---
kind: "section"
citation: "12 U.S.C. § 2402"
title: "12"
title_heading: "Banks and Banking"
number: "2402"
heading: "Membership of Commission"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/2402"
units:
  - "Chapter 25 — National Commission on Electronic Fund Transfers"
---

# §2402. Membership of Commission

- (a) **Composition—** The Commission shall be composed of twenty-six members as follows:
  - (1) the Chairman of the [Board](/usc/12/1861.md?p=b-3) of Governors of the Federal Reserve System or his delegate;
  - (2) the Attorney General or his delegate;
  - (3) the Comptroller of the Currency or his delegate;
  - (4) the Chairman of the Federal Home Loan Bank [Board](/usc/12/1861.md?p=b-3) or his delegate;
  - (5) the Administrator of the National [Credit](/usc/12/5481.md?p=7) Union Administration or his delegate;
  - (6) the Chairman of the [Board](/usc/12/1861.md?p=b-3) of [Directors](/usc/12/5481.md?p=10) of the Federal Deposit Insurance Corporation or his delegate;
  - (7) the Chairman of the Federal Communications Commission or his delegate;
  - (8) the Postmaster General or his delegate;
  - (9) the [Secretary](/usc/12/1715z–22a.md?p=4) of the Treasury or his delegate;
  - (10) the Chairman of the Federal Trade Commission or his delegate;
  - (11) two individuals, appointed by the President, one of whom is an official of a [State](/usc/12/1707.md?p=d) agency which regulates banking, or similar financial institutions, and one of whom is an official of a [State](/usc/12/1707.md?p=d) agency which regulates thrift or similar financial institutions;
  - (12) seven individuals, appointed by the President, who are officers or employees of, or who otherwise represent banking, thrift, or other business entities, including one representative each of commercial banks, mutual savings banks, savings and loan associations, [credit](/usc/12/5481.md?p=7) unions, retailers, nonbanking institutions offering [credit](/usc/12/5481.md?p=7) card services, and organizations providing interchange services for [credit](/usc/12/5481.md?p=7) cards issued by banks;
  - (13) five individuals, appointed by the President, from private life who are not affiliated with, do not represent and have no substantial interest in any banking, thrift, or other financial institution, including but not limited to [credit](/usc/12/5481.md?p=7) unions, retailers, and insurance companies;
  - (14) the Comptroller General of the United States or his delegate; and
  - (15) the [Director](/usc/12/5481.md?p=10) of the Office of Technology Assessment.
- (b) **Designation of Chairperson—** The Chairperson shall be designated by the President at the time of his appointment from among the members of the Commission and such selection shall be by and with the advice and consent of the Senate unless the appointee holds an office to which he was appointed by and with the advice and consent of the Senate.
- (c) **Vacancies—** A vacancy in the Commission shall be filled in the manner in which the original appointment was made.

## Source credit

(Pub. L. 93–495, title II, § 202, Oct. 28, 1974, 88 Stat. 1508.)

## Notes

### Statutory Notes and Related Subsidiaries

### Transfer of Functions

Functions vested in Administrator of National Credit Union Administration transferred and vested in National Credit Union Administration Board pursuant to section 1752a of this title.

Federal Home Loan Bank Board abolished and functions transferred, see sections 401 to 406 of Pub. L. 101–73, set out as a note under section 1437 of this title.