Payment by Federal credit union to Administration
In accordance with rules prescribed by the Board, each Federal credit union shall pay to the Administration an annual operating fee which may be composed of one or more charges identified as to the function or functions for which assessed.
Determinations of amount, assessment periods, and payment dates
The fee assessed under this section shall be determined according to a schedule, or schedules, or other method determined by the Board to be appropriate, which gives due consideration to the expenses of the Administration in carrying out its responsibilities under this chapter and to the ability of Federal credit unions to pay the fee. The Board shall, among other things, determine the periods for which the fee shall be assessed and the date or dates for the payment of the fee or increments thereof.
Supervision charge exception; waiver of payment
If the annual operating fee is composed of separate charges, no supervision charge shall be payable by a Federal credit union, and the Board may waive payment of any or all other charges comprising the fee, with respect to the year in which its charter is issued, or in which final distribution is made in its liquidation or the charter is canceled.
Payment into Treasury of United States
All operating fees shall be deposited with the Treasurer of the United States for the account of the Administration and may be expended by the Board to defray the expenses incurred in carrying out the provisions of this chapter including the examination and supervision of Federal credit unions.
Investment of annual operating fees not needed for current operations
June 26, 1934, ch. 75048 Stat. 121761 Stat. 952June 29, 1948, ch. 71162 Stat. 1091Apr. 17, 1952, ch. 214, § 166 Stat. 63Pub. L. 86–354, § 173 Stat. 629Pub. L. 91–206, § 2(1)84 Stat. 49Pub. L. 91–468, § 1(2)84 Stat. 994Pub. L. 95–630, title V, § 50792 Stat. 3682Pub. L. 97–320, title V, § 50596 Stat. 1528(, title I, § 105, formerly § 5, ; 1947 Reorg. Plan No. 1, § 401, eff. , 12 F.R. 4534, ; , §§ 1, 2, ; , ; renumbered § 6 and amended , , ; , (3), , ; renumbered title I, § 105, , , ; amended , , ; , , .)
Editorial Notes
Amendments
Pub. L. 97–3201982—Subsec. (e). added subsec. (e).
Pub. L. 95–6301978— substituted provisions relating to the payment of an operating fee by each Federal credit union to the Board for provisions relating to the payment of costs incident to the ascertainment of whether an organization certificate should be approved and costs upon approval by the subscriber of such certificate to the Administration and payment of a supervision fee by each Federal credit union to the Administration.
Pub. L. 91–2061970— substituted “Administrator” for “Director” and “Administration” for “Bureau”, wherever appearing.
Pub. L. 86–3541959— incorporated in last sentence subject matter formerly contained in a proviso clause following table and authorized fees to be expended for supervisory expenses.
1952—Act , amended section, substituting a graduated scale of supervisory fees for the $10 a year supervisory fee.
Statutory Notes and Related Subsidiaries
Effective Date of 1978 Amendment
Pub. L. 95–630section 509 of Pub. L. 95–630section 1752 of this titleAmendment by effective on expiration of 120 days after , and transitional provisions, see , set out as a note under .
Effective Date of 1952 Amendment
Act Apr. 17, 1952, ch. 214, § 266 Stat. 63
Executive Documents
Transfer of Functions
section 1751 of this titleTransfer of functions of Farm Credit Administration and Governor thereof, generally, see notes set out under .
Functions of Governor of Farm Credit Administration under this section transferred to Federal Deposit Insurance Corporation by Reorg. Plan No. 1 of 1947.