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Can you summarize 12 USC Chapter 14?
BANKS AND BANKING > FEDERAL CREDIT UNIONS
Short Summary
The provided legal document content covers various aspects of the organization and operation of federal credit unions, including the requirements for forming a federal credit union, payment of fees to the National Credit Union Administration (NCUA), reports and examinations required for federal credit unions, and the powers and operations of federal credit unions. The documents also address the limitation on member business loans for insured credit unions, the bylaws and membership requirements for federal credit unions, and the management of federal credit unions by a board of directors, supervisory committee, and credit committee. Additionally, the documents cover the powers and duties of the supervisory committee, the payment of dividends, the expulsion and withdrawal of members from federal credit unions, and the treatment of shares issued to minors. The documents also outline the powers of the Board in relation to federal credit unions, the establishment and functioning of credit committees, and the powers of the Board to accept gifts of money. Furthermore, the documents address the conversion of credit unions between federal and state charters, the data standards for collections of information and reports, the publication of open data assets by the Administration, and the forfeiture of organization certificates for money laundering or cash transaction reporting offenses committed by credit unions. The legal documents also cover aspects related to the insurance, administration, examination, requirements, termination, and special assistance for insured credit unions. They provide guidelines and regulations for eligibility, application, reporting, examination, insurance payments, liquidation, penalties, and administrative provisions. The documents also govern the Central Liquidity Facility, its membership requirements, procedures and requirements related to the ownership and redemption of the capital stock, extensions of credit provided by the Facility, and the powers and authorities of the Board on behalf of the Facility. The Federal Reserve Banks act as depositories, custodians, and fiscal agents for the Central Liquidity Facility, and the Comptroller General of the United States audits its financial transactions. The documents also provide a state and local tax exemption for the Central Liquidity Facility, with certain exceptions. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Federal credit unions, their members, officials and employees, individuals or entities involved in transactions with federal credit unions, insured credit unions, credit unions applying for insurance, closed insured credit unions, members of insured credit unions, directors, committee members, senior executive officers, employees of credit unions and the Administration
What does it govern?
Organization and operation of federal credit unions, requirements for forming a federal credit union, payment of fees by federal credit unions to the Administration, reports and examinations required for federal credit unions, powers and operations of federal credit unions, limitation on member business loans for insured credit unions, bylaws of federal credit unions, membership requirements for federal credit unions, management of federal credit unions by a board of directors, supervisory committee, and credit committee, powers and duties of the supervisory committee, payment of dividends, expulsion and withdrawal of members from federal credit unions, treatment of shares issued to minors, powers of the Board in relation to federal credit unions, establishment and functioning of credit committees, powers of the Board to accept gifts of money, conversion of credit unions between federal and state charters, data standards for collections of information and reports, publication of open data assets by the Administration, forfeiture of organization certificates for money laundering or cash transaction reporting offenses committed by credit unions, insurance, administration, examination, requirements, termination, and special assistance for insured credit unions, protection of employees, disapproval of directors and senior executive officers, prompt corrective action, establishment of a temporary stabilization fund for corporate credit unions, Central Liquidity Facility, membership requirements for credit unions to join the Central Liquidity Facility, procedures and requirements related to the ownership and redemption of the capital stock, extensions of credit provided by the Central Liquidity Facility to its members, powers and authorities of the Board on behalf of the Central Liquidity Facility, Federal Reserve Banks acting as depositories, custodians, and fiscal agents for the Central Liquidity Facility, Comptroller General of the United States auditing the financial transactions of the Facility, state and local tax exemption for the Central Liquidity Facility with certain exceptions
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
U.S. Federal Government