Title 12 — Banks and Banking
Chapter 14 — Federal Credit Unions
§ 1789. Administrative provisions
Statutory text
In carrying out the purposes of this subchapter, the Board may—
make contracts;
sue and be sued, complain and defend, in any court of law or equity, State or Federal. All suits of a civil nature at common law or in equity to which the Board shall be a party shall be deemed to arise under the laws of the United States, and the United States district courts shall have original jurisdiction thereof, without regard to the amount in controversy. The Board may, without bond or security, remove any such action, suit, or proceeding from a State court to the United States district court for the district or division embracing the place where the same is pending by following any procedure for removal now or hereafter in effect, except that any such suit to which the Board is a party in its capacity as liquidating agent of a State-chartered credit union and which involves only the rights or obligations of members, creditors, and such State credit union under State law shall not be deemed to arise under the laws of the United States. No attachment or execution shall be issued against the Board or its property before final judgment in any suit, action, or proceeding in any State, county, municipal, or United States court. The Board shall designate an agent upon whom service of process may be made in any State, territory, or jurisdiction in which any insured credit union is located;
pursue to final disposition by way of compromise or otherwise claims both for and against the United States (other than tort claims, claims involving administrative expenses, and claims in excess of $5,000 arising out of contracts for construction, repairs, and the purchase of supplies and materials) which are not in litigation and have not been referred to the Department of Justice;
to appoint such officers and employees as are not otherwise provided for in this chapter, to define their duties, fix their compensation, require bonds of them and fix the penalty thereof, and to dismiss at pleasure such officers or employees. Nothing in this chapter or any other Act shall be construed to prevent the appointment and compensation as an officer or employee of the Administration of any officer or employee of the United States in any board, commission, independent establishment, or executive department thereof;
employ experts and consultants or organizations thereof, as authorized by section 3109 of title 5;
prescribe the manner in which its general business may be conducted and the privileges granted to it by law may be exercised and enjoyed;
exercise all powers specifically granted by the provisions of this subchapter and such incidental powers as shall be necessary to carry out the power so granted;
make examinations of and require information and reports from insured credit unions, as provided in this subchapter;
act as liquidating agent;
delegate to any officer or employee of the Administration such of its functions as it deems appropriate; and
prescribe such rules and regulations as it may deem necessary or appropriate to carry out the provisions of this subchapter.
With respect to the financial operations arising by reason of this subchapter, the Board shall—
on an annual basis and prior to the submission of the detailed business-type budget required under paragraph (2)—
make publicly available and publish in the Federal Register a draft of the detailed business-type budget; and
hold a public hearing, with public notice provided of the hearing, during which the public may submit comments on the draft of the detailed business-type budget;
prepare annually and submit a detailed business-type budget as provided for wholly owned Government corporations by chapter 91 of title 31, which shall address any comment submitted by the public under paragraph (1)(B); and
maintain an integral set of accounts, which shall be audited by the Government Accountability Office in accordance with principles and procedures applicable to commercial corporate transactions, as provided by section 9105 1 of title 31.
Footnotes
- 1 See References in Text note below.
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.
Pub. L. 91–468 § 1(3) · 84 Stat. 994
Enacted · 12 U.S.C. § 1789
June 26, 1934, ch. 750, title II, § 209, as added Pub. L. 91–468, § 1(3), Oct. 19, 1970, 84 Stat. 1014
Source evidence
Code source credit
June 26, 1934, ch. 750, title II, § 209, as added Pub. L. 91–468, § 1(3), Oct. 19, 1970, 84 Stat. 1014Enacted provision · exact public law section
(1) by inserting immediately above the heading of section 2 the following: “TITLE I— FEDERAL CREDIT UNIONS”;General Accounting Office Act of 1974
Pub. L. 93–604 title VII § 706 · 88 Stat. 1959
Substituted · 12 U.S.C. § 1789(b)(2)
Pub. L. 93–604 substituted “audited by the General Accounting Office” for “audited annually by the General Accounting Office”
Source evidence
Code amendment note
Subsec. (b)(2). Pub. L. 93–604 substituted “audited by the General Accounting Office” for “audited annually by the General Accounting Office”.Enacted provision · exact public law section
Sec. 706. amendment to the federal credit union act Section 209(b)(2) of the Federal Credit Union Act as added by section 1 of Public Law 91–468 (12 U.S.C. 1789(b)(2)) is amended by deleting the word “annually” therefrom.Financial Institutions Regulatory and Interest Rate Control Act of 1978
Pub. L. 95–630 title V § 502(b) · 92 Stat. 3641
Substituted · 12 U.S.C. § 1789
Pub. L. 95–630 substituted “Board” for “Administrator” “him”, where appropriate
Substituted · 12 U.S.C. § 1789
Pub. L. 95–630 substituted “its” for “his” “him”, where appropriate
Substituted · 12 U.S.C. § 1789
Pub. L. 95–630 substituted “it” for “he” “him”, where appropriate
Source evidence
Code amendment note
Pub. L. 95–630 substituted “Board” for “Administrator” wherever appearing, “its” for “his”, and “it” for “he” and “him”, where appropriate.Enacted provision · exact public law section
(b) The Federal Credit Union Act is amended by striking out “Administrator” each place it appears and inserting in lieu thereof “Board”, and by striking out the personal pronouns “he”, “him”, and “his” when referring to the Administrator and inserting in lieu thereof “it”, “them”, and “its” as appropriate wherever such words appear therein.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.GAO Human Capital Reform Act of 2004
Pub. L. 108–271 § 8(b) · 118 Stat. 811
Substituted · 12 U.S.C. § 1789(b)(2)
Pub. L. 108–271 substituted “Government Accountability Office” for “General Accounting Office”
Source evidence
Code amendment note
Subsec. (b)(2). Pub. L. 108–271 substituted “Government Accountability Office” for “General Accounting Office”.Enacted provision · exact public law section
(b) References.— Any reference to the General Accounting Office in any law, rule, regulation, certificate, directive, instruction, or other official paper in force on the date of enactment of this Act shall be considered to refer and apply to the Government Accountability Office.Pub. L. 109–351 title VII § 726(24) · 120 Stat. 1966
Substituted · 12 U.S.C. § 1789(a)(8)
Pub. L. 109–351 substituted a semicolon for period at end
Source evidence
Code amendment note
Subsec. (a)(8). Pub. L. 109–351 substituted a semicolon for period at end.Enacted provision · exact public law section
(24) In section 209(a)(8), 12 USC 1789. strike the period at the end and insert a semicolon.Economic Growth, Regulatory Relief, and Consumer Protection Act
Pub. L. 115–174 title II § 212 · 132 Stat. 1296
Added · 12 U.S.C. § 1789(b)
Pub. L. 115–174 added par. (1)
Redesignated · 12 U.S.C. § 1789(b)
Pub. L. 115–174 redesignated former pars. (1) and (2) as (2) and (3), respectively, and, in par. (2)
Inserted · 12 U.S.C. § 1789(b)
Pub. L. 115–174 inserted “detailed” after “submit a” and “, which shall address any comment submitted by the public under paragraph (1)(B)” after “title 31”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 115–174 added par. (1), redesignated former pars. (1) and (2) as (2) and (3), respectively, and, in par. (2), inserted “detailed” after “submit a” and “, which shall address any comment submitted by the public under paragraph (1)(B)” after “title 31”.Enacted provision · exact public law section
SEC. 212. BUDGET TRANSPARENCY FOR THE NCUA. Section 209(b) of the Federal Credit Union Act (12 U.S.C. 1789(b)) is amended— (1) by redesignating paragraphs (1) and (2) as paragraphs (2) and (3), respectively; (2) by inserting before paragraph (2), as so redesignated, the following: “(1) on an annual basis and prior to the submission of the detailed business-type budget required under paragraph (2)— “(A) make publicly available and publish in the Federal Register a draft of the detailed business-type budget; and “(B) hold a public hearing, with public notice provided of the hearing, during which the public may submit comments on the draft of the detailed business-type budget;” ; and (3) in paragraph (2), as so redesignated— (A) by inserting “detailed” after “submit a”; and (B) by inserting “, which shall address any comment submitted by the public under paragraph (1)(B)” after “Control Act”.
10 of 10 references resolved to an enrolled provision
Editorial Notes
References in Text
Section 9105 of title 31, referred to in subsec. (b)(3), was amended generally by Pub. L. 101–576, title III, § 305, , 104 Stat. 2853, and as so amended no longer directs audits to be conducted in accordance with principles and procedures applicable to commercial corporate transactions.
Codification
In subsec. (a)(5), “section 3109 of title 5” substituted for “section 15 of the Administrative Expenses Act of 1946 (5 U.S.C. 55a)” on authority of Pub. L. 89–554, § 7(b), , 80 Stat. 631, the first section of which enacted Title 5, Government Organization and Employees.
In subsec. (b)(2), (3), “chapter 91 of title 31” and “section 9105 of title 31” substituted for “the Government Corporation Control Act [31 U.S.C. 841 et seq.]” and “section 105 of the Government Corporation Control Act [31 U.S.C. 850]”, respectively, on authority of Pub. L. 97–258, § 4(b), , 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance.
Amendments1975–2018 · 5 rounds
2018
Subsec. (b). Pub. L. 115–174 added par. (1), redesignated former pars. (1) and (2) as (2) and (3), respectively, and, in par. (2), inserted “detailed” after “submit a” and “, which shall address any comment submitted by the public under paragraph (1)(B)” after “title 31”.
2006
Subsec. (a)(8). Pub. L. 109–351 substituted a semicolon for period at end.
2004
Subsec. (b)(2). Pub. L. 108–271 substituted “Government Accountability Office” for “General Accounting Office”.
1978
Pub. L. 95–630 substituted “Board” for “Administrator” wherever appearing, “its” for “his”, and “it” for “he” and “him”, where appropriate.
1975
Subsec. (b)(2). Pub. L. 93–604 substituted “audited by the General Accounting Office” for “audited annually by the General Accounting Office”.
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.
Credits
1934–2018 · 6 acts
- 1934June 26, 1934, ch. 750, title II, § 209, as added Pub. L. 91–468, § 1(3), , 84 Stat. 1014
- 1975amended Pub. L. 93–604, title VII, § 706, , 88 Stat. 1964
- 1978Pub. L. 95–630, title V, § 502(b), , 92 Stat. 3681
- 2004Pub. L. 108–271, § 8(b), , 118 Stat. 814
- 2006Pub. L. 109–351, title VII, § 726(24), , 120 Stat. 2003
- 2018Pub. L. 115–174, title II, § 212, , 132 Stat. 1319.
Show as published
(June 26, 1934, ch. 750, title II, § 209, as added Pub. L. 91–468, § 1(3), , 84 Stat. 1014; amended Pub. L. 93–604, title VII, § 706, , 88 Stat. 1964; Pub. L. 95–630, title V, § 502(b), , 92 Stat. 3681; Pub. L. 108–271, § 8(b), , 118 Stat. 814; Pub. L. 109–351, title VII, § 726(24), , 120 Stat. 2003; Pub. L. 115–174, title II, § 212, , 132 Stat. 1319.)