Extending the provisions of the Federal Credit Union Act to the Virgin Islands. March 20, 1952. -- Committed to the Committee of the Whole House on the State of the Union and ordered to be printed;U.S. Congressional…
82D CONGRESS t HOUSE OF REPRESENTATIVES J REPORT 2d Session j 1 No. 1621 EXTENDING THE PROVISIONS OF THE FEDERAL CREDIT UNION ACT TO THE VIRGIN ISLANDS MARCH 20, 1952.—Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. SPENCE, from the Committee on Banking and Currency, sub- mitted the following REPORT [To accompany H. R. 61011 The Committee on Banking and Currency, to whom was referred the bill (H. R. 6101) to extend the provisions of the Federal Credit Union Act, as amended, to the Virgin Islands, having considered the same, report favorably thereon without amendment and recommend that the bill do pass. GENERAL STATEMENT This bill would provide for the extension of the provisions of the Federal Credit Union Act to the Virgin Islands. Federal credit unions are thrift and credit associations chartered and supervised by the Bureau of Federal Credit Unions, Federal Security Agency. They provide facilities for encouraging regular saving by members and the funds thus accumulated are used to make installment loans to members. …
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82D CONGRESS t HOUSE OF REPRESENTATIVES J REPORT 2d Session j 1 No. 1621 EXTENDING THE PROVISIONS OF THE FEDERAL CREDIT UNION ACT TO THE VIRGIN ISLANDS MARCH 20, 1952.—Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. SPENCE, from the Committee on Banking and Currency, sub- mitted the following REPORT [To accompany H. R. 61011 The Committee on Banking and Currency, to whom was referred the bill (H. R. 6101) to extend the provisions of the Federal Credit Union Act, as amended, to the Virgin Islands, having considered the same, report favorably thereon without amendment and recommend that the bill do pass. GENERAL STATEMENT This bill would provide for the extension of the provisions of the Federal Credit Union Act to the Virgin Islands. Federal credit unions are thrift and credit associations chartered and supervised by the Bureau of Federal Credit Unions, Federal Security Agency. They provide facilities for encouraging regular saving by members and the funds thus accumulated are used to make installment loans to members. They are democratically controlled by the mem- bers, who elect from their own membership, the officials who operate the particular credit union. Federal credit unions are being operated successfully in all States and the District of Columbia, and in Alaska, Hawaii, and the Panama Canal Zone. During October of 1950 six Federal credit unions were organized in Puerto Rico. The objective of this proposed legislation would be to make possible thrift facilities and low-cost consumer credit to the residents of the Virgin Islands. The Department of the Interior has informed the committee that the need for the benefits provided by Federal credit unions is as great in the Virgin Islands as it is in other localities where Federal credit unions are now operating. In view of the fact that Federal credit unions already are in operation in Puerto Rico your committee has been informed that the additional adminis- 2 EXTEND FEDERAL CREDIT UNION ACT TO VIRGIN ISLANDS trative costs which would result from the extension of the act to the Virgin Islands would be nominal. The bill was unanimously reported by your committee. CHANGES IN EXISTING LAW In compliance with paragraph 2a of rule XIII of the Rules of the House of Representatives, changes in existing law made by the bill, as introduced, are shown as follows (new matter is printed in italics, existing law in which no change is proposed is shown in roman): FEDERAL CREDIT UNION ACT * * * * * * * SEC. 22. The provisions of this Act shall be extended to and include the Panama Canal Zone and the Virgin Islands.