Source: https://www.law.cornell.edu/cfr/text/12/712.10
Timestamp: 2018-12-13 20:47:22
Document Index: 58844033

Matched Legal Cases: ['§ 712', 'art 712', '§ 712', '§ 712', '§ 712', '§ 712', '§ 712', '§ 712', '§ 741', '§ 1756', '§ 1757', 'art 712', 'arts 712', '§ 712', 'art 712', 'arts 700']

12 CFR 712.10 - How can a state supervisory authority obtain an exemption for FISCUs from compliance with § 712.3(d)(1), (2), and (3)? | US Law | LII / Legal Information Institute
CFR › Title 12 › Chapter VII › Subchapter A › Part 712 › Section 712.10
12 CFR 712.10 - How can a state supervisory authority obtain an exemption for FISCUs from compliance with § 712.3(d)(1), (2), and (3)?
§ 712.10 How can a state supervisory authority obtain an exemption for FISCUs from compliance with § 712.3(d)(1), (2), and (3)?
(a) The NCUA Board may exempt FISCUs in a given state from compliance with any or all of § 712.3(d)(1), (2), and (3) if the NCUA Board determines the laws in that state are equal to, or more stringent than, § 712.3(d)(1), (2), and (3), and the laws and procedures available to the supervisory authority in that state are sufficient to provide NCUA with the degree of access and information it believes is necessary to evaluate the safety and soundness of FICUs having business relationships with CUSOs owned by FISCUs in that state.
(b) To obtain an exemption, the state supervisory authority must submit a copy of the legal authority pursuant to which it secures the information required in § 712.3(d)(1), (2), and (3) of this part to NCUA's regional office having responsibility for that state, along with all procedural and operational documentation supporting and describing the actual practices by which it implements and exercises the authority.
(c) The state supervisory authority must provide the regional director with an assurance that NCUA examiners will be provided with co-extensive authority and will be allowed direct access to CUSO books and records at such times as NCUA, in its sole discretion, may determine necessary or appropriate. For purposes of this section, access includes the right to make and retain copies of any CUSO record, as to which NCUA will accord the same level of control and confidentiality that it uses with respect to all other examination-related materials it obtains in the course of its duties.
(d) The state supervisory authority must also provide the regional director with an assurance that NCUA, upon request, will have access to copies of any financial statements or reports which a CUSO has provided to the state supervisory authority.
(e) The regional director will review the applicable authority, procedures and assurances and forward the exemption request, along with the regional director's recommendation, to the NCUA Board for a final determination.
(f) For purposes of this section, whether an entity is a CUSO shall be determined in accordance with the definition set out in § 741.222 of this chapter.
[ 78 FR 72549, Dec. 3, 2013]
§ 1756 - Reports and examinations
§ 1757 - Powers
The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR Part 712 after this date.
78 FR 72537 - Credit Union Service Organizations
FR Doc. 2013-28479
RIN 3133-AD93
NATIONAL CREDIT UNION ADMINISTRATION, 12 CFR Parts 712 and 741
This rule is effective June 30, 2014. CUSOs will begin submitting reports to NCUA under new § 712.3(d)(4) when the agency&apos;s reporting system is fully operational, which will be by December 31, 2015.
12 CFR Part 712
NCUA is issuing a final rule to amend its credit union service organization (CUSO) regulation to increase transparency and address certain safety and soundness concerns. The final rule expands the requirements of the CUSO regulation that apply to federally insured, state-chartered credit unions (FISCUs) to address accounting, financial statements, and audits. The final rule also includes limits on the ability of “less than adequately capitalized” FISCUs to recapitalize their CUSOs. In addition, it adds several new requirements that apply to both federal credit unions (FCUs) and FISCUs. Specifically, all CUSOs are required to annually provide basic profile information to NCUA and the appropriate state supervisory authority (SSA). CUSOs engaging in certain complex or high-risk activities are required to additionally report more detailed information, including audited financial statements and general customer information. The final rule also requires all subsidiary CUSOs to follow applicable laws and regulations.
2013-05-31; vol. 78 # 105 - Friday, May 31, 2013
78 FR 32541 - Technical Amendments
FR Doc. 2013-12640
RIN 3133-AE20
The final rule is effective on May 31, 2013.
12 CFR Parts 700, 701, 702, 704, 707, 708a, 708b, 709, 712, 716, 723, 725, 741, 745, 748, 750, 761, 790, 791, and 792
The NCUA Board (Board) is making a number of technical amendments to NCUA&apos;s regulations based on issues identified by staff and through NCUA&apos;s rolling, three-year regulatory review process. In addition, the Board is making a number of nomenclature changes to NCUA&apos;s regulations to reflect changes to NCUA&apos;s office structure, including the transfer of duties and the creation of the new Office of National Examinations and Supervision (ONES). Finally, under title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act 1 (Dodd-Frank Act), rulemaking authority for a number of consumer financial protection laws were transferred from various federal regulatory agencies, including NCUA, to the Consumer Financial Protection Bureau (CFPB). As a result, the Board is now updating certain cross citations within its regulations and rescinding NCUA&apos;s rules governing the “Privacy of Consumer Financial Information” under the Gramm-Leach-Bliley Act 2 and the “Registration of Residential Mortgage Loan Originators” under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, 3 which were transferred to the CFPB. 1 Public Law 111-203, 124 Stat. 1376, 1955-2113 (2010). 2 12 U.S.C. 6801 et seq. 3 12 U.S.C. 5101 et seq.