Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 50.00 - Parity with Federal Credit Unions › Section 50.02 - Definitions

Current through Register 1525, July 5, 2024
As used in
				209 CMR 50.00, the following
				words shall, unless the context otherwise requires, have the following
				meanings:
Adequately Capitalized
. A credit union
				shall be deemed adequately capitalized if the credit union meets the definition
				of an adequately capitalized institution as defined under the prompt corrective
				action provisions of the Federal Credit Union Act, 12 U.S.C. § 1790d, and
				the regulations promulgated by the NCUA.
Automobile
. The word automobile shall
				include a motorcycle or a truck.
Commissioner
. The commissioner of
				banks, including the Division of Banks.
Credit Union
. A credit union chartered
				pursuant to M.G.L. c. 171 and subject to examination and supervision by the
				Commissioner under M.G.L. c. 167.
CUSO
. A credit union service
				organization authorized under
				209 CMR
				50.08.
Federal Law
. The Federal Credit Union
				Act, 12 U.S.C. § 1781
et seq
., and its implementing
				regulations; any other federal statute or regulation authorizing a federal
				credit union to engage in activities; and, any officially published
				interpretation or guideline issued thereunder, by the NCUA. An "officially
				published guideline" must be formally published and circulated by the NCUA or a
				commercial publisher and be generally available to the public. This phrase
				shall not include a private, unpublished staff attorney letter issued to a
				federal credit union.
NCUA
. The National Credit Union
				Administration.
Organization Member
. Any fraternal
				organization, voluntary association, partnership, limited partnership,
				corporation, limited liability company pursuant to relevant state law, or
				limited liability partnership pursuant to relevant state law, composed
				principally of individual members or stockholders who are themselves eligible
				to membership in a credit union.
Organization Member
shall be effective as used in M.G.L. c. 171 and
				209 CMR 50.00.
Real Estate Loan
shall mean a loan
				secured by a mortgage on an owner-occupied one-to-four family property; on an
				owner-occupied unit of a condominium; or a loan secured by a mortgage on
				non-owner occupied, commercial or any other type of real estate that is
				authorized pursuant to M.G.L. c. 171 and
				209 CMR 50.00.
Real Estate Loan
shall also mean a loan secured by a
				mortgage on a manufactured home that is permanently affixed to the land,
				qualifies as real property by being titled as real property under the laws of
				the state where it is located, and qualifies for a home mortgage interest
				deduction under the Internal Revenue Code.
Strong or Satisfactory Management
. A
				credit union shall be deemed to have strong or satisfactory management if the
				credit union's management rating meets the definitions set forth in the Federal
				Financial Institutions Examination Council's Uniform Financial Institution
				Rating System (UFIRS).
Troubled Condition
. A credit union is
				deemed to be in troubled condition if notified of such by the Division or the
				NCUA pursuant to the Federal Credit Union Act and the regulations promulgated
				by the NCUA.
Well Capitalized
. A credit union shall
				be deemed to be well capitalized if the credit union meets the definition of a
				well capitalized institution as defined under the prompt corrective action
				provisions of the Federal Credit Union Act, 12 U.S.C. § 1790d, and the
				regulations promulgated by the NCUA.