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FEDERAL
VOLUME I

REGISTER
1 9 3 4

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NUMBER 133

Washington, Thursday, September 17, 1936
TREASURY DEPARTMENT.
Public Debt Service.
Department Circular No. 568

R egulations G overning F ederal S avings and L oan A ssocia tions and F ederal C redit U n io n s as F iscal A gents of the U nited S tates S eptember 15, 1936.

1. a Section 5 k o f the Home Owners Loan A ct o f 1933, as amended c. 168, 48 Stat. 643, 646, is as follows:
k When designated for that purpose by the Secretary o f the Treasury, any Federal Savings and Loan Association
may be employed as fiscal agent of the Government under such regulations as may be prescribed by said Secretary and shall per form all such reasonable duties as fiscal agent o f the Government as may be required of it ,
b Section 17 of the Federal Credit Union Act c. 750, 48
Stat. 1216, 1222 is as follow s:
Each Federal Credit Union organized under this Act, when re quested by the Secretary of the Treasury, shall act as fiscal agent of the United States and shall perform such services as the Secre tary of the Treasury may require in connection with the lending, borrowing, and repayment of money by the United States, including the issue, sale, redemption or repurchase o f bonds, notes, Treasury certificates o f indebtedness, or other obligations of the United States;

2. All Federal Savings and Loan Associations and Federal Credit Unions, when designated fo r employment as fiscal agents o f the United States fo r the purposes o f taking appli cations and forw arding remittances for, and making delivery of, United States Savings Bonds, shall prom ptly forw ard such applications and remittances, in the form received, to the Federal Reserve Bank of the district in which the association or credit union is located, except that remittances received in cash should be forwarded in the form of money order or check. Upon receipt of such application and remittance, the Federal Reserve Bank w ill, if the application has been duly executed, and subject to the collection o f any rem ittance which may be in the form o f a check or draft, prom ptly fo r ward United States Savings Bonds in the desired amount to tile said association or credit union fo r the purpose of delivery to the applicant. Application form s and any other necessary papers and m aterials w ifi be furnished by the Federal Reserve Bank to any association or credit union which may be desig nated for such employment: inquiries relating to the manner of handling applications, the terms and conditions o f United States Savings Bonds, and the form s in which they may be registered may also be made to, and inform ation obtained from, post offices.
3. Federal Savings and Loan Associations, when designated for employment as fiscal agents o f the United States fo r the purpose of collecting delinquent accounts arising out o f in surance and loan transactions o f the Adm inistrator under Title I of the National Housing Act, and making investiga
tions and rendering reports respecting the said delinquencies as may be directed from tim e to tim e by the Administrator, shall prom ptly forw ard remittances in the form collected to the A d m in istr a to r o f the Federal Housing Administration, ex cept that remittances received in cash should be forwarded in the form of money order or check.
4. No Federal Savings and Loan Association or Federal Credit Union which may have been designated for any em ployment mentioned in these regulations shall perform , or make any effort to perform any of the acts included in such employment, or advertise in any manner that it is author ized to perform such acts Cl until it has qualified by the execution of, delivery to, and approval by, the undersigned, of a bond o f indemnity in favor of the United States with satisfactory surety, or with the pledge of collateral security as provided in Treasury Department Circular No. 154, condi tioned upon tiie faith fu l performance of the obligors duties as fiscal agent of the United States, such bond to be in the principal.am ount of $5,000, provided, however, that the bond o f indem nity furnished by an association designated solely fo r the employment mentioned in paragraph 3 hereof, shall be in theprincipal amount of $1,000; and 2 until the Federal Home Loan Bank Board or the Farm Credit A d ministration, respectively, shall have certified to the Secre tary of the Treasury that such association or credit union is in good standing and is eligible, under the terms and condi tions prescribed by the Secretary of the Treasury, to qualify fo r the performance o f the designated acts. The Federal Home Loan Bank Board and the Farm Credit Adm inistra tion, respectively, shall keep the Secretary of the Treasury currently advised of any changes in the list of associations and credit unions which are eligible, under the aforesaid terms and conditions, to qualify fo r the performance of the designated acts.
5. A ll of the fiscal agency employment mentioned herein shall be perform ed without compensation, reimbursement fo r expenses, or allowance of service charges.
6. Nothing herein contained shall be construed as pre venting such associations and credit unions, if they desire to assume such responsibility, from acting as agents of pros pective purchasers in making applications to, and obtaining United States Savings Bonds from , post offices or other designated places of issuance.
se al W a y n e C. T a y l o r , A cting Secretary of the Treasury.
F. R. Doc. 2243 Filed, September 16, 1936; 1:02 p. m.

D e s ig n a t io n o f F ederal S a v in g s and L o a n A s s o c ia t io n s as F is c a l A g ents f o r t h e C o l l e c t io n o f D e l in q u e n t A c
c o u n t s U nder T it l e I o f t h e N a t io n a l H o u s in g A c t
Under the authority contained in Section 5 k of the Home Owners Loan A ct o f 1933, as amended c. 168, 48 Stat.
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