To Provide Provisional Share Insurance for Federal Credit Unions: Hearings Before the Subcommittee on Bank Supervision and Insurance of ... , 92-1 on H.R. 9961 ... , September 22, 19711971 - 118 pages |
Common terms and phrases
1,400 credit unions amended ANNUNZIO assistance BARR becoming self-supporting BIANCHINI bill Board of Trustees BRASCO Chairman CHAPPELL checking accounts committee Community Action community credit unions Congress Corporation costs Credit Union Act Credit Union Administration Credit Union League credit union members credit union operations credit union program credit union services criteria December 31 demand deposit account demand deposits Director eight credit unions employees FARMERS INSURANCE GROUP FDIC Federal credit unions Federal share insurance federally chartered goal income insurance fund insured credit union JOHNSON legislation liquidation loans loss low-income credit unions meet member accounts member credit unions membership million Miss GRASTY National Credit Union NICKERSON October 19 OEO-financed credit unions Office of Economic operating expenses organization Pennsylvania percent problem qualify rejected credit unions reserves reviewed ROBERTSON ROGERS shareholders ST GERMAIN statement temporary insurance Thank tion total assets units
Popular passages
Page 58 - deposit" means— (1) the unpaid balance of money or its equivalent received or held by a bank in the usual course of business and for which it has given or is obligated to give credit, either conditionally or unconditionally, to a commercial, checking, savings, time, or thrift account, or which is evidenced by its certificate of deposit...
Page 32 - October of each year. Section 2. Delegates from fifty (50) or more member credit unions present at the annual meeting shall constitute a quorum. Section 3. The Secretary of the Corporation shall give each member credit union not less than thirty (30) days' written notice of each meeting. Section 4. Not less than thirty (30) days prior to the date of the annual meeting, the Secretary of the Corporation shall send all member credit unions and the Commissioner of Banking a copy of the proposed agenda,...
Page 60 - Federal credit unions and he may insure the member accounts of ( 1 ) credit unions organized and operated according to the laws of any State, the District of Columbia, the several territories and possessions of the United States, the Panama Canal Zone, or the Commonwealth of Puerto Rico...
Page 34 - ... or any of them, to open, and keep such books or accounts as he may in his discretion determine and prescribe for the purpose of keeping accurate and convenient records of the transactions and accounts of such bank.
Page 26 - ... terms and conditions as it may determine, make loans secured in whole or in part by assets of an open or closed insured bank, which loans may be in subordination to the rights of depositors and other creditors, or the Corporation may purchase any such assets or may guarantee any other insured bank against loss by reason of its assuming the liabilities and purchasing the assets of an open or closed insured bank.
Page 3 - Act to promote thrift among their members and create a source of credit for provident and productive purposes. Membership is limited to a group of persons having a common bond of association, occupation, or residence.
Page 45 - Board shall disapprove the application of any credit union for insurance of its member accounts if it finds that its reserves are inadequate, that its financial condition and policies are unsafe or unsound, that its management is unfit, that insurance of its member accounts would otherwise involve undue risk to the fund, or that its powers and purposes are inconsistent with the promotion of thrift among its members and the creation of a source of credit for provident or productive purposes.
Page 33 - Death, resignation, or removal from the City of Crawfordsville of a trustee shall create a vacancy, and a vacancy created in such a manner, or otherwise, shall be filled by the remaining members of the board of trustees, and in the event of the failure of the board of trustees to fill such vacancy, the City Council shall, after ten days' notice to said board, appoint a trustee to fill said vacancy.
Page 34 - December of each year, shall make a full and detailed report of its business done the preceding year, and of its condition on such date, in such form and containing such information as said examiner may prescribe, and shall file with him a true and verified copy thereof...
Page 34 - All associations formed under this or other similar law, or authorized to transact in this state a business similar to that authorized to be done by this chapter, shall be under the control and supervision of the bank examiner.