Federal Credit Union Act Amendments, Hearing Before ..., 79-2 on H.R. 6372 ..., July 2, 1946 |
Common terms and phrases
Act is amended American Bankers Association amount and character appoint a liquidating assets and property BANKING AND CURRENCY bill books and records capital and surplus CHAIRMAN charge COMMITTEE ON BANKING Credit Union Act creditor or member creditors and members Deposit Insurance Corporation dividend employee having custody FDIC Federal credit union Federal Deposit Insurance funds given credit union Governor may prescribe institution interests may appear involuntary liquidation joint tenancy liquidation and appoint loaned without security ORCHARD paid paid-in and unimpaired Panama Canal Zone penalty percent a month permit person present Provided rate of interest rejected or disallowed ROBERT F savings and loan section 16 Senator BUCK Senator CAPEHART Senator MILLIKIN Senator MURDOCK Senator RADCLIFFE small loan subsection supervising agency surety bond suspend or revoke term passbook thereof the following tion unimpaired capital union in involuntary union in liquidation UNITED STATES SENATE unsecured loan violated WAGNER
Popular passages
Page 1 - And the knowingly taking, receiving, reserving, or charging a rate of interest greater than aforesaid shall be held and adjudged a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with it, or which has been agreed to be paid thereon.
Page 5 - Act for the purpose of promoting thrift among its members and creating a source of credit for provident or productive pur poses. When used in this Act the term "Administration" means Farm Credit Administration, and the term "Governor
Page 5 - To establish a Federal Credit Union System, to establish a further market for securities of the United States and to make more available to people of small means credit for provident purposes through a national system of cooperative credit, thereby helping to stabilize the credit structure of the United States.
Page 2 - From time to time, after full provision has been first made for refunding to the United States any deficiency in redeeming the notes of such association, the Comptroller shall make a ratable dividend of the money so paid over to him by such receiver on all such claims as may have been proved to his satisfaction or adjudicated in a court of competent jurisdiction...
Page 1 - In case the greater rate of interest has been paid, the person by whom it has been paid, or his legal representatives, may recover back, in an action in the nature of an action of debt, twice the amount of the interest thus paid from the association taking or receiving the same ; Provided, That such action is commenced within two years from the time the usurious transaction occurred.
Page 5 - Said corporation shall nevertheless continue in existence for the purpose of paying, satisfying and discharging any existing debts or obligations, collecting and distributing its assets and doing all other acts required in order to adjust and wind up its business and affairs, and may sue and be sued for the purpose of enforcing such debts or obligations, until its business and affairs are fully adjusted and wound up.
Page 2 - Notice of such hearing shall be published once in a newspaper of general circulation in each county in which the...
Page 4 - ... successive weeks in a newspaper of general circulation in each county in which the Federal credit union...
Page 1 - The taking, receiving, reserving, or charging a rate of interest greater than is allowed by the preceding section, when knowingly done, shall be deemed a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with it, or which has been agreed to be paid thereon. In case the greater rate of interest has been paid, the person by whom it has been paid, or his legal representatives, may recover back, in an action in the nature of an action of debt, twice the amount...
Page 1 - Applications for loans shall be made on forms prepared by such committee, which shall set forth the purpose for which the loan is desired, the security, if any, and such other data as may be required. No loan shall be made to any member...