§ 1755. Fees

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1934

   Pub. L. 73–750 · 48 Stat. 1216

   Enacted · 12 U.S.C. § 1755

   June 26, 1934, ch. 750, title I, § 105, formerly § 5, 48 Stat. 1217

   Source evidence

   Code source credit
   June 26, 1934, ch. 750, title I, § 105, formerly § 5, 48 Stat. 1217

2. 1959

   Pub. L. 86–354 § 1 · 73 Stat. 628

   Changed · 12 U.S.C. § 1755

   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

   Source evidence

   Code amendment note
   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.

3. 1970

   Pub. L. 91–206 § 2(1) · 84 Stat. 49

   1. Substituted · 12 U.S.C. § 1755

      Pub. L. 91–206 substituted “Administrator” for “Director” wherever appearing

   2. Substituted · 12 U.S.C. § 1755

      Pub. L. 91–206 substituted “Administration” for “Bureau” wherever appearing

   Source evidence

   Code amendment note
   Pub. L. 91–206 substituted “Administrator” for “Director” and “Administration” for “Bureau”, wherever appearing.

   Enacted provision · exact public law section
   Sec. 2. The Federal Credit Union Act is further amended (1) by changing “Director” to read “Administrator” each place it appears therein; (2) by changing “Bureau of Federal Credit Unions” to read “National Credit Union Administration” each place it appears therein; and (3) by changing “Bureau”, each remaining place it appears, to read “Administration”.

4. 1978

   Financial Institutions Regulatory and Interest Rate Control Act of 1978

   Pub. L. 95–630 title V § 507 · 92 Stat. 3641

   Substituted · 12 U.S.C. § 1755

   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

   Source evidence

   Code amendment note
   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.

   Enacted provision · exact public law section
   Sec. 507. Section 105 of the Federal Credit Union Act (12 U.S.C. 1755) is amended to read as follows: “Sec. 105. “fees (a) 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) 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 Act 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) 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) 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 Act including the examination and supervision of Federal credit unions.”.

   Effective date note
   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.

5. 1982

   Garn-St Germain Depository Institutions Act of 1982

   Pub. L. 97–320 title V § 505 · 96 Stat. 1469

   Added · 12 U.S.C. § 1755(e)

   Pub. L. 97–320 added subsec. (e)

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 97–320 added subsec. (e).

   Enacted provision · exact public law section
   Sec. 505. investment of fees Section 105 of the Federal Credit Union Act (12 U.S.C. 1755) is amended by adding at the end thereof the following new subsection: “(e) (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) 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).”.

4 of 6 references resolved to an enrolled provision · 2 partial