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

Considers legislation to revise Federal credit union operating procedures.

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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 11 - ... Whoever makes any statement knowing it to be false, or whoever willfully overvalues any security, for the purpose of obtaining...
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.
Seite 10 - The affairs of the Association shall be managed by a Board of not less than five directors, elected by the members or stockholders from their own number.

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