Credit union

“ Provide instructions to all State and Federally chartered credit unions for the develop- ment of emergency plans to be put into effect as soon as possible after an attack upon the United States in order to guarantee continuity of credit union operations. (2) Economic stabilization. Provide guidance to credit unions that will contribute to stabilization of the Nation's economy by helping to establish and maintain a sound economic base for combating inflation, maintaining confidence in public and private financial institutions, and promoting thrift. ”

“ No state money shall be deposited in banks, savings and loan associations, or credit unions, other than those organized under the law of this state or federal law. No state money shall be deposited in any bank, savings and loan association, or credit union, in excess of 50 percent of the net worth of the bank, savings and loan association, or credit union. ”

“ The oak branch the eagle is holding in its left talon symbolizes the NCUA’s strength, honor, and longevity in carrying out its mission of promoting confidence in the national system of cooperative credit. (iv) The olive branch the eagle is holding in its right talon symbolizes the peace and prosperity facilitated by the economic growth and access to affordable financial services that the Nation’s credit unions have long provided to millions of Americans. (v) The upper portion of the circle that forms the border of the seal sets forth the agency’s title, “National Credit Union Administration.” ”

“ In my view, if the credit unions have survived and survived well with a 15percent maximum interest rate cap— the most they can charge—and it worked for credit unions, it can work for the private banks as well. ”

“ The credit of the Union is incalculable; and, of this credit, as going with the name, and being in partnership with the United States, the same corporation now has possession. The revenues of the Union are twenty-six millions of dollars, including the post-office; and all this is so much capital in the hands of the bank, because the revenue is received by it, and is payable in its promissory notes.
"2. To pay the revenues of the United States in their own notes, until Congress, by law, shall otherwise direct. This is a part of the charter, incredible and extraordinary as it may appear. ”

“ This section of the bill contains also another clause, suggested by that spirit of harmony and conciliation which I pray may preside over the councils of the union at this trying moment. It provides (what those persons who are engaged in manufactures have so long anxiously required for their security) that duties shall be paid in ready money; and we shall thus get rid of the whole of that credit system, into which an inroad was made, in regard to woollens, by the act of the last session. ”

“ Further, for the untold number of hard-working, responsible American workers and business men and women who've been forced to go without needed bank loans, the banking credit crunch must end. I won't neglect my responsibility for sound regulations that serve the public good, but regulatory overkill must be stopped. ”

“ If the time comes when no one of the twelve banks can longer maintain a 35 per cent reserve, the board may reduce or suspend the requirement, levying a tax graduated according to the deficiency. The provision here for elasticity of credit combined with union and solidarity of all the central banking reserves of the country to meet unusual demands in emergencies, exceeds any needs which can be expected to arise. ”

“ Such a system and such a standard also give free scope for the use and expansion of safe and conservative credit, so indispensable to broad and growing commercial transactions and so well substituted for the actual use of money. If a fixed and stable standard is maintained, such as the magnitude and safety of our commercial transactions and business require, the use of money itself is conveniently minimized. ”

“ A revolving loan fund should be provided for the necessary financing until these agencies shall have developed means of financing their operations through regularly constituted credit institutions. Such a bill should carry authority for raising the money, by loans or otherwise, necessary to meet the expense, as the Treasury has no surplus. ”

“ Without such an exception, trade creditors and other suppliers of necessary goods and services might have been reluctant to extend even short-term credit and might have required advance payment instead, thus making it difficult for many companies in temporary distress to have remained in business. ”

“ Majority-owned institutions In assessing and taking into account, under subsection (a) of this section, the record of a nonminority-owned and nonwomen-owned financial institution, the appropriate Federal financial supervisory agency may consider as a factor capital investment, loan participation, and other ventures undertaken by the institution in cooperation with minority- and women-owned financial institutions and low-income credit unions provided that these activities help meet the credit needs of local communities in which such institutions and credit unions are chartered. ”

“ Expansion of use of underutilized minority banks, women's banks, and low-income credit unions. Sec. 1205. Credit standards advisory committee. Sec. 1206. Comparability in compensation schedules. Sec. 1207. Study by Secretary of the Treasury. Sec. 1208. Expenditure of taxpayer money only for deposit insurance purposes. Sec. 1209. Amendment to section 5373 of title 5, United States Code. Sec. 1210. Farm Credit Administration and Farm Credit System Insurance Corporation employment provision. Sec. 1211. Fair lending oversight and enforcement. ”

“ Every man of observation must have witnessed, in this country, that men of heavy capital have constantly complained of bank circulation, and a consequent credit system, as injurious to the rights of capital. They undoubtedly feel its effects. All that is gained by the use of credit is just so much subtracted from the amount of their own accumulations, and so much the more has gone to the benefit of those who bestow their own labor and industry on capital in small amounts. To the great majority, this has been of incalculable benefit in the United States ”

“ All the great establishments, of every kind, now in the hands of a few proprietors, but employing a great number of wage laborers, would be broken up; for few, or no persons, who could hire capital, and do business for themselves, would consent to labor for wages for another.
The credit furnished by this system would always be stable; for the system is probably capable of furnishing, at all times, all the credit, and all the money, that can be needed. ”

“ A State could not incorporate a company to coin, because it is forbidden to do so itself; nor could it incorporate a company to issue bills of credit. "To constitute a bill of credit within the Constitution, it must be issued by a State, on the faith of the State, and designed to circulate as money. It must be a paper which circulates on the credit of the State, and so received and used in the ordinary business of life. The individual or committee who issue it must have power to bind the State. ”

“ We are going to work with Congress to ensure that what the President proposed and what is now law works to share the goal of ensuring that pay isn't excessive for CEOs and, at the same time, make sure it doesn't dissuade particularly smaller community banks from taking the lending capital that is so important to stabilize the system and ensure that credit flows to businesses and families. ”

“ The authority to issue circulating notes by banks was not given to the banks for their benefit, but for the public convenience, and to enable them to meet the ebb and flow of currency caused by varying crops, productions, and seasons. It was indispensable that a power should exist somewhere to issue and loan credit money at certain times, and to redeem it at others. This function could be performed better by corporations than by the government. The government could not loan money, deal in bills of exchange, or make advances on property. ”

“ The law which we apply to this case consists of principles of established credit in jurisprudence selected by us because they are appropriate to effectuate the policy of the governing Act. The Corporation was created and financed in part by the United States [15] to bolster the entire banking and credit structure. The Corporation did not simply step into the private shoes of local banks. The purposes sought to be accomplished by it can be accomplished only if it may rely on the integrity of banking statements and banking assets. ”

“ At the price of some repetition, we note that if the businessman is denied credit because his banking alternatives have been eliminated by mergers, the whole edifice of an entrepreneurial system is threatened; if the costs of banking services and credit are allowed to become excessive by the absence of competitive pressures, virtually all costs, in our credit economy, will be affected; and unless competition is allowed to fulfill its role as an economic regulator in the banking industry, the result may well be even more governmental regulation. ”

“ The Council will be clothed with authority to approve and schedule projects, to allocate on a fair basis the funds or credit which the Central Bank may from time to time mobilize to the loan portfolios of government lending agencies, to keep them within the approved pattern of allocation of available capital and the limitations established by law. We will draw upon our full credit capacity, backed by the guaranty of the Na­tional Government, to secure funds for this program. ”

“ Of course, only those banks can furnish such credits which possess a surplus of credit more than they can sell in the ordinary way, and these credits are safe and useful only in small communities, in which men are well known to each other. Some friends of the parties thus accommodated always guarantee the bank against loss; but the losses have proved to be insignificant, the gains to be marvellous; and this form of credit issued on the basis of no previous transaction in the way of deposits illustrates better than any other the radical principle, that Credit is Capital. ”

“ It may happen that the great financial institutions expand too rapidly or unwisely this or that branch of credit. Mindful, above all, of their own interest, which is but natural, they have no especial regard for the public welfare, their only aim being to make their capital bear fruit and to pay large dividends to their shareholders.
The Bank of France aspires to a nobler ideal, and many of its policies are primarily for the public good. The development of credit is an extremely delicate matter ”

“ The Federal Reserve Board, with the approval of the Secretary of the Treasury, may require the Federal Reserve banks to take such action as may be necessary, in the judgment of the Board and of the Secretary of the Treasury, to prevent undue credit expansion. ”

“ Assuming that we are all agreed as to the result of our talk last Wednesday night upon reserves, that they must be national to be equal and adequate, our conclusions now are inevitable, (1) we must give to the National banks the power to do a Savings bank business, as well as a Commercial business; (2) we must give our National banks the power to do a Trust Company business; (3) we must give our National banks the power to issue a pure credit Bank Note precisely like that issued by the Scotch Banks and the Canadian Banks, and was issued by the five hundred banks in New England before the war. ”

“ Circulation will increase from all for which each debtor shall have obtained a discharge from the creditor.
As the measure, to arrive at the highest degree of efficiency and justice, must reach all citizens, rentiers, capitalists, proprietors, functionaries, merchants, industrialists, workers, etc., without exception, it follows:
1. That, by the generality of the credit given and received, a compensation is established for everyone, and that, each contributing to the sacrifice, no one loses anything ”

“ The government attaches great importance to the penalty feature of the credit system, which allows it to discriminate between efficient enterprises that find themselves in temporary difficulties and enterprises that are poorly managed. ”

“ Many sound heads consider it indispensable that the system of credit, should be, in many respects, amalgamated with the financial system of the State. This is no rash speculation, or untried novelty. In the Southern and Western States, which, like France, are chiefly agricultural, the principal banks are dependent on the State governments, they are employed in collecting the taxes, and transferring funds on account of the State treasury. ”

“ No borrowing should run athwart the borrowings of the federal treasury, and no fundamental industrial values should anywhere be unnecessarily impaired. In the hands of many thousands of small investors in the country, as well as in national banks, in insurance companies, in savings banks, in trust companies, in financial agencies of every kind, railway securities, the sum total of which runs up to some ten or eleven thousand millions, constitute a vital part of the structure of credit, and the unquestioned solidity of that structure must be maintained. ”

“ In fact, every banking association is assumed to be a corporation of money lenders. Under ordinary circumstances this corporation is able to loan to individuals whose credit is good all of its capital not otherwise employed in the machinery of the bank, a considerable portion of deposits from its customers, and to a certain extent its own credit in the commercial world. In the case of a national bank a portion of capital is loaned to the government in the purchase of bonds, which are the basis of its circulating notes. ”