
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC1786a]

 
                       TITLE 12--BANKS AND BANKING
 
                    CHAPTER 14--FEDERAL CREDIT UNIONS
 
                     SUBCHAPTER II--SHARE INSURANCE
 
Sec. 1786a. Regulation and examination of credit union 
        organizations and service providers
        

(a) Regulation and examination of credit union organizations

          (1) General examination and regulatory authority

        A credit union organization shall be subject to examination and 
    regulation by the Board to the same extent as that insured credit 
    union.

              (2) Examination by other banking agencies

        The Board may authorize to make an examination of a credit union 
    organization in accordance with paragraph (1)--
            (A) any Federal regulator \1\ agency that supervises any 
        activity of a credit union organization; or
---------------------------------------------------------------------------
    \1\ So in original. Probably should be ``regulatory''.
---------------------------------------------------------------------------
            (B) any Federal banking agency that supervises any other 
        person who maintains an ownership interest in a credit union 
        organization.

(b) Applicability of section 1786

    A credit union organization shall be subject to the provisions of 
section 1786 of this title as if the credit union organization were an 
insured credit union.

(c) Service performed by contract or otherwise

    Notwithstanding subsection (a) of this section, if an insured credit 
union or a credit union organization that is regularly examined or 
subject to examination by the Board, causes to be performed for itself, 
by contract or otherwise, any service authorized under this chapter, or 
in the case of a State credit union, any applicable State law, whether 
on or off its premises--
        (1) such performance shall be subject to regulation and 
    examination by the Board to the same extent as if such services were 
    being performed by the insured credit union or credit union 
    organization itself on its own premises; and
        (2) the insured credit union or credit union organization shall 
    notify the Board of the existence of the service relationship not 
    later than 30 days after the earlier of--
            (A) the date on which the contract is entered into; or
            (B) the date on which the performance of the service is 
        initiated.

(d) Administration by Board

    The Board may issue such regulations and orders as may be necessary 
to enable the Board to administer and carry out this section and to 
prevent evasion of this section.

(e) Definitions

    For purposes of this section--
        (1) the term ``credit union organization'' means any entity 
    that--
            (A) is not a credit union;
            (B) is an entity in which an insured credit union may 
        lawfully hold an ownership interest or investment; and
            (C) is owned in whole or in part by an insured credit union; 
        and

        (2) the term ``Federal banking agency'' has the same meaning as 
    in section 1813 of this title.

(f) Expiration of authority

    This section and all powers and authority of the Board under this 
section shall cease to be effective as of December 31, 2001.

(June 26, 1934, ch. 750, title II, Sec. 206A, as added Pub. L. 105-164, 
Sec. 3(b), Mar. 20, 1998, 112 Stat. 35.)
