§ 1772c-1. — Community development revolving loan fund for 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: 12USC1772c-1]
TITLE 12--BANKS AND BANKING
CHAPTER 14--FEDERAL CREDIT UNIONS
SUBCHAPTER I--GENERAL PROVISIONS
Sec. 1772c-1. Community development revolving loan fund for
credit unions
(a) In general
The Board may exercise the authority granted to it by the Community
Development Credit Union Revolving Loan Fund Transfer Act, including any
additional appropriation made or earnings accrued, subject only to this
section and to regulations prescribed by the Board.
(b) Investment
The Board may invest any idle Fund moneys in United States Treasury
securities. Any interest accrued on such securities shall become a part
of the Fund.
(c) Loans
The Board may require that any loans made from the Fund be matched
by increased shares in the borrower credit union.
(d) Interest
Interest earned by the Fund may be allocated by the Board for
technical assistance to community development credit unions, subject to
an appropriations Act.
(e) ``Fund'' defined
As used in this section, the term ``Fund'' means the Community
Development Credit Union Revolving Loan Fund.
(June 26, 1934, ch. 750, title I, Sec. 130, as added Pub. L. 103-325,
title I, Sec. 120(b), Sept. 23, 1994, 108 Stat. 2188.)
References in Text
The Community Development Credit Union Revolving Loan Fund Transfer
Act, referred to in subsec. (a), is Pub. L. 99-609, Nov. 6, 1986, 100
Stat. 3475, which is set out as a note under section 9822 of Title 42,
The Public Health and Welfare.
