Page:United States Statutes at Large Volume 94 Part 1.djvu/199

 PUBLIC LAW 96-221—MAR. 31, 1980 "(3) shall share in dividend distributions at rates determined by the Board. However, rates on the required capital stock shall be without preference; and"; (3) by striking out ", to the extent or in such amounts as are provided in advance in appropriation Acts" in section 307(15); and (4) in title III, as so redesignated by subsection (b)(l), by striking out "Administrator" each place it appears and inserting in lieu thereof "Board". Oo) The Federal Credit Union Act is amended— (1) by striking out the heading of subchapter III of such Act and inserting in lieu thereof "TITLE III-CENTRAL LIQUIDITY FACILITY"; (2) in title III, as so redesignated by paragraph (1), by striking out "subchapter" each place it appears therein and inserting in lieu thereof "title"; and (3) in section 307(3), by striking out "subchapters I and II of this chapter" and inserting in lieu thereof "titles I and II of this Act".

94 STAT. 149

12 USC 1795f. 12 USC 1795b-1795g. 12 USC 1751. 12 USC 1795.

12 USC 1795a, 1795c, 1795f, 1795g. 12 USC 1795f.

INTEREST RATES ON CREDIT UNION LOANS

SEC. 310. Section 107(5)(A)(vi) of the Federal Credit Union Act (12 U.S.C. 1757(5)(A)(vi)) is amended to read as follows: "(vi) the rate of interest may not exceed 15 per centum per annum on the unpaid balance inclusive of all finance charges, except that the Board may establish— "(I) after consultation with the appropriate committees of the Congress, the Department of Treasury, and the Federal financial institution regulatory agencies, an interest rate ceiling exceeding such 15 per centum per annum rate, for periods not to exceed 18 months, if it determines that money market interest rates have risen over the preceding six-month period and that prevailing interest rate levels threaten the safety and soundness of individual credit unions as evidenced by adverse trends in liquidity, capital, earnings, and growth; and "(II) a higher interest rate ceiling for Agent members of the Central Liquidity Facility in carrying out the provisions of title III for such periods as the Board may 12 USC 1795. authorize;". FEDERAL HOME LOAN BANK SETTLEMENT AND PROCESSING OF DRAFTS

SEC. 311. Section 11(e) of the Federal Home Loan Bank Act (12 U.S.C. 1431(e)) is amended— (1) by inserting "(1)" after "(e)"; and (2) by adding at the end thereof the following new paragraph: "(2)(A) The Board may, subject to such rules and regulations, including definitions of terms used in this paragraph, as the Board shall from time to time prescribe, authorize Federal Home Loan Banks to be drawees of, and to engage in, or be agents or intermediaries for, or otherwise participate or assist in, the collection and settlement of (including presentment, clearing, and payment of, and remitting for), checks, drafts, or any other negotiable or nonnegotiable items or instruments of payment drawn on or issued by members of any Federal Home Loan Bank or by institutions which are eligible to make application to become members pursuant to section 4, and to 12 USC 1424.

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