12 U.S.C. § 1795e
Title 12
Chapter 14
Current through PL 116-220
~1 min read
Last updated: March 30, 2026
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Sections in this chapter
- § 1
- § 1751
- § 1751a
- § 1752
- § 1752a
- § 1753
- § 1754
- § 1755
- § 1756
- § 1756a
- § 1757
- § 1757a
- § 1758
- § 1759
- § 1760
- § 1761
- § 1761a
- § 1761b
- § 1761c
- § 1761d
- § 1762
- § 1763
- § 1764
- § 1765
- § 1766
- § 1767
- § 1768
- § 1769
- § 1770
- § 1771
- § 1772
- § 1772a
- § 1772b
- § 1772c
- § 1772d
- § 1773
- § 1774
- § 1775
- § 1781
- § 1782
- § 1783
- § 1784
- § 1785
- § 1786
- § 1786a
- § 1787
- § 1788
- § 1789
- § 1789a
- § 1790
- § 1790a
- § 1790b
- § 1790c
- § 1790d
- § 1790e
- § 1795
- § 1795a
- § 1795b
- § 1795c
- § 1795d
- § 1795e
- § 1795f
- § 1795g
- § 1795h
- § 1795i
- § 1795j
- § 1795k
§ 1795e. Extensions of credit
- (a)
- (1) A member may apply for an extension of credit from the Facility to meet its liquidity needs. The Board shall approve or deny any such application within five working days after receiving it. The Board shall not approve an application for credit without first having obtained evidence from the applicant that the applicant has made reasonable efforts to first use primary sources of liquidity of the applicant, including balance sheet and market funding sources, to address the liquidity needs of the applicant.
- (2) The Board may advance funds to a member on terms and conditions prescribed by the Board after giving due consideration to creditworthiness.
- (3) The Board shall not advance funds for the benefit of a credit union whose share or deposit accounts are insured by a State share or deposit guaranty credit union, insurance corporation, or guaranty association, without consultation with the appropriate State share or deposit guaranty credit union, insurance corporation, or guaranty association.
- (b) The Secretary of the Treasury is authorized to lend to the Facility up to $500,000,000, in the event the Board certifies to the Secretary that the Facility does not have sufficient funds to meet liquidity needs of credit unions. Any such loan shall bear an interest rate not greater than one-eighth of 1 per centum above the current average market yield on outstanding obligations of the United States with remaining time to maturity comparable to the maturity of such loan. The authority of the Secretary to lend under this subsection shall be limited to such extent or in such amounts as are provided in advance in appropriation Acts.
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