Page:United States Statutes at Large Volume 92 Part 3.djvu/1087

 PUBLIC LAW 95-630—NOV. 10, 1978 sentence of this subsection. The maximum principal obligation of loans purchased by virtue of the preceding sentence shall not exceed the dollar limits prescribed by the Federal Home Loan Bank Board with respect to similar types of loans made by Federal savings and loan associations. A 'secured loan or advance of credit' is one in which a security interest is taken in the rehabilitated, renovated, modernized, refurbished, or improved property.". SEC. 1703. This title shall take effect upon enactment. TITLE XVIII—NATIONAL CKEDIT UNION CENTRAL LIQUIDITY FACILITY SEC. 1801. This title may be cited as the "National Credit Union Central Liquidity Facility Act"', SEC. 1802. The Federal Credit Union Act (12 U.S.C. 1751 et seq.) is amended by adding at the end thereof the following new subchapter:

92 STAT. 3719

"Secured loan or advance of credit." Effective date. 12 USC 1464 note. National Credit Union Central Liquidity Facility Act. Short title. 12 USC 1751 note.

"SUBCHAPTER III—CENTRAL LIQUIDITY FACILITY "SEC. 301. The Congress finds that the establishment of a National 12 USC 1795. Credit Union Central Liquidity Facility is needed to improve general financial stability by meeting the liquidity needs of credit unions and thereby encourage savings, support consumer and mortgage lending, and provide basic financial resources to all segments of the economy. a DEFINITIONS

"SEC. 302. As used in this subchapter, the term— "(1) 'liquidity needs' means the needs of credit unions primarily serving natural persons for— "(A) short-term adjustment credit available to assist in meeting temporary requirements for funds or to cushion more persistent outflows of funds pending an orderly adjustment of credit union assets and liabilities; "(B) seasonal credit available for longer periods to assist in meeting seasonal needs for funds arising from a combination of expected patterns of movement in share and deposit accounts and loans; and "(C) protracted adjustment credit available in the event of unusual or emergency circumstances of a longer term nature resulting from national, regional or local difficulties. "(2) 'Central Liquidity Facility' or 'Facility' means the National Credit Union Central Liquidity Facility; "(3) 'paid-in and unimpaired capital and surplus' means the balance of the paid-in share accounts and deposits as of a given date, less any loss that may have been incurred for which there is no reserve or which has not been charged against undivided earnings, plus the credit balance (or less the debit balance) of the undivided earnings account as of a given date, after all losses have been provided for and net earnings or net losses have been added thereto or deducted therefrom. Reserves shall not be considered as part of surplus, and "(4) 'member' means a Regular or an Agent member of the Facility.

12 USC 1795a.

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