Federal Credit Unions: Hearings Before a Subcommittee of the Committee on Banking and Currency, United States Senate, Eighty-eighth Congress, Second Session, on S. 2161 and H.R. 8459, Bills to Amend the Federal Credit Union Act to Allow Federal Credit Unions Greater Flexibility in Their Organization and Operations, March 4 and 10, 1964
United States. Congress. Senate. Committee on Banking and Currency, United States. Congress. Senate. Committee on Banking and Currency. Subcommittee on Financial Institutions
U.S. Government Printing Office, 1964 - 24 Seiten
Considers legislation to revise Federal credit union operating procedures.
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Act to allow action agencies allow Federal credit amend the Federal amount application appointed approved authorize Banking and Currency believe bill bond borrowers Bureau CHAIRMAN CONGRESS THE LIBRARY corporation credit committee Credit Union Act credit unions greater December Department desirable determine Director dividend period employee enactment excess Federal credit unions Federal Home Loan Federal intermediate credit Federal land banks financial institutions funds GANNON Government Government Corporation hear Home Loan Bank income insurance obtained interest refunds intermediate credit banks investment less than three LIBRARY OF CONGRESS limit Loan Bank Board loan officer losses March meeting membership National Housing Act obligations issued obtained under title operations payment permit prescribed present proposed pursuant question received record regulations request require Reserve Senator Long Senator SPARKMAN shares subcommittee supervisory committee three members title 18 unions greater flexibility United Washington WILLIS ROBERTSON
Seite 9 - In case the greater rate of interest has been paid, the person by whom it has been paid, or his legal representatives, may recover back, in an action in the nature of an action of debt, twice the amount of the interest thus paid from the association taking or receiving the same ; provided such action is commenced within two years from the time the usurious transaction occurred.
Seite 5 - States, and such guaranty shall be expressed on the face thereof, and such bonds shall be lawful investments, and may be accepted as security for all fiduciary, trust, and public funds, the investment or deposit of which shall be under the authority or control of the United States or any officer or officers thereof.
Seite 13 - Government corporation; or in obligations, participations, or other instruments of or issued by, or fully guaranteed as to principal and interest by, the Federal National Mortgage Association; or...
Seite 11 - Federal credit union's paid-in and unimpaired capital and surplus, whichever is greater. For the purposes of this subdivision an assignment of shares or the endorsement of a note shall be deemed security.
Seite 9 - To borrow (from any source]) in an aggregate amount not exceeding 50 per centum of its paid-in and unimpaired capital and surplus: Provided, That any Federal credit union may discount with or sell to any Federal intermediate credit bank any eligible obligations up to the amount of its paid-in and unimpaired capital, subject to such' rules and regulations as may be prescribed by the Governor.
Seite 9 - To make loans with maturities not exceeding two years to its members for provident or productive purposes upon such terms and conditions as this Act and the by-laws provide and as the credit committee may approve, at rates of interest not exceeding 1 per centum per month on unpaid balances (inclusive of all charges incident to making the loan...
Seite 10 - Federal credit union. (11) To impress and enforce a lien upon the shares and dividends of any member, to the extent of any loan made to him and any dues or fines payable by him.
Seite 10 - The board of directors shall meet at least once a month and shall have the general direction and control of the affairs of the corporation.