Title 22 — Foreign Relations and Intercourse
Chapter 63 — Support for East European Democracy (seed)
§ 5426. United States policy of private financial support for Polish and Hungarian credit unions
Statutory text
In general
In order to facilitate the development of indigenous credit unions in Poland and Hungary, it is the policy of the United States that—
United States citizens, financial institutions (other than federally insured depository institutions), and other persons may make contributions and loans to, make capital deposits in, and provide other forms of financial and technical assistance to credit unions in Poland and Hungary; and
federally insured depository institutions may provide technical assistance to credit unions in Poland and Hungary, to the extent that the provision of such assistance is prudent and not inconsistent with safe and sound banking practice.
Omitted
Definitions
For purposes of subsection (a)—
the term “credit union” means a member-owned, nonprofit, cooperative depository institution—
which is formed to permit individuals in the field of membership specified in such institution’s charter to pool their savings, lend the savings to one another, and own the organization where they save, borrow, and obtain related financial services; and
whose members are united by a common bond and democratically operate the institution; and
the term “federally insured depository institution” means—
any insured depository institution (as defined in section 1813(c)(2) of title 12); and
any insured credit union (as defined in section 1752(7) of title 12).
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.
Support for East European Democracy (SEED) Act of 1989
Pub. L. 101–179 title II § 206 · 103 Stat. 1298
Enacted · 22 U.S.C. § 5426
(Pub. L. 101–179, title II, § 206, Nov. 28, 1989, 103 Stat. 1310.)
Source evidence
Code source credit
(Pub. L. 101–179, title II, § 206, Nov. 28, 1989, 103 Stat. 1310.)Enacted provision · exact public law section
SEC. 206. UNITED STATES POLICY OF PRIVATE FINANCIAL SUPPORT FOR POLISH AND HUNGARIAN CREDIT UNIONS. (a) In General.— In order to facilitate the development of indigenous credit unions in Poland and Hungary, it is the policy of the United States that— (1) United States citizens, financial institutions (other than federally insured depository institutions), and other persons may make contributions and loans to, make capital deposits in, and provide other forms of financial and technical assistance to credit unions in Poland and Hungary; and (2) federally insured depository institutions may provide technical assistance to credit unions in Poland and Hungary, to the extent that the provision of such assistance is prudent and not inconsistent with safe and sound banking practice. (b) Amendment to Federal Credit Union Act.— Section 107 of the Federal Credit Union Act (12 U.S.C. 1757) is amended by redesignating paragraph (16) as paragraph (17) and by inserting after paragraph (15) the following new paragraph: “(16) subject to such regulations as the Board may prescribe, to provide technical assistance to credit unions in Poland and Hungary; and”. (c) Definitions.— For purposes of subsection (a)— (1) the term “credit union” means a member-owned, non-profit, cooperative depository institution— (A) which is formed to permit individuals in the field of membership specified in such institution’s charter to pool their savings, lend the savings to one another, and own the organization where they save, borrow, and obtain related financial services; and (B) whose members are united by a common bond and democratically operate the institution; and (2) the term “federally insured depository institution” means— (A) any insured depository institution (as defined in section 3(c)(2) of the Federal Deposit Insurance Act); and (B) any insured credit union (as defined in section 101(7) of the Federal Credit Union Act).
1 of 1 references resolved to an enrolled provision
Editorial Notes
Codification
Section is comprised of section 206 of Pub. L. 101–179. Subsec. (b) of section 206 of Pub. L. 101–179 amended section 1757 of Title 12, Banks and Banking.