, eff. July 1, 1947, 12 F.R.
4534, 61 Stat. 952; June 29, 1948, ch. 711, Secs. 1, 2, 62 Stat. 1091;
renumbered Sec. 22, Pub. L. 86-354, Sec. 1, Sept. 22, 1959, 73 Stat.
637; amended Pub. L. 91-206, Sec. 2(1), Mar. 10, 1970, 84 Stat. 49;
renumbered title I, Sec. 121, Pub. L. 91-468, Sec. 1(2), Oct. 19, 1970,
84 Stat. 994; amended Pub. L. 95-630, title V, Sec. 502(b), Nov. 10,
1978, 92 Stat. 3681; Pub. L. 100-86, title VII, Sec. 716, Aug. 10, 1987,
101 Stat. 656.)
Amendments
1987--Pub. L. 100-86 designated existing provisions as subsec. (a)
and added subsec. (b).
1978--Pub. L. 95-630 substituted ``Board'' for ``Administrator''.
1970--Pub. L. 91-206 substituted ``Administrator'' for ``Director''.
Effective Date of 1978 Amendment
Amendment by Pub. L. 95-630 effective on expiration of 120 days
after Nov. 10, 1978, and transitional provisions, see section 509 of
Pub. L. 95-630, set out as a note under section 1752 of this title.
Transfer of Functions
Transfer of functions of Farm Credit Administration and Governor
thereof, generally, see notes set out under section 1751 of this title.
Functions of Governor of Farm Credit Administration under this
section transferred to Federal Deposit Insurance Corporation by Reorg.
Plan No. 1 of 1947.
