The law › Title 12, Banks and Banking › Chapter 14
12 U.S.C. 1790d: Prompt corrective action
Created in 1998 by the Credit Union Membership Access Act (Public Law 105-219). Changed by 4 later laws. No bill we track in this Congress changes it.
3 other sections of the Code cite this one, including 12 U.S.C. 1757a, 12 U.S.C. 1786, 12 U.S.C. 1787.
3 parts of federal rules cite it as their authority, written by National Credit Union Administration (3).
- past change
- enacted this Congress
- proposed
This Congress
No bill we track in the 119th Congress changes this section.
How it got here
2022
- Pub. L. 117–286 substituted "section 419 of title 5" for "section 8L of the Inspector General Act of 1978 (5 U.S.C. App.)". Law text · (j)
2011
- Pub. L. 111–382 amended par. (2) generally. Prior to amendment, text read as follows: "The term 'net worth'— Law text · (o)
2010
- Pub. L. 111–203 amended subsec. (j) generally. Prior to amendment, text read as follows: "For purposes of determining whether the Fund has incurred a material loss with respect to an insured credit union (such that the inspector general of the Board must make a report), a loss is mater… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (j)
2006
- Pub. L. 109–351, §726(25), inserted "any action" before "that is required". (Financial Services Regulatory Relief Act of 2006) Law text · (n)
- Pub. L. 109–351, §504, inserted "the" before "retained earnings balance" and ", together with any amounts that were previously retained earnings of any other credit union with which the credit union has combined" before semicolon. (Financial Services Regulatory Relief Act of 2006) Law text · (o)
Text, outline and history from the official U.S. Code (2024 edition) on GovInfo, published by the Office of the Law Revision Counsel. Changes made after that edition appear under This Congress.