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Title 12 — Banks and Banking

Chapter 14 — Federal Credit Unions

§ 1756. Reports and examinations

Statutory text

Federal credit unions shall be under the supervision of the Board, and shall make financial reports to it as and when it may require, but at least annually. Each Federal credit union shall be subject to examination by, and for this purpose shall make its books and records accessible to, any person designated by the Board.

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. Pub. L. 73–750 · 48 Stat. 1216

    Enacted · 12 U.S.C. § 1756

    June 26, 1934, ch. 750, title I, § 106, formerly § 6, 48 Stat. 1218

    Source evidence

    Code source credit
    June 26, 1934, ch. 750, title I, § 106, formerly § 6, 48 Stat. 1218

  2. Pub. L. 86–354 § 1 · 73 Stat. 628

    Changed · 12 U.S.C. § 1756

    Pub. L. 86–354 provided for the making of reports to the Director as and when he may require

    Source evidence

    Code amendment note
    Pub. L. 86–354 provided for the making of reports to the Director as and when he may require.

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

    Substituted · 12 U.S.C. § 1756

    Pub. L. 91–206 substituted “Administrator” for “Director” in three places

    Source evidence

    Code amendment note
    Pub. L. 91–206 substituted “Administrator” for “Director” in three places.

    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. Financial Institutions Regulatory and Interest Rate Control Act of 1978

    Pub. L. 95–630 title V § 508 · 92 Stat. 3641

    1. Substituted · 12 U.S.C. § 1756

      Pub. L. 95–630 substituted “Board” for “Administrator”

    2. Substituted · 12 U.S.C. § 1756

      Pub. L. 95–630 substituted “reports to it as and when it” for “reports to him as and when he”

    3. Struck · 12 U.S.C. § 1756

      Pub. L. 95–630 struck out provisions relating to the payment of an examination fee by Federal credit unions and the deposit of such fee to the credit of the special fund created by section 1755 of this title

    Source evidence

    Code amendment note
    Pub. L. 95–630 substituted “Board” for “Administrator” in two places and “reports to it as and when it” for “reports to him as and when he” and struck out provisions relating to the payment of an examination fee by Federal credit unions and the deposit of such fee to the credit of the special fund created by section 1755 of this title.

    Enacted provision · exact public law section
    Sec. 508. Section 106 of the Federal Credit Union Act (12 U.S.C. 1756) is amended to read as follows: “Sec. 106. “reports and examinations Federal credit unions shall be under the supervision of the Board, and shall make financial reports to it as and when it may require, but at least annually. Each Federal credit union shall be subject to examination by, and for this purpose shall make its books and records accessible to, any person designated by the Board.”.

    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.

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

Editorial Notes

Amendments1937–1978 · 4 rounds

1978

Pub. L. 95–630 substituted “Board” for “Administrator” in two places and “reports to it as and when it” for “reports to him as and when he” and struck out provisions relating to the payment of an examination fee by Federal credit unions and the deposit of such fee to the credit of the special fund created by section 1755 of this title.

1970

Pub. L. 91–206 substituted “Administrator” for “Director” in three places.

1959

Pub. L. 86–354 provided for the making of reports to the Director as and when he may require.

1937

Act , inserted “giving due consideration to the time and expense incident to such examinations, and to the ability of Federal credit unions to pay such fees” and struck out proviso relating to conditions relieving certain unions from payment of examination fee.

Statutory Notes and Related Subsidiaries

Effective Date of 1978 Amendment

Amendment by Pub. L. 95–630 effective on expiration of 120 days after , and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.

Executive Documents

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.

Credits

1934–1978 · 8 acts
  1. 1934June 26, 1934, ch. 750, title I, § 106, formerly § 6, 48 Stat. 1218
  2. 1937Dec. 6, 1937, ch. 3, § 1, 51 Stat. 4
  3. 19471947 Reorg. Plan No. 1, § 401, eff. , 12 F.R. 4534, 61 Stat. 952
  4. 1948June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091
  5. 1959renumbered § 7 and amended Pub. L. 86–354, § 1, , 73 Stat. 629
  6. 1970Pub. L. 91–206, § 2(1), , 84 Stat. 49
  7. 1970renumbered title I, § 106, Pub. L. 91–468, § 1(2), , 84 Stat. 994
  8. 1978amended Pub. L. 95–630, title V, § 508, , 92 Stat. 3683.
Show as published

(June 26, 1934, ch. 750, title I, § 106, formerly § 6, 48 Stat. 1218; Dec. 6, 1937, ch. 3, § 1, 51 Stat. 4; 1947 Reorg. Plan No. 1, § 401, eff. , 12 F.R. 4534, 61 Stat. 952; June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091; renumbered § 7 and amended Pub. L. 86–354, § 1, , 73 Stat. 629; Pub. L. 91–206, § 2(1), , 84 Stat. 49; renumbered title I, § 106, Pub. L. 91–468, § 1(2), , 84 Stat. 994; amended Pub. L. 95–630, title V, § 508, , 92 Stat. 3683.)

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USLM identifier /us/usc/t12/s1756