12 USC 1772c-1 – Community development revolving loan fund for credit unions
(a) In general
The Board may exercise the authority granted to it by the Community Development Credit Union Revolving Loan Fund Transfer Act, including any additional appropriation made or earnings accrued, subject only to this section and to regulations prescribed by the Board.
(b) Investment
Terms Used In 12 USC 1772c-1
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Board: means the National Credit Union Administration Board. See 12 USC 1752
- Fund: means the National Credit Union Share Insurance Fund. See 12 USC 1752
The Board may invest any idle Fund moneys in United States Treasury securities. Any interest accrued on such securities shall become a part of the Fund.
(c) Loans
The Board may require that any loans made from the Fund be matched by increased shares in the borrower credit union.
(d) Interest
Interest earned by the Fund may be allocated by the Board for technical assistance to community development credit unions, subject to an appropriations Act.
(e) “Fund” defined
As used in this section, the term “Fund” means the Community Development Credit Union Revolving Loan Fund.