Source: https://www.law.cornell.edu/cfr/text/12/741.204
Timestamp: 2017-10-22 19:27:02
Document Index: 103789376

Matched Legal Cases: ['art 741', '§ 741', '§ 701', '§ 701', '§ 701', '§ 701', '§ 701', '§ 701', '§ 701', '§ 701', 'art 741', 'arts 721']

12 CFR 741.204 - Maximum public unit and nonmember accounts, and low-income designation. | US Law | LII / Legal Information Institute
CFR › Title 12 › Chapter VII › Subchapter A › Part 741 › Subpart B › Section 741.204
12 CFR 741.204 - Maximum public unit and nonmember accounts, and low-income designation.
§ 741.204 Maximum public unit and nonmember accounts, and low-income designation.
Any credit union that is insured, or that makes application for insurance, pursuant to title II of the Act must:
(a) Adhere to the requirements of § 701.32 of this chapter regarding public unit and nonmember accounts, provided it has the authority to accept such accounts. Requests by federally insured state-chartered credit unions for an exemption from the limitation of § 701.32 of this chapter will be made and reviewed on the same basis as that provided in § 701.32 of this chapter for federal credit unions, provided, however that NCUA will not grant an exemption without the concurrence of the appropriate state regulator.
(b) Obtain a low-income designation in order to accept nonmember accounts, other than from public units or other credit unions, provided it has the authority to accept such accounts under state law. The state regulator shall make the low-income designation with the concurrence of NCUA. The designation will be made and reviewed by the state regulator on the same basis as that provided in § 701.34(a) of this chapter for federal credit unions. Removal of the designation by the state regulator for such credit unions shall be with the concurrence of NCUA.
(c) Receive secondary capital accounts only if the credit has a low-income designation pursuant to paragraph (b) of this section, and then only in accordance with the terms and conditions authorized for Federal credit unions pursuant to § 701.34(b)(1) of this chapter and to the extent not inconsistent with applicable state law and regulation. State chartered federally insured credit unions offering secondary capital accounts must submit the plan required by § 701.34(b)(1) to both the state supervisory authority and the NCUA for approval. The state supervisory authority must approve or disapprove the plan with the concurrence of NCUA.
(d) Redeem secondary capital accounts only in accordance with the terms and conditions authorized for federal credit unions pursuant to § 701.34(d) of this chapter and to the extent not inconsistent with applicable state law and regulation. State chartered federally insured credit unions seeking to redeem secondary capital accounts must submit the request required by § 701.34(d)(1) to both the state supervisory authority and the NCUA. The state supervisory authority must grant or deny the request with the concurrence of NCUA.
[ 60 FR 58504, Nov. 28, 1995, as amended at 61 FR 3792, Feb. 2, 1996; 71 FR 4240, Jan. 26, 2006; 78 FR 4032, Jan. 18, 2013]
The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR Part 741 after this date.
FR Doc. 2014-14926
RIN 3133-AE29
12 CFR Parts 721 and 741
78 FR 64879 - Liquidity and Contingency Funding Plans
FR Doc. 2013-25714
RIN 3133-AD96
FR Doc. 2013-00864
The NCUA Board (Board) is issuing a final rule to amend Interpretive Ruling and Policy Statement (IRPS) 87-2, as amended by IRPS 03-2, and two NCUA regulations that apply asset thresholds to grant relief from risk-based net worth and interest rate risk requirements. The amended IRPS increases the asset threshold that identifies credit unions to which NCUA will give more robust consideration of regulatory relief in future rulemakings. The amended regulations similarly include increased asset thresholds, granting immediate and prospective relief from existing regulatory burden to a larger group of small credit unions.
FR Doc. 2012-26313
Send your comments to reach us on or before November 26, 2012.
FR Doc. 2012-23662
77 FR - Interest Rate Risk Policy and Program
FR Doc. C1-2012-2091
RIN 3133-AD66
77 FR 44503 - Maintaining Access to Emergency Liquidity
FR Doc. 2012-18565
Notice of proposed rulemaking with request for comment (NPRM).
We must receive your comments on or before September 28, 2012.
FR Doc. 2012-13214
RIN 3133-AE01
The effective date for this rule is July 2, 2012. The compliance date is extended to October 1, 2012 for the rule&apos;s requirements to adopt written policies addressing loan workouts and nonaccrual practices and to December 31, 2012 to collect nonaccrual status data.
FR Doc. 2012-2091
NCUA is issuing a final rule requiring Federally insured credit unions to develop and adopt a written policy on interest rate risk management and a program to effectively implement that policy, as part of their asset liability management responsibilities. The interest rate risk policy and implementation program will be among the factors NCUA will consider in determining a credit union&apos;s insurability. To assist credit unions, the final rule includes an appendix setting forth guidance on developing an interest rate risk policy and an effective implementation program based on generally recognized best practices for safely and soundly managing interest rate risk.
FR Doc. 2012-2206
Send your comments to reach us on or before March 2, 2012. We may not consider comments received after the above date in making our decision on the proposed rule.
NCUA proposes to amend its regulations to require federally insured credit unions (FICUs) to maintain written policies that address the management of loan workout arrangements and nonaccrual policies for loans, consistent with industry practice or Financial Institutions Examination Council (FFIEC) requirements. The proposed rulemaking includes guidelines set forth as an interpretive ruling and policy statement (IRPS) and incorporated as an appendix to the rule that will assist FICUs in complying with the rule, including the regulatory reporting of troubled debt restructured loans (TDR loans or TDRs) in FICU Call Reports. The NCUA Board (Board) believes this proposed rulemaking and IRPS is timely considering the growth of these types of loans during the recent economic stresses experienced in the financial industry.
12 CFR 709.5 — Payout Priorities in Involuntary Liquidation.