12 U.S.C. § 1444

Current through P.L. 118-107 (published on www.congress.gov on 11/21/2024)

Section 1444 - Eligibility to membership in banks

(a) Any organization organized under the laws of any State and subject to inspection and regulation under the banking or similar laws of such State shall be eligible to become a member under this chapter if-

(1) it is organized solely for the purpose of supplying credit to its members;

(2) its membership (A) is confined exclusively to building and loan associations, savings and loan associations, cooperative banks, and homestead associations; or (B) is confined exclusively to savings banks; and

(3) of the institutions to which its membership is confined which are organized within the State, its membership includes a majority of such institutions.

(b) In all respects, but subject to such additional rules and regulations as the Director may provide, any such organization shall be a member for the purposes of this chapter.

12 U.S.C. § 1444

July 22, 1932, ch. 522, §24, 47 Stat. 739; Pub. L. 101-73 §701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub. L. 110-289 §1204(8), July 30, 2008, 122 Stat. 2786.

EDITORIAL NOTES

AMENDMENTS2008-Subsec. (b). Pub. L. 110-289 substituted "the Director" for "the Board". 1989-Subsec. (b). Pub. L. 101-73 substituted "Board" for "board".

Director: The term "Director" means the Director of the Bureau.
State: The term "State" means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands or any federally recognized Indian tribe, as defined by the Secretary of the Interior under section 5131(a) of title 25.
credit: The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.