§ 1751. — Short title.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
TITLE 12--BANKS AND BANKING
CHAPTER 14--FEDERAL CREDIT UNIONS
Sec. 1751. Short title
This chapter may be cited as the ``Federal Credit Union Act''.
(June 26, 1934, ch. 750, Sec. 1, 48 Stat. 1216; Pub. L. 86-354, Sec. 1,
Sept. 22, 1959, 73 Stat. 628.)
1959--Pub. L. 86-354 reenacted section without change.
Transfer of Functions
Secretary and Department of Health, Education, and Welfare
redesignated Secretary and Department of Health and Human Services by
section 3508 of Title 20, Education.
Transfer of functions of Farm Credit Administration and Governor
thereof to Bureau of Farm Credit Unions and Director thereof under
jurisdiction of Federal Security Agency by act June 29, 1948, ch. 711,
Secs. 1, 2, 62 Stat. 1091, and abolishment of Agency and transfer of its
functions to Department of Health, Education, and Welfare by Reorg. Plan
No. 1 of 1953, Sec. 5, eff. Apr. 11, 1953, 18 F.R. 2053, 67 Stat. 632,
see section 1752a of this title, and notes thereunder.
Functions of Farm Credit Administration and Governor thereof under
this chapter, together with functions of Secretary of Agriculture with
respect thereto, transferred to Federal Deposit Insurance Corporation by
Reorg. Plan No. 1 of 1947, Sec. 401, eff. July 1, 1947, 12 F.R. 4534, 61
Stat. 952, set out in the Appendix to Title 5, Government Organization
and Employees. A similar transfer of functions for duration of World War
II was effected by Ex. Ord. No. 9148, Apr. 27, 1942, 7 F.R. 3145.
Farm Credit Administration transferred to Department of Agriculture
by Reorg. Plan No. I of 1939, Sec. 401, eff. July 1, 1939, 4 F.R. 2730,
53 Stat. 1429, set out in the Appendix to Title 5.
Short Title of 1998 Amendment
Pub. L. 105-219, Sec. 1(a), Aug. 7, 1998, 112 Stat. 913, provided
that: ``This Act [enacting sections 1757a and 1790d of this title,
amending sections 1752a, 1759, 1782, and 1784 to 1787 of this title,
repealing section 1762 of this title, and enacting provisions set out as
notes under this section and sections 1752a, 1757a, 1759, 1790d, 4801,
and 4803 of this title] may be cited as the `Credit Union Membership
Short Title of 1987 Amendment
Pub. L. 100-86, title VII, Sec. 701, Aug. 10, 1987, 101 Stat. 652,
provided that: ``This title [enacting section 1772c of this title and
amending sections 1757, 1761a, 1761b, 1764, 1766, 1767, and 1786 to 1788
of this title and sections 45, 46, and 57a of Title 15, Commerce and
Trade] may be cited as the `Credit Union Amendments of 1987'.''
Short Title of 1978 Amendment
Pub. L. 95-630, title XVIII, Sec. 1801, Nov. 10, 1978, 92 Stat.
3719, provided that: ``This title [enacting subchapter III of this
chapter and amending section 1757 of this title, section 709 of Title
18, Crimes and Criminal Procedure, and section 856 of former Title 31,
Money and Finance] may be cited as the `National Credit Union Central
Liquidity Facility Act'.''
Pub. L. 105-219, Sec. 2, Aug. 7, 1998, 112 Stat. 913, provided that:
``The Congress finds the following:
``(1) The American credit union movement began as a cooperative
effort to serve the productive and provident credit needs of
individuals of modest means.
``(2) Credit unions continue to fulfill this public purpose, and
current members and membership groups should not face divestiture
from the financial services institution of their choice as a result
of recent court action.
``(3) To promote thrift and credit extension, a meaningful
affinity and bond among members, manifested by a commonality of
routine interaction, shared and related work experiences, interests,
or activities, or the maintenance of an otherwise well-understood
sense of cohesion or identity is essential to the fulfillment of the
public mission of credit unions.
``(4) Credit unions, unlike many other participants in the
financial services market, are exempt from Federal and most State
taxes because they are member-owned, democratically operated, not-
for-profit organizations generally managed by volunteer boards of
directors and because they have the specified mission of meeting the
credit and savings needs of consumers, especially persons of modest
``(5) Improved credit union safety and soundness provisions will
enhance the public benefit that citizens receive from these
cooperative financial services institutions.''