Page:United States Statutes at Large Volume 84 Part 1.djvu/1052

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PUBLIC LAW 91-468-OCT. 19, 1970

[84 STAT.

Public Law 91-468 October 19, 1970 [S.3822]

AN ACT To provide insurance for member accounts in State and federally chartered credit unions and for other purposes.

Federal and State credit unions. Share insurance. 73 Stat, 628. Ante, p. 49.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Federal Credit Union Act, as amended (12 U.S.C. 1751-1775), is further amended— (1) by inserting immediately above the heading of section 2 the following: "TITLE I—FEDERAL CEEDIT UNIONS";

12 USC 17521772a. 82 Stat. 285.

(2) by redesignating sections 2 through 28 as sections 101 through 127, respectively; and (3) by inserting the following new title after section 127, as redesignated by paragraph (2) of this section: "TITLE II—SHARE INSURANCE a INSURANCE OF M E M B E R ACCOUNTS A N D E L I G I B I L I T Y PROVISIONS

Application, agreement.

"SEC. 201. (a) The Administrator, as hereinafter provided, shall insure the member accounts of all 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, and (2) credit unions organized and operating under the jurisdiction of the Department of Defense if such credit unions are operating in compliance with the requirements of title I of this Act and regulations issued thereunder. "(b) Application for insurance of member accounts shall be made immediately by each Federal credit union and may be made at any time by a State credit union or a credit union operating under the jurisdiction of the Department of Defense. Applications for such insurance shall be in such form as the Administrator shall provide and shall contain an agreement by the applicant— "(1) to pay the reasonable cost of such examinations as the Administrator may deem necessary in connection with determining the eligibility of the applicant for insurance: Provided, That examinations required under title I of this Act shall be so conducted that the information derived therefrom may be utilized for share insurance purposes, and examinations conducted by State regulatory agencies shall be utilized by the Administrator for such purposes to the maximum extent feasible; " (2) to permit and pay the reasonable cost of such examinations as in the judgment of the Administrator may from time to time be necessary for the protection of the fund and of other insured credit unions; " (3) to permit the Administrator to have access to any information or report with respect to any examination made by or for any public regulatory authority, including any commission, board, or authority having supervision of a State-chartered credit union, and furnish such additional information with respect thereto as the Administrator may require;

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