12 U.S.C. 1757: Powers

2010

• Pub. L. 111–203, §362(1), struck out "or the Federal Savings and Loan Insurance Corporation" after "Federal Deposit Insurance Corporation". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (8)
• Pub. L. 111–203, §1073(d), amended par. (12) generally. Prior to amendment, par. (12) read as follows: "in accordance with regulations prescribed by the Board— (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (12)

2006

• Pub. L. 109–351, §502, substituted "to make loans, the maturities of which shall not exceed 15 years," for "to make loans, the maturities of which shall not exceed twelve years" in introductory provisions. (Financial Services Regulatory Relief Act of 2006) Law text · (5)
• Pub. L. 109–351, §726(3), substituted semicolon for period at end. (Financial Services Regulatory Relief Act of 2006) Law text · (5)
• Pub. L. 109–351, §726(4), substituted semicolon for period at end. (Financial Services Regulatory Relief Act of 2006) Law text · (6)
• Pub. L. 109–351, §726(4), substituted semicolon for period at end. (Financial Services Regulatory Relief Act of 2006) Law text · (7)
• Pub. L. 109–351, §726(5), struck out "the Federal Savings and Loan Insurance Corporation or" before "the Federal Deposit Insurance Corporation". (Financial Services Regulatory Relief Act of 2006) Law text · (7)
• Pub. L. 109–351, §726(6), substituted "the Federal Housing Finance Board," for "the Federal Home Loan Bank Board,". (Financial Services Regulatory Relief Act of 2006) Law text · (7)
• Pub. L. 109–351, §726(7), made technical amendment to reference in original act which appears in text as reference to subchapter III. (Financial Services Regulatory Relief Act of 2006) Law text · (9)
• Pub. L. 109–351, §503, amended par. (12) generally. Prior to amendment, par. (12) read as follows: "in accordance with rules and regulations prescribed by the Board, to sell to members negotiable checks (including travelers checks), money orders, and other similar money transfer instrume… (Financial Services Regulatory Relief Act of 2006) Law text · (12)
• Pub. L. 109–351, §726(8), struck out "and" after semicolon at end. (Financial Services Regulatory Relief Act of 2006) Law text · (13)

1996

• Pub. L. 104–208 substituted "$20,000" for "$10,000". (Magnuson-Stevens Fishery Conservation and Management Act) Law text · (5), (v)

1994

• Pub. L. 103–325 added subpar. (C). · (15)

1989

• Pub. L. 101–179 added par. (16) and redesignated former par. (16) as (17). · (16), (17)

1987

• Pub. L. 100–86, §702, substituted "15 years or any longer term which the Board may allow" for "fifteen years unless such loan is insured or guaranteed as provided in subparagraph (iii)". · (5)
• Pub. L. 100–86, §703, inserted ", representing equity," after "payments". · (6)

1984

• Pub. L. 98–479 inserted "a loan for the repair, alteration, or improvement of a residential dwelling which is the residence of a credit union member,". · (5)
• Pub. L. 98–440, §105(b), added par. (15) and redesignated former par. (15) as (16). · (15), (16)

1983

• Pub. L. 97–457, §25, substituted "Administration" for "Association" after "National Credit Union". · (5)
• Pub. L. 97–457, §26, redesignated cl. (L) as (K) and substituted a period for "; and" at end. · (7)

1982

• Pub. L. 97–320, §§507–509, substituted "on" for "which is made to finance the acquisition of" after "real estate loan" and "that is or will be" for "for" after "cooperative unit,", struck out "the sales price of which is not more than 150 per centum of the median sales price of resi… · (5)
• Pub. L. 97–320, §510, substituted "or a second mortgage loan secured by a residential dwelling" for "or for the repair, alteration, or improvement of a residential dwelling". · (5)
• Pub. L. 97–320, §511, inserted ", or with advance commitment to purchase the loan by," and substituted "insurance, guarantee, or commitment" for "insurance or guarantee". · (5)
• Pub. L. 97–320, §512, substituted "$10,000" for "$5,000". · (5), (v)
• Pub. L. 97–320, §513, inserted condition relating to partial prepayments of first or second mortgage loans. · (5)
• Pub. L. 97–320, §506, added cl. (x). · (5)
• Pub. L. 97–320, §516, inserted provisions relating to instruments issued or guaranteed by any other agency of the United States, and that a Federal Credit Union may issue and sell securities which are guaranteed pursuant to section 1721(g) of this title. · (7)
• Pub. L. 97–320, §514, added cl. (L). · (7)
• Pub. L. 97–320, §517, inserted "or in banks or institutions the accounts of which are insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation," after "in which the Federal Credit Union does business,". · (8)
• Pub. L. 97–320, §518, substituted ", money orders, and other similar money transfer instruments" for "and money orders", and struck out "which does not exceed the direct and indirect costs incident to providing such service" after "for a fee". · (12)

1980

• Pub. L. 96–221, §309(a)(1), inserted provisions relating to an individual cooperative unit. · (5)
• Pub. L. 96–221, §310, substituted provisions setting forth maximum interest rate of 15 per centum per annum, subject to specified exceptions, for provisions setting forth a maximum interest rate of 1 per centum per month. · (5)
• Pub. L. 96–221, §§305(b), 307, revised existing provisions respecting credit unions serving predominately low-income members including provisions added by Pub. L. 96–161, and repealed the amendment made by Pub. L. 96–161. See Repeals and Effective Date of 1980 Amendment notes below. · (6)

1979

• Pub. L. 96–161 inserted ", and to issue, deal in, and accept share drafts as orders of withdrawal against shares, subject to such terms, rates, and conditions as may be prescribed by the Board" after "within limitations prescribed by the Board". · (6)
• Pub. L. 96–153 substituted "Federal, Indian tribal, State" for "Federal, State". · (6)

1978

• Pub. L. 95–630, §502(b), substituted "Board" for "Administrator" wherever appearing. · (5)
• Pub. L. 95–630, §§502(b), 1803(a), inserted "from the Central Liquidity Facility," after "in the manner so prescribed," and substituted "Board" for "Administrator" in two places. · (6)
• Pub. L. 95–630, §§502(b), 1803(b), substituted "Board" for "Administrator" wherever appearing and added cl. (J). · (7)
• Pub. L. 95–630, §502(b), substituted "Board" for "Administrator". · (8)
• Pub. L. 95–630, §§502(b), 1803(c), substituted "Board" for "Administrator" and inserted ", except as authorized by the Board in carrying out the provisions of subchapter III," after "amount not exceeding". · (9)
• Pub. L. 95–630, §502(b), substituted "Board" for "Administrator" wherever appearing. · (12), (13), (14)

1977

• Pub. L. 95–22, §302(a), among other changes, inserted provisions permitting Federal credit unions to establish lines of credit for their members, to raise the maximum loan maturity for most loans to twelve years, and to make loans secured by a first lien and made for the purchase of a one… · (5)
• Pub. L. 95–22, §§302(b), 303(a), redesignated par. (7) as (6) and substituted reference to payments on shares which may be issued at varying dividend rates and payments on share certificates which may be issued at varying dividend rates and maturities, subject to such terms, rates, and co… · (6)
• Pub. L. 95–22, §303(b), redesignated par. (8) as (7) and added subpar. (I). Former par. (7) redesignated (6). · (7)
• Pub. L. 95–22, §303(c), redesignated pars. (9) to (13) as (8) to (12), respectively. Former par. (8) redesignated (7). · (8), (9), (10), (11), (12)
• Pub. L. 95–22, §303(c), (d), redesignated par. (14) as (13) and inserted reference to purchase, sell, pledge, or discount or otherwise receive or dispose of, in whole or in part, any eligible obligations (as defined by the Administrator) of its members. Former par. (13) redesignated (12). · (13)
• Pub. L. 95–22, §303(e), added par. (14). · (14)

1974

• Pub. L. 93–569 inserted "except that loans made in accordance with section 1703(b) of this title and section 1819 of title 38, may be for the maturities specified therein," after "ten years". · (5)
• Pub. L. 93–383, §721(a), substituted provisions relating to approval of loans by the board of directors for provisions requiring annual reports to the Administrator with respect to loans and setting forth conditions for the making of loans. · (6)
• Pub. L. 93–495 inserted provisions relating to receipt of payments of shares, etc., from officers, employees, or agents of nonmember units of Federal, State, or local governments and political subdivisions enumerated in section 1787 of this title. · (7)
• Pub. L. 93–383, §805(c)(5), inserted reference to mortgages, obligations, or other securities sold by the Federal Home Loan Mortgage Corporation pursuant to section 1454 or 1455 of this title. · (8)
• Pub. L. 93–383, §721(b), inserted provisions relating to Federal credit unions or credit unions authorized by the Department of Defense. · (9)

1972

• Pub. L. 92–318 authorized investments in obligations or other instruments or securities of the Student Loan Marketing Association. · (8)

1970

• L. 91–206 substituted "Administrator" for "Director" wherever appearing. · (5), (6), (8), (10), (13), (14)
• Pub. L. 91–468, §10(1), permitted a Federal credit union to not only receive from members but also from other federally insured credit unions, payments on shares as well as share certificates or share deposits and, in the case of credit unions serving predominantly low-income members, to … · (7)
• Pub. L. 91–468, §10(2), authorized a Federal credit union to invest in shares, share certificates or share deposits of federally insured credit unions. · (8)

1968

• Pub. L. 90–375, §1(1), substituted provisions authorizing Federal credit unions to make unsecured loans with maturities not exceeding five years, and secured loans with maturities not exceeding ten years for provisions authorizing federal credit unions to make loans with maturities not ex… · (5)
• Pub. L. 90–448 authorized investments in obligations, participations, or other instruments of or issued by, or guaranteed as to principal and interest by, the Government National Mortgage Association. · (8)
• Pub. L. 90–375, §1(2), added cl. (G). · (8)
• Pub. L. 90–375, §1(3), added par. (14) and redesignated former par. (14) as (15). · (14), (15)

1967

• Pub. L. 90–44, §2(1), substituted "may be made except as authorized under paragraph (6) of this section" for "shall exceed the amount of his holdings in the Federal Credit Union as represented by shares thereof plus the total unencumbered and unpledged shareholdings in the Federal Credit … · (5)
• Pub. L. 90–44, §2(3), added par. (6) and redesignated former pars. (6) and (7) as (7) and (8), respectively. · (6), (7)
• Pub. L. 90–44, §§2(2), (3), redesignated former par. (7) as (8), authorized in cl. (D) investment of funds in shares or accounts of mutual savings banks, the accounts of which are insured by the Federal Deposit Insurance Corporation, and redesignated former pars. (8) to (13) as (… · (8), (9), (10), (11), (12), (13), (14)

1966

• Pub. L. 89–429 expanded list of possible areas of investment of funds by Federal credit unions to include obligations, participations, or other instruments of or issued by, or fully guaranteed as to principal and interest by, the Federal National Mortgage Association and participation cer… · (7)

1964

• Pub. L. 88–353 added cl. (E). · (7)

1959

• Pub. L. 86–354 made numerous capitalization, punctuation and phraseological changes throughout text; increased maturities limits for loans from three to five years, authorized approval of loans by a loan officer and authorized loans in an amount which shall include total unencumbered and unpledged …