§ 1784. — Examination of insured credit unions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1784]
TITLE 12--BANKS AND BANKING
CHAPTER 14--FEDERAL CREDIT UNIONS
SUBCHAPTER II--SHARE INSURANCE
Sec. 1784. Examination of insured credit unions
(a) Examiners and claim agents; powers; report by examiner; jurisdiction
of court
The Board shall appoint examiners who shall have power, on its
behalf, to examine any insured credit union, any credit union making
application for insurance of its member accounts, or any closed insured
credit union whenever in the judgment of the Board an examination is
necessary to determine the condition of any such credit union for
insurance purposes. Each examiner shall have power to make a thorough
examination of all of the affairs of the credit union and shall make a
full and detailed report of the condition of the credit union to the
Board. The Board in like manner shall appoint claim agents who shall
have power to investigate and examine all claims for insured member
accounts. Each claim agent shall have power to administer oaths and
affirmations, to examine and to take and preserve testimony under oath
as to any matter in respect to claims for insured accounts, and to issue
subpenas and subpenas duces tecum and, for the enforcement thereof, to
apply to the United States district court for the judicial district or
the United States court in any territory in which the principal office
of the credit union is located or in which the witness resides or
carries on business. Such courts shall have jurisdiction and power to
order and require compliance with any such subpena.
(b) Power of Board; jurisdiction of court
In connection with examinations of insured credit unions, or with
other types of investigations to determine compliance with applicable
law and regulations, the Board, or its designated representatives, shall
have power to administer oaths and affirmations, to examine and to take
and preserve testimony under oath as to any matter in respect of the
affairs of any such credit union, and to issue subpenas and subpenas
duces tecum and to exercise such others \1\ powers as are set forth in
section 1786(p) of this title and, for the enforcement thereof, to apply
to the United States district court for the judicial district or the
United States Court in any territory in which the principal office of
the credit union is located or in which the witness resides or carries
on business. Such courts shall have jurisdiction and power to order and
require compliance with any such subpena.
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\1\ So in original. Probably should be ``other''.
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(c) Court orders enforcing subpenas; immunity
In cases of refusal to obey a subpena issued to, or contumacy by,
any person, the Board may invoke the aid of any court of the United
States within the jurisdiction of which such hearing, examination, or
investigation is carried on, or where such person resides or carries on
business, in requiring the attendance and testimony of witnesses and the
production of books, records, or other papers. Such court may issue an
order requiring such person to appear before the Board, or before a
person designated by it, there to produce records, if so ordered, or to
give testimony touching the matter in question. Any failure to obey such
order of the court may be punished by such court as a contempt thereof.
All process in any such case may be served in the judicial district
whereof such person is an inhabitant or carries on business or wherever
he may be found. No person shall be excused from attending and
testifying or from producing books, records, or other papers in
obedience to a subpena issued under the authority of this subchapter on
the ground that the testimony or evidence, documentary or otherwise,
required of him may tend to incriminate him or subject him to penalty or
forfeiture, but no individual shall be prosecuted or subject to any
penalty or forfeiture for or on account of any transaction, matter, or
thing concerning which he is compelled to testify or produce evidence,
documentary or otherwise, after having claimed his privilege against
self-incrimination, except that such individual so testifying shall not
be exempt from prosecution and punishment for perjury committed in so
testifying.
(d) Administration acceptance of State board reports; reports of Board
furnished to State board
The Administration may accept any report of examination made by or
to any commission, board, or authority having supervision of a State-
chartered credit union and may furnish to any such commission, board, or
authority reports of examination made on behalf of the Board.
(e) Flood insurance compliance by insured credit unions
(1) Examination
The Board shall, during each examination conducted under this
section, determine whether the insured credit union is complying
with the requirements of the national flood insurance program.
(2) Report
(A) Requirement
Not later than 1 year after September 23, 1994, and
biennially thereafter for the next 4 years, the Board shall
submit a report to the Congress on compliance by insured credit
unions with the requirements of the national flood insurance
program.
(B) Contents
The report shall include a description of the methods used
to determine compliance, the number of insured credit unions
examined during the reporting year, a listing and total number
of insured credit unions found not to be in compliance, actions
taken to correct incidents of noncompliance, and an analysis of
compliance, including a discussion of any trends, patterns, and
problems, and recommendations regarding reasonable actions to
improve the efficiency of the examinations processes.
(f) Access to liquidity
The Board shall--
(1) periodically assess the potential liquidity needs of each
insured credit union, and the options that the credit union has
available for meeting those needs; and
(2) periodically assess the potential liquidity needs of insured
credit unions as a group, and the options that insured credit unions
have available for meeting those needs.
(g) Sharing information with Federal reserve banks
The Board shall, for the purpose of facilitating insured credit
unions' access to liquidity, make available to the Federal reserve banks
(subject to appropriate assurances of confidentiality) information
relevant to making advances to such credit unions, including the Board's
reports of examination.
(June 26, 1934, ch. 750, title II, Sec. 204, as added Pub. L. 91-468,
Sec. 1(3), Oct. 19, 1970, 84 Stat. 1001; amended Pub. L. 95-630, title
V, Sec. 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 101-73, title IX,
Sec. 915(a), Aug. 9, 1989, 103 Stat. 486; Pub. L. 103-325, title V,
Sec. 529(b), Sept. 23, 1994, 108 Stat. 2266; Pub. L. 105-219, title III,
Sec. 303, Aug. 7, 1998, 112 Stat. 934.)
Amendments
1998--Subsecs. (f), (g). Pub. L. 105-219 added subsecs. (f) and (g).
1994--Subsec. (e). Pub. L. 103-325 added subsec. (e).
1989--Subsec. (b). Pub. L. 101-73, Sec. 915(a)(1), inserted ``or
with other types of investigations to determine compliance with
applicable law and regulations,'' after ``insured credit unions,''.
Pub. L. 101-73, Sec. 915(a)(2), which directed the insertion of
``and to exercise such others powers as are set forth in section 1786(p)
of this title'' after ``subpena duces tecum'', was executed by making
the insertion after ``subpenas duces tecum'', as the probable intent of
Congress.
1978--Pub. L. 95-630 substituted ``Board'' for ``Administrator''
wherever appearing, and ``it'' and ``its'' for ``him'' and ``his'',
respectively, where appropriate.
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.
Section Referred to in Other Sections
This section is referred to in section 1786 of this title.
