(a) In carrying out the purposes of this subchapter, the Board may—
(1) make contracts;
(2) sue and be sued, complain and defend, in any court of law or equity, State or Federal. All suits of a civil nature at common law or in equity to which the Board shall be a party shall be deemed to arise under the laws of the United States, and the United States district courts shall have original jurisdiction thereof, without regard to the amount in controversy. The Board may, without bond or security, remove any such action, suit, or proceeding from a State court to the United States district court for the district or division embracing the place where the same is pending by following any procedure for removal now or hereafter in effect, except that any such suit to which the Board is a party in its capacity as liquidating agent of a State-chartered credit union and which involves only the rights or obligations of members, creditors, and such State credit union under State law shall not be deemed to arise under the laws of the United States. No attachment or execution shall be issued against the Board or its property before final judgment in any suit, action, or proceeding in any State, county, municipal, or United States court. The Board shall designate an agent upon whom service of process may be made in any State, territory, or jurisdiction in which any insured credit union is located;
(3) pursue to final disposition by way of compromise or otherwise claims both for and against the United States (other than tort claims, claims involving administrative expenses, and claims in excess of $5,000 arising out of contracts for construction, repairs, and the purchase of supplies and materials) which are not in litigation and have not been referred to the Department of Justice;
(4) to appoint such officers and employees as are not otherwise provided for in this chapter, to define their duties, fix their compensation, require bonds of them and fix the penalty thereof, and to dismiss at pleasure such officers or employees. Nothing in this chapter or any other Act shall be construed to prevent the appointment and compensation as an officer or employee of the Administration of any officer or employee of the United States in any board, commission, independent establishment, or executive department thereof;
(5) employ experts and consultants or organizations thereof, as authorized by section 3109 of title 5;
(6) prescribe the manner in which its general business may be conducted and the privileges granted to it by law may be exercised and enjoyed;
(7) exercise all powers specifically granted by the provisions of this subchapter and such incidental powers as shall be necessary to carry out the power so granted;
(8) make examinations of and require information and reports from insured credit unions, as provided in this subchapter;
(9) act as liquidating agent;
(10) delegate to any officer or employee of the Administration such of its functions as it deems appropriate; and
(11) prescribe such rules and regulations as it may deem necessary or appropriate to carry out the provisions of this subchapter.
(b) With respect to the financial operations arising by reason of this subchapter, the Board shall—
(1) on an annual basis and prior to the submission of the detailed business-type budget required under paragraph (2)—
(A) make publicly available and publish in the Federal Register a draft of the detailed business-type budget; and
(B) hold a public hearing, with public notice provided of the hearing, during which the public may submit comments on the draft of the detailed business-type budget;
(2) prepare annually and submit a detailed business-type budget as provided for wholly owned Government corporations by chapter 91 of title 31, which shall address any comment submitted by the public under paragraph (1)(B); and
(3) maintain an integral set of accounts, which shall be audited by the Government Accountability Office in accordance with principles and procedures applicable to commercial corporate transactions, as provided by section 9105 1 of title 31.
(June 26, 1934, ch. 750, title II, §209, as added Pub. L. 91–468, §1(3), Oct. 19, 1970, 84 Stat. 1014; amended Pub. L. 93–604, title VII, §706, Jan. 2, 1975, 88 Stat. 1964; Pub. L. 95–630, title V, §502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 108–271, §8(b), July 7, 2004, 118 Stat. 814; Pub. L. 109–351, title VII, §726(24), Oct. 13, 2006, 120 Stat. 2003; Pub. L. 115–174, title II, §212, May 24, 2018, 132 Stat. 1319.)
Section 9105 of title 31, referred to in subsec. (b)(3), was amended generally by Pub. L. 101–576, title III, §305, Nov. 15, 1990, 104 Stat. 2853, and as so amended no longer directs audits to be conducted in accordance with principles and procedures applicable to commercial corporate transactions.
In subsec. (a)(5), "section 3109 of title 5" substituted for "section 15 of the Administrative Expenses Act of 1946 (5 U.S.C. 55a)" on authority of Pub. L. 89–554, §7(b), Sept. 6, 1966, 80 Stat. 631, the first section of which enacted Title 5, Government Organization and Employees.
In subsec. (b)(2), (3), "chapter 91 of title 31" and "section 9105 of title 31" substituted for "the Government Corporation Control Act [31 U.S.C. 841 et seq.]" and "section 105 of the Government Corporation Control Act [31 U.S.C. 850]", respectively, on authority of Pub. L. 97–258, §4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance.
2018—Subsec. (b). Pub. L. 115–174 added par. (1), redesignated former pars. (1) and (2) as (2) and (3), respectively, and, in par. (2), inserted "detailed" after "submit a" and ", which shall address any comment submitted by the public under paragraph (1)(B)" after "title 31".
2006—Subsec. (a)(8). Pub. L. 109–351 substituted a semicolon for period at end.
2004—Subsec. (b)(2). Pub. L. 108–271 substituted "Government Accountability Office" for "General Accounting Office".
1978—Pub. L. 95–630 substituted "Board" for "Administrator" wherever appearing, "its" for "his", and "it" for "he" and "him", where appropriate.
1975—Subsec. (b)(2). Pub. L. 93–604 substituted "audited by the General Accounting Office" for "audited annually by the General Accounting Office".
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.
1 See References in Text note below.