Calendar No.1384
82D CONGRESS 1 
SENATE 
{ 
REPORT
2d Session 
j 
No. 1456
EXTENDING THE PROVISIONS OF THE FEDERAL CREDIT
UNION ACT, AS AMENDED, TO THE VIRGIN ISLANDS
APRIL 10, 1952.—Ordered to be printed
Mr. FREAR, from the Committee on Banking and Currency, submitted
the following
REPORT
[To accompany H. R. 6101]
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 extends the provisions of the Federal Credit Union Act
to the Virgin Islands.
Federal credit unions are cooperative associations organized for the
purpose of promoting thrift among its members and creating a source
of credit for provident or productive purposes. Members are given
encouragement and inducement to save by having depositories for
their savings at their place of employment. They are also provided
funds, in the form of loans repayable in installments, to meet sudden
emergencies and times of need.
Federal credit unions in addition to operating successfully in the
continental United States, operates in Alaska, Hawaii, and the
Panama Canal Zone. The need for low cost consumer credit is as
great in the Virgin Islands as in other localities where Federal credit
unions are now operating. The extension of the act to the Virgin
Islands would result only in nominal additional administrative expense.
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FEDERAL CREDIT UNION ACT IN THE VIRGIN ISLANDS
CHANGES IN EXISTING LAW IN COMPLIANCE WITH THE CORDON RULE
In compliance with subsection (4) of the rule XXIX of the Standing
Rules of the Senate, changes in existing law made by the bill, as
reported, are shown as follows (existing law proposed to be omitted
is enclosed in black brackets, 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.
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