Page:United States Statutes at Large Volume 103 Part 1.djvu/558

 103 STAT. 530 PUBLIC LAW 101-73 —AUG. 9, 1989 (d) REPORT TO CONGRESS. —Before the end of the 180-day period beginning on the date of the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989— (1) the Federal Deposit Insurance Corporation; (2) the Comptroller of the Currency; (3) the Director of the Office of Thrift Supervision; (4) the Federal Housing Finance Board; (5) the Oversight Board of the Resolution Trust Corporation; (6) the Resolution Trust Corporation; (7) the Federal Home Loan Mortgage Corporation; and (8) the Federal National Mortgage Association, shall each submit to the Congress a report containing a complete description of the actions taken by such agency pursuant to subsec- tions (a) and (b) and such recommendations for administrative and legislative action as each such agency may determine to be appro- priate to carry out the purposes of such subsection. SEC. 1217. NCUA POWERS AS LIQUIDATING AGENT AND CONSERVATOR. (a) IN GENERAL.— Section 207 of the Federal Credit Union Act (12 U.S.C. 1787) is amended— (1) in subsection (a), by striking paragraph (2) and by re- designating paragraph (3) as paragraph (2); (2) by striking subsections (d) and 0); (3) by redesignating subsections (b), (c), (e), (f), (g), (h), and (i) as subsections Q), (k), (1), (m), (n), (o), and (p), respectively; (4) by inserting after subsection (a) the following new subsec- tions: "(b) POWERS AND DUTIES OF BOARD AS CONSERVATOR OR LIQUIDAT- ING AGENT.— "(1) RULEMAKING AUTHORITY OF BOARD. —The Board may pre- scribe such regulations as the Board determines to be appro- priate regarding the conduct of the Board as conservator or liquidating agent. "(2) GENERAL POWERS. — "(A) SUCCESSOR TO CREDIT UNION.— The Board shall, as conservatoi\or liquidating agent, and by operation of law, succeed to— "(i) all rights, titles, powers, and privileges of the credit union, and of any member, accountholder, offi- cer, or director of such credit union with respect to the credit union and the assets of the credit union; and "(ii) title to the books, records, and assets of any previous conservator or other legal custodian of such credit union. "(B) OPERATE THE CREDIT UNION. —The Board may, as conservator or liquidating agent— "(i) take over the assets of and operate the credit union with all the powers of the members or sharehold- ers, the directors, and the officers of the credit union and shall be authorized to conduct all business of the credit union; "(ii) collect all obligations and money due the credit union; "(iii) perform all functions of the credit union in the name of the credit union which is consistent with the appointment as conservator or liquidating agent; and

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