§ 1755. — Fees.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1755]
TITLE 12--BANKS AND BANKING
CHAPTER 14--FEDERAL CREDIT UNIONS
SUBCHAPTER I--GENERAL PROVISIONS
Sec. 1755. Fees
(a) Payment by Federal credit union to Administration
In accordance with rules prescribed by the Board, each Federal
credit union shall pay to the Administration an annual operating fee
which may be composed of one or more charges identified as to the
function or functions for which assessed.
(b) Determinations of amount, assessment periods, and payment dates
The fee assessed under this section shall be determined according to
a schedule, or schedules, or other method determined by the Board to be
appropriate, which gives due consideration to the expenses of the
Administration in carrying out its responsibilities under this chapter
and to the ability of Federal credit unions to pay the fee. The Board
shall, among other things, determine the periods for which the fee shall
be assessed and the date or dates for the payment of the fee or
increments thereof.
(c) Supervision charge exception; waiver of payment
If the annual operating fee is composed of separate charges, no
supervision charge shall be payable by a Federal credit union, and the
Board may waive payment of any or all other charges comprising the fee,
with respect to the year in which its charter is issued, or in which
final distribution is made in its liquidation or the charter is
canceled.
(d) Payment into Treasury of United States
All operating fees shall be deposited with the Treasurer of the
United States for the account of the Administration and may be expended
by the Board to defray the expenses incurred in carrying out the
provisions of this chapter including the examination and supervision of
Federal credit unions.
(e) Investment of annual operating fees not needed for current
operations
(1) Upon request of the Board, the Secretary of the Treasury shall
invest and reinvest such portions of the annual operating fees deposited
under subsection (d) of this section as the Board determines are not
needed for current operations.
(2) Such investments may be made only in interest bearing securities
of the United States with maturities requested by the Board bearing
interest at rates determined by the Secretary of the Treasury, taking
into consideration current market yields on outstanding marketable
obligations of the United States of comparable maturities.
(3) All income derived from such investments and reinvestments shall
be deposited to the account of the Administration described in
subsection (d) of this section.
(June 26, 1934, ch. 750, title I, Sec. 105, formerly Sec. 5, 48 Stat.
1217; 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; Apr.
17, 1952, ch. 214, Sec. 1, 66 Stat. 63; renumbered Sec. 6 and amended
Pub. L. 86-354, Sec. 1, Sept. 22, 1959, 73 Stat. 629; Pub. L. 91-206,
Sec. 2(1), (3), Mar. 10, 1970, 84 Stat. 49; renumbered title I,
Sec. 105, Pub. L. 91-468, Sec. 1(2), Oct. 19, 1970, 84 Stat. 994;
amended Pub. L. 95-630, title V, Sec. 507, Nov. 10, 1978, 92 Stat. 3682;
Pub. L. 97-320, title V, Sec. 505, Oct. 15, 1982, 96 Stat. 1528.)
Amendments
1982--Subsec. (e). Pub. L. 97-320 added subsec. (e).
1978--Pub. L. 95-630 substituted provisions relating to the payment
of an operating fee by each Federal credit union to the Board for
provisions relating to the payment of costs incident to the
ascertainment of whether an organization certificate should be approved
and costs upon approval by the subscriber of such certificate to the
Administration and payment of a supervision fee by each Federal credit
union to the Administration.
1970--Pub. L. 91-206 substituted ``Administrator'' for ``Director''
and ``Administration'' for ``Bureau'', wherever appearing.
1959--Pub. L. 86-354 incorporated in last sentence subject matter
formerly contained in a proviso clause following table and authorized
fees to be expended for supervisory expenses.
1952--Act Apr. 17, 1952, amended section, substituting a graduated
scale of supervisory fees for the $10 a year supervisory fee.
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.
Effective Date of 1952 Amendment
Section 2 of act Apr. 17, 1952, provided that: ``The amendment by
section 1 of this Act [amending this section] shall apply to supervision
fees payable with respect to the calendar year 1952 and subsequent
calendar years.''
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.
Section Referred to in Other Sections
This section is referred to in sections 1766, 1772a of this title.
