Notes on 12 U.S.C. § 1751 : US Code - Notes

Search Notes on 12 U.S.C. § 1751 : US Code - Notes

(June 26, 1934, ch. 750, Sec. 1, 48 Stat. 1216; Pub. L. 86-354,
Sec. 1, Sept. 22, 1959, 73 Stat. 628.)
AMENDMENTS
1959 - Pub. L. 86-354 reenacted section without change.
TRANSFER OF FUNCTIONS
Secretary and Department of Health, Education, and Welfare
redesignated Secretary and Department of Health and Human Services
by section 3508 of Title 20, Education.
Transfer of functions of Farm Credit Administration and Governor
thereof to Bureau of Farm Credit Unions and Director thereof under
jurisdiction of Federal Security Agency by act June 29, 1948, ch.
711, Secs. 1, 2, 62 Stat. 1091, and abolishment of Agency and
transfer of its functions to Department of Health, Education, and
Welfare by Reorg. Plan No. 1 of 1953, Sec. 5, eff. Apr. 11, 1953,
18 F.R. 2053, 67 Stat. 632, see section 1752a of this title, and
notes thereunder.
Functions of Farm Credit Administration and Governor thereof
under this chapter, together with functions of Secretary of
Agriculture with respect thereto, transferred to Federal Deposit
Insurance Corporation by Reorg. Plan No. 1 of 1947, Sec. 401, eff.
July 1, 1947, 12 F.R. 4534, 61 Stat. 952, set out in the Appendix
to Title 5, Government Organization and Employees. A similar
transfer of functions for duration of World War II was effected by
Ex. Ord. No. 9148, Apr. 27, 1942, 7 F.R. 3145.
Farm Credit Administration transferred to Department of
Agriculture by Reorg. Plan No. I of 1939, Sec. 401, eff. July 1,
1939, 4 F.R. 2730, 53 Stat. 1429, set out in the Appendix to Title
5.
SHORT TITLE OF 1998 AMENDMENT
Pub. L. 105-219, Sec. 1(a), Aug. 7, 1998, 112 Stat. 913, provided
that: "This Act [enacting sections 1757a and 1790d of this title,
amending sections 1752a, 1759, 1782, and 1784 to 1787 of this
title, repealing section 1762 of this title, and enacting
provisions set out as notes under this section and sections 1752a,
1757a, 1759, 1790d, 4801, and 4803 of this title] may be cited as
the 'Credit Union Membership Access Act'."
SHORT TITLE OF 1987 AMENDMENT
Pub. L. 100-86, title VII, Sec. 701, Aug. 10, 1987, 101 Stat.
652, provided that: "This title [enacting section 1772c of this
title and amending sections 1757, 1761a, 1761b, 1764, 1766, 1767,
and 1786 to 1788 of this title and sections 45, 46, and 57a of
Title 15, Commerce and Trade] may be cited as the 'Credit Union
Amendments of 1987'."
SHORT TITLE OF 1978 AMENDMENT
Pub. L. 95-630, title XVIII, Sec. 1801, Nov. 10, 1978, 92 Stat.
3719, provided that: "This title [enacting subchapter III of this
chapter and amending section 1757 of this title, section 709 of
Title 18, Crimes and Criminal Procedure, and section 856 of former
Title 31, Money and Finance] may be cited as the 'National Credit
Union Central Liquidity Facility Act'."
CONGRESSIONAL FINDINGS
Pub. L. 105-219, Sec. 2, Aug. 7, 1998, 112 Stat. 913, provided
that: "The Congress finds the following:
"(1) The American credit union movement began as a cooperative
effort to serve the productive and provident credit needs of
individuals of modest means.
"(2) Credit unions continue to fulfill this public purpose, and
current members and membership groups should not face divestiture
from the financial services institution of their choice as a
result of recent court action.
"(3) To promote thrift and credit extension, a meaningful
affinity and bond among members, manifested by a commonality of
routine interaction, shared and related work experiences,
interests, or activities, or the maintenance of an otherwise well-
understood sense of cohesion or identity is essential to the
fulfillment of the public mission of credit unions.
"(4) Credit unions, unlike many other participants in the
financial services market, are exempt from Federal and most State
taxes because they are member-owned, democratically operated, not-
for-profit organizations generally managed by volunteer boards
of directors and because they have the specified mission of
meeting the credit and savings needs of consumers, especially
persons of modest means.
"(5) Improved credit union safety and soundness provisions will
enhance the public benefit that citizens receive from these
cooperative financial services institutions."