tailieunhanh - THE FEDERAL CREDIT UNION ACT

Several key terms that are used throughout this report bear mention. The two most significant related terms for subsets of “credit rating agencies” are “nationally recognised statistical rating organisations” (NRSROs), which are regulated by the United States Securities and Exchange Commission (US SEC), and “external credit assessment institutions” (ECAIs), a term set forth in the Basel II framework. The term “NRSRO” is defined in United States (US) legislation4 and is limited to credit rating agencies that have applied for and been granted registration by the US SEC. This statutory definition of NRSRO is cross-referenced extensively in US regulations as. | THE FEDERAL CREDIT UNION ACT REVISED JUNE 2007 NATIONAL CREDIT UNION ADMINISTRATION ALEXANDRIA VIRGINIA 22314 NCUA 8002 M 3601 FOREWORD This publication contains the provisions of the Federal Credit Union Act of June 26 1934 as amended. In the left margin of this publication opposite each section is printed the section number of such provision in Title 12 of the United States Code and supplements thereto. The number in the right-hand margin is the section of the Federal Credit Union Act as amended of which the provision is a part unless another statute is cited. The symbol 12 . refers to Title 12 of the United States Code and supplements thereto. The symbol FCU Act refers to the Federal Credit Union Act as amended. Amendments to this publication will be provided from time to time as the FCU Act is amended. The administration of the Federal Credit Union Act was originally vested in the Farm Credit Administration and in the Governor thereof. Act of June 26 1934 48 Stat. 1216. Executive Order No. 9148 dated April 27 1942 7 . 3145 transferred the functions powers and duties of the Farm Credit Administration and of the Governor under the Federal Credit Union Act as amended to the Federal Deposit Insurance Corporation. This transfer became effective on May 16 1942 and was to expire at the termination of Title I of the First War Powers Act 1941 Public Law 354 77th Cong. . Reorganization Plan No. 1 effective July 1 1947 61 Stat. 952 12 . 4534 made the transfer permanent. Effective July 29 1948 the powers duties and functions transferred to the Federal Deposit Insurance Corporation were transferred to the Federal Security Agency. Act of June 29 1948 62 Stat. 1091. Reorganization Plan No. 1 of 1953 effective April 11 1953 abolished the Federal Security Agency and transferred the Bureau of Federal Credit Unions together with other agencies of the Federal Security Agency to the Department of Health Education and Welfare. 67 Stat. 631 18 . 2053. Public Law 86-354