1502
PUBLIC LAW 93-495-OCT. 28, 1974
12 USC 1464.
Study. 42 USC 4275 note.
Report to Congress.
12 USC 1813 note.
[88 STAT.
States, or of any county, municipality, or political subdivision thereof having official custody of public funds and lawfully investing the same in a credit union insured in accordance with this title in such State; "(iii) an officer, employee, or agent of the District of Columbia having official custody of public funds and lawfully investing the same in a credit union insured in accordance with this title in the District of Columbia; or "(iv) an officer, employee, or agent of the Commonwealth of Puerto Rico, of the Panama Canal Zone, or of any territory or possession of the United States, or of any county, municipality, or political subdivision thereof having official custody of public funds and lawfully investing the same in a credit union insured in accordance with this title in the Commonwealth of Puerto Rico, the Panama Canal Zone, or any such territory or possession, respectively; his account shall be insured in an amount not to exceed $100,000 per account. " (B) The Administrator may limit the aggregate amount of funds that may be invested or deposited in any credit union insured in accordance with this title by any depositor or member referred to in subparagraph (A) on the basis of the size of any such credit union in terms of its assets." (d) Section 107(7) of the Federal Credit Union Act (12 U.S.C. 1757(7)) is amended by adding at the end thereof the following: "and to receive from an officer, employee, or agent of those nonmember units of Federal, State, or local governments and political subdivisions thereof enumerated in section 207 of this Act (12 U.S.C. 1787) and in the manner so prescribed payments on shares, share certificates, and share deposits;". (e) Section 5(b)(2) of the Home Owners' Loan Act of 1933 is amended by inserting immediately after "security," "may be surety as defined by the Board". (f)(1) The Advisory Commission on Intergovernmental Relations (hereinafter referred to as the "Commission") shall conduct a study of the impact of this section on funds available for housing and on State and local bond markets. (2) The Commission shall make a report to the Congress of the results of its study not later than two years after the date of enactment of this Act. (3) There is authorized to be appropriated to the Commission such sums as may be necessary to carry out this subsection. (g) This section and the amendments made by it shall take effect on the thirtieth day beginning after the date of enactment of this Act. INCREASED CEILING ON DEPOSIT INSURANCE: FEDERAL DEPOSIT INSURANCE CORPORATION
12
note.
use
1813
Effective date. 12 USC 1813 note
SEC. 102. (a) The following provisions of the Federal Deposit Insurance Act are amended by striking out "$20,000" each place it appears therein and inserting in lieu thereof "$40,000": (1) The first sentence of section 3(m) (12 U.S.C. 1813 (m)). (2) The first sentence of section 7(i) (12 U.S.C. 1817(i)). (3) The last sentence of section 11(a) (12 U.S.C. 1821(a)). (4) The fifth sentence of section 11(i) (12 U.S.C. 1821 (i)). (b) The amendments made by this section are not applicable to any claim arising out of the closing of a bank prior to the effective date of this section. (c) The amendments made by this section shall take effect on the thirtieth day beginning after the date of enactment of this Act.
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