Federal Share Insurance for Credit Unions, Hearings Before the Subcommittee on Financial Institutions of ..., 91-2 on S.3822 .., June 18 and 19, 1970 |
Common terms and phrases
Adminis agencies amended American Bankers Association amount authority bill centum Chairman chartered credit unions committee member concerned court Credit Union Act Credit Union Administration credit union members credit union movement Credit Union Share CUNA International deposit insurance director dividend dual chartering examination FDIC Federal credit unions Federal share insurance federally chartered feel financial institutions GANNON income insured credit union KASS legislation liquidating agent liquidating credit unions loan associations losses low-income credit unions MACKINNON membership NAFCU National Credit Union NESTLERODE officer one-twelfth one-twentieth Panama Canal Zone penalty percent protection recommend record regular reserve report of condition reserve requirements ROBERTSON ROGERS savings and loan Senator BENNETT Senator PROXMIRE share accounts Share Insurance Fund share insurance program shareholders small credit unions State-chartered credit unions statement subcommittee subsection testimony tion U.S. Senate Union Share Insurance United United States Code WALLACE F WILLIAM PROXMIRE
Popular passages
Page 57 - States, as hereinafter provided, the Commission may at any time, upon such notice and in such manner as it shall deem proper, modify or set aside, in whole or in part, any report or any order made or issued by it under this section.
Page 36 - The Secretary of the Treasury is authorized and directed to purchase any notes and other obligations to be issued hereunder and for such purpose he is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under such Act, as amended, are extended to include any purchases of such notes and obligations.
Page 57 - Administrator be modified, terminated, or set aside. A copy of such petition shall be forthwith transmitted by the clerk of the court to the...
Page 44 - ... and shall fix a time and place at which a hearing will be held to determine whether an order to cease and desist therefrom should issue against the bank.
Page 58 - ... if any, for the modification or setting aside of its original order, with the return of such additional evidence. The judgment and decree of the court shall be final, except that the same shall be subject to review by the Supreme Court upon certiorari as provided in section two hundred and forty of the Judicial Code.
Page 41 - Every credit union is, by statute and practice, a cooperative association organized "for the purpose of promoting thrift among its members and creating a source of credit for provident or productive purposes.
Page 69 - Corporation unless such agreement (1) shall be in writing, (2) shall have been executed by the bank and the person or persons claiming an adverse interest thereunder, including the obligor, contemporaneously with the acquisition of the asset by the...
Page 47 - Such hearing shall be fixed for a date not earlier than thirty days nor later than sixty days after the date of service of such notice, unless an earlier or a later date is set by the...
Page 80 - IVz per centum of the total of outstanding loans and risk assets, as the case may be, it shall be replenished by regular contributions in such amounts as may be needed to maintain the reserve goals of 7% per centum or 10 per centum.
Page 72 - To sue and be sued, complain and defend, in any court of law or equity, State or Federal. All suits of a civil nature at common law or in equity to which the...