Page:United States Statutes at Large Volume 84 Part 1.djvu/1075

 84 STAT. ]

PUBLIC LAW 91-468-OCT. 19, 1970

1017

(2) by inserting the words "or by the Administrator of the National Credit Union Administration" following the words "Federal Savings and Loan Insurance Corporation". SEC. 7. Section 1014 of title 18 of the United States Code (relating ^^%^l[%l^^' to false statements in loan and credit applications) is amended by striking out the words "or a Federal credit union" and by inserting the words ", a Federal credit union, or an insured State-chartered credit union" in lieu thereof. SEC. 8. Section 2113 of title 18 of the United States Code (relating ^4 Stat. 394. to bank robbery and incidental crimes) is amended as follows: (1) Subsections (a^, (b), and (c) are each amended by inserting the words "credit union," following the word "bank," each place it appears therein. (2) The following new subsection is added at the end thereof: " (h) As used in this section the term 'credit union' means any "Credit union." Federal credit union and any State-chartered credit union the accounts of which are insured by the Administrator of the National Credit Union Administration." SEC. 9. Section 116 of the Federal Credit Union Act, as redesig- Reserves. nated by section 1 of this Act (formerly section 17 of such Act), is H f^^^^ ^^^^ amended to read as follows: "SEC. 116. (a) Immediately before the payment of each dividend, the gross earnings of the credit union shall be determined. From this amount, there shall be set aside, as a regular reserve against losses on loans and against such other losses as may be specified in regulations prescribed under this Act, sums in accordance with the following schedule: "10 per centum of gross income until the regular reserve shall equal fi/^ per centum of the total of outstanding loans and risk assets, then "6 per centum of gross income until the regular reserve shall equal 10 per centum of the total of outstanding loans and risk assets. Whenever the regular reserve falls below 10 per centum or 7i/^ 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 7i/^ per centum or 10 per centum. " (b) I n addition to such regular reserve, special reserves to protect the interests of members shall be established— " (1) when required by regulation; or "(2) when found by the Administrator, in any special case, to be necessary for that purpose." SEC. 10. Section 107 of the Federal Credit Union Act, as redesignated by section 1 of this Act (formerly section 8 of such Act), is 8281 Stat. 110; Stat. 284. 12 USC 1757. amended— (1) by striking out paragraph (7) and inserting in lieu thereof the following: "(7) to receive from its members or other federally insured credit unions payments on shares, share certificates, or share deposits, and, in the case of credit unions serving predominantly low-income members (as defined by the Administrator), to receive payments on shares, share certificates, or share deposits from nonmembers;" and (2) by adding at the end of paragraph (8) the following: "and (H) in shares, share certificates, or share deposits of federally insured credit unions;". Approved October 19, 1970.

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