12 U.S.C. § 1761

Management

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(a) Board of directors, credit committee, and supervisory committee; election to board

The management of a Federal credit union shall be by a board of directors, a supervisory committee, and where the bylaws so provide, a credit committee. The board shall consist of an odd number of directors, at least five in number, to be elected annually by and from the members as the bylaws provide. Any vacancy occurring on the board shall be filled until the next annual election by appointment by the remainder of the directors.

(b) Membership on supervisory committee; names and addresses of officers and committee members

The supervisory committee shall be appointed by the board of directors and shall consist of not less than three members nor more than five members, one of whom may be a director other than the compensated officer of the board. A record of the names and addresses of the executive officers, members of the supervisory committee, credit committee, and loan officers, shall be filed with the Administration within ten days after their election or appointment.

No member of the board or of any other committee shall, as such, be compensated, except that reasonable health, accident, similar insurance protection, and the reimbursement of reasonable expenses incurred in the execution of the duties of the position shall not be considered compensation.

(June 26, 1934, ch. 750, title I, § 111, formerly § 11, 48 Stat. 1219; June 15, 1940, ch. 366, 54 Stat. 398; July 31, 1946, ch. 711, §§ 3–6, 60 Stat. 745; 1947 Reorg. Plan No. 1, § 401, eff. July 1, 1947, 12 F.R. 4534, 61 Stat. 952; June 29, 1948, ch. 711, §§ 1, 2, 62 Stat. 1091; Oct. 25, 1949, ch. 713, § 2, 63 Stat. 890; June 30, 1954, ch. 426, § 1, 68 Stat. 335; Aug. 24, 1954, ch. 905, §§ 1, 2, 68 Stat. 792; renumbered § 12 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 632; Pub. L. 88–353, § 2, July 2, 1964, 78 Stat. 269; Pub. L. 91–206, § 2(3), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 111, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 93–495, title I, § 116, Oct. 28, 1974, 88 Stat. 1507; Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 97–320, title V, § 520, Oct. 15, 1982, 96 Stat. 1531.)Editorial NotesAmendments

1982—Pub. L. 97–320 substituted provisions divided into subsecs. (a), (b), and (c) relating to the management of a Federal credit union, including the board of directors, credit and supervisory committees, and the matter of their compensation, for provisions which read as follows: “The business affairs of a Federal credit union shall be managed by a board of not less than five directors, and a credit committee of not less than three members, all to be elected at the annual members’ meeting by and from the members, and by a supervisory committee of not less than three members nor more than five members, one of whom may be a director other than the treasurer, to be appointed by the board. Any vacancy occurring in the supervisory committee shall be filled in the same manner as original appointments to such committee. All members of the board and of such committees shall hold office for such terms, respectively, as the bylaws may provide. A record of the names and addresses of the members of the board and such committees and of the officers of the credit union shall be filed with the Administration within ten days after their election or appointment. No member of the board or of either such committee shall, as such, be compensated: Provided, however, That reasonable health, accident, and similar insurance protection shall not be considered compensation under regulations promulgated by the Board.”

1978—Pub. L. 95–630 substituted “Board” for “Administrator”.

1974—Pub. L. 93–495 inserted proviso relating to compensation in the form of health, accident, and similar insurance protection.

1970—Pub. L. 91–206 substituted “Administration” for “Bureau”.

1964—Pub. L. 88–353 increased size of supervisory committee from three members to not less than three members nor more than five members.

1959—Pub. L. 86–354 provided for appointment instead of election of members of supervisory committee and for filling of vacancies in such committee, and struck out former subsecs. (b) to (e) relating to officers, directors, credit committee and supervisory committee. See sections 1761a to 1761d of this title, respectively.

1954—Subsecs. (b), (c). Act Aug. 24, 1954, provided express authority for the Director of the Bureau of Federal Credit Unions to regulate the minimum amount and character of surety bonds for officers and employees.

Subsec. (c). Act June 30, 1954, inserted provision with respect to interest refunds.

1949—Subsec. (d). Act Oct. 25, 1949, substituted “$400” for “$300” wherever appearing.

1946—Subsec. (c). Act July 31, 1946, struck out “fix the amount and character of the surety bond required of any officer having custody of funds” and inserted “require any officer or employee having custody of or handling funds to give bond with good and sufficient surety in an amount and character to be determined, from time to time, by the board and authorize the payment of the premium or premiums therefor from the funds of the Federal credit union”.

Subsec. (d). Act July 31, 1946, struck out requirement that notice of meeting of the credit committee must be given by the treasurer and increased the maximum amount of an unsecured loan to a member from $100 to $300.

Subsec. (e). Act July 31, 1946, inserted last sentence defining “passbook”.

1940—Subsec. (d). Act June 15, 1940, substituted “$100” for “$50” in fourth sentence.

Statutory Notes and Related SubsidiariesEffective Date of 1978 Amendment

Amendment by Pub. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title.

Executive DocumentsTransfer of Functions

Transfer of functions of Farm Credit Administration and Governor thereof, generally, see notes set out under section 1751 of this title.

Functions of Governor of Farm Credit Administration under this section transferred to Federal Deposit Insurance Corporation by Reorg. Plan No. 1 of 1947.

Notes of Decisions

Cited in 16 cases, 1953–2012 · leading case: Ridenour v. Andrews Fed. Credit Union, 897 F.2d 715 (4th Cir. 1990).

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Ridenour v. Andrews Fed. Credit Union, 897 F.2d 715 (4th Cir. 1990). · cites it 3× “Those sections of the Federal Credit Union Act, 12 U.S.C. §§ 1761 et seq., he claimed, entitled him to remedies for violations of his rights to democratic governance of his credit union.”

Gene F. Barany & Helen L. Elliott v. John Buller, 670 F.2d 726 (7th Cir. 1982). · cites it 2× “Pursuant to 12 U.S.C. § 1761 , they were elected to the Credit Union’s three-member Credit Committee.”

Garcia v. UniWyo Fed. Credit Union, 920 P.2d 642 (Wyo. 1996). · cites it 2× “See 12 U.S.C. § 1761 . According to Garcia, the purpose of that meeting was "to discuss [her] own and the staff's experiences with and concerns about [UniWyo's President] Karen Stapp.”

Am. Bankers Ass'n v. Nat'l Credit Union Admin., 38 F. Supp. 2d 114 (D.D.C. 1999). “See 12 U.S.C. §§ 1761 (c), 1761a. As distinct as a credit union’s management structure is compared to that of its private counterpart, so too is its customer base.”

Soc. Sec. Admin. Baltimore Fed. Credit Union v. United States, 138 F. Supp. 639 (D. Maryland 1956). · cites it 3× “The statute, 12 U.S.C.A. § 1761 , provides that a Federal credit union shall be managed by a board of not less than five directors elected by the members and from their number.”

Clifton Smith v. Dearborn Fin. Servs., Inc., & Dearborn Fed. Credit Union, 982 F.2d 976 (6th Cir. 1993). “§ 1786 (g)(6), and the plaintiff in Heller based his claims on the requirements of 12 U.S.C. §§ 1761 (b)(2), 1766(h), and 1786(f)(1).”

Cuenca v. Safeway San Francisco Employees Fed. Credit Union, 180 Cal. App. 3d 985 (Cal. Ct. App. 1986). “(12U.S.C. § 1761 d.) The supervisory committee is appointed by the board of directors and reports to it.”

Ellens v. Chicago Area Off. Fed. Credit Union, 576 N.E.2d 263 (Ill. App. Ct. 1991). “Federal jurisdiction was based upon the Federal Credit Union Act, 12 U.S.C. §1761 (1988) (the Act). On September 9, 1986, trial was conducted resulting in a directed judgment in favor of defendants.”

Heller v. CACL Fed. Credit Union, 775 F. Supp. 839 (E.D. Pa. 1991). “See 12 U.S.C. § 1761 (b)(2); 12 U.S.C. § 1766 (h); 12 C.”

Oiciyapi Fed. Credit Union v. Nat'l Credit Union Admin., 936 F.2d 1007 (8th Cir. 1991). · cites it 2× “edit union had failed to keep complete and accurate records, as required by the Federal Credit Union Bylaws and the Accounting Manual for Federal Credit Unions; (2) the 1988 election of the board of directors was invalid because of procedural irregularities; (3) the board of…”

Dickran Keosaian v. Nat'l Labor Relations Bd., Jewel Companies, Inc., Star Mkt. Co. Div., Intervenor, 630 F.2d 36 (1st Cir. 1980). “§ 1753 ; and it must be managed by a Board of Directors elected by its members, 12 U.S.C. § 1761 . 2 . Asked who appointed him as attorney, Keosaian testified, “Me .”

Hudson Valley Fed. Credit Union v. New York State Dep't of Taxation & Fin., 980 N.E.2d 473 (NY 2012). “Members elect credit union boards of directors (see 12 USC § 1761 ). The directors have a significant amount of autonomy in administering credit unions’ daily operations, including controlling investments, setting the *13 maximum number of share accounts and designating the…”

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