U.S. Code » Title 12 » Chapter CHAPTER 14— FEDERAL CREDIT UNIONS › Subchapter SUBCHAPTER I— GENERAL PROVISIONS

12 U.S.C. § 1767

Fiscal agents and depositories; authorization to secure deposits by governmental bodies

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(a) Each Federal credit union organized under this chapter, when requested by the Secretary of the Treasury, shall act as fiscal agent of the United States and shall perform such services as the Secretary of the Treasury may require in connection with the collection of taxes and other obligations due the United States and the lending, borrowing, and repayment of money by the United States, including the issue, sale, redemption, or repurchase of bonds, notes, Treasury certificates of indebtedness, or other obligations of the United States; and to facilitate such purposes the Board shall furnish to the Secretary of the Treasury from time to time the names and addresses of all Federal credit unions with such other available information concerning them as may be requested by the Secretary of the Treasury. Any Federal credit union organized under this chapter, when designated for that purpose by the Secretary of the Treasury, shall be a depository of public money, except receipts from customs, under such regulations as may be prescribed by the Secretary of the Treasury.(b) Any Federal credit union, upon the deposit with it of any funds by the Federal Government, an Indian tribe, or any State or local government or political subdivision thereof as otherwise authorized by this chapter, is authorized to pledge any of its assets securing the payment of the funds so deposited.(June 26, 1934, ch. 750, title I, § 121, formerly § 17, 48 Stat. 1222; 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; renumbered § 22, Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 637; amended Pub. L. 91–206, § 2(1), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 121, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 100–86, title VII, § 716, Aug. 10, 1987, 101 Stat. 656.)Editorial NotesAmendments

1987—Pub. L. 100–86 designated existing provisions as subsec. (a) and added subsec. (b).

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

1970—Pub. L. 91–206 substituted “Administrator” for “Director”.

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 7 cases, 1981–2020 · leading case: T I Fed. Credit Union v. DelBonis, 72 F.3d 921 (1st Cir. 1995).
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T I Fed. Credit Union v. DelBonis, 72 F.3d 921 (1st Cir. 1995). “1988); 12 U.S.C. § 1767 (a) (“Each Federal credit union organized under this chapter .”
United States v. State of Michigan, 851 F.2d 803 (6th Cir. 1988). “Merely because federal credit unions have added other financial services to attract more members and remain competitive with other types of financial institutions does not undermine the central fact: federal credit unions were designed to perform and continue to perform an…”
United States v. Maine, 524 F. Supp. 1056 (D. Me. 1981). “4 Federal credit unions are also authorized to act as fiscal agents of the United States and as depositories of public money, 12 U.S.C. § 1767 , functions which have been recognized as important purposes of the federal government.”
United States v. State of Me., 524 F. Supp. 1056 (D. Me. 1981). “[4] Federal credit unions are also authorized to act as fiscal agents of the United States and as depositories of public money, 12 U.S.C. § 1767 , functions which have been recognized as important purposes of the federal government.”
United States v. State of Mich., 635 F. Supp. 944 (W.D. Mich. 1985). “[2] This Court holds, as have other courts addressing this issue, that federal credit unions are instrumentalities of the federal government engaged in the performance of important government functions.”
United States v. Michigan, 635 F. Supp. 944 (W.D. Mich. 1985). “Ed. 577 ]. [2] This Court holds, as have other courts addressing this issue, that federal credit unions are instrumentalities of the federal government engaged in the performance of important government functions.”
Arthur L Marquez & Victoria E Marquez (Bankr. D.N.M. 2020). “Under 12 U.S.C. § 1767 , federal credit unions are authorized to act as fiscal agents of the United States and as depositories of public money.”
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