National Credit Union Administration (NCUA)Charters and supervises federally chartered credit unions and insures savings in federal and most state-chartered credit unions.
Establishes a framework of mandatory and discretionary supervisory actions, applicable according to a credit union’s net worth ratio, designed primarily to restore and improve the net worth of federally-insured credit unions.
Interprets several of the provisions of the Federal Credit Union Act (Act), which list those securities, deposits, and other obligations in which a Federal credit union may invest. Identifies certain investments and deposit activities permissible under the Act and prescribes regulations governing those investments and deposit activities on the basis of safety and soundness concerns. Identifies and prohibits certain investments and deposit activities.
Establishes special rules for all federally insured corporate credit unions. Non federally insured corporate credit unions must agree, by written contract, to both adhere to the requirements of this part and submit to examinations, as determined by NCUA, as a condition of receiving shares or deposits from federally insured credit unions. Grants certain additional authorities to federal corporate credit unions.
Describes how NCUA makes money available to credit unions from its Community Development Revolving Loan Fund.
Requires credit unions to provide disclosures so that members and potential members can make meaningful comparisons about accounts among credit unions and depository institutions.
PART 708b—MERGERS OF FEDERALLY-INSURED CREDIT UNIONS; VOLUNTARY TERMINATION OR CONVERSION OF INSURED STATUS
Prescribes the procedures for merging one or more credit unions with a continuing credit union where at least one of the credit unions is federally-insured. Prescribes the procedures and notice requirements for termination of federal insurance or conversion of federal insurance to nonfederal insurance, including termination or conversion resulting from a merger. Prescribes required forms for use in conversion of federal insurance to nonfederal insurance.
PART 709—INVOLUNTARY LIQUIDATION OF FEDERAL CREDIT UNIONS AND ADJUDICATION OF CREDITOR CLAIMS INVOLVING FEDERALLY INSURED CREDIT UNIONS IN LIQUIDATION
Provides for the involuntary liquidation and adjudication of creditor claims in all cases involving federally-insured credit unions, the treatment by the Board as conservator or liquidating agent of financial assets transferred in connection with a securitization or participation or of public funds held by a federally-insured credit union, and the allowance of prepayment fees to Federal Home Loan Banks under specified conditions.
Describes the requirements that must be followed to accomplish the voluntary liquidation of a Federal credit union.
Fosters competition by generally prohibiting a management official from serving two nonaffiliated depository organizations in situations where the management interlock likely would have an anticompetitive effect.
Establishes when a federal credit union (FCU) can invest in and make loans to credit union service organizations.
Provides the requirements for fidelity bonds for Federal credit union employees and officials and for other insurance coverage for losses such as theft, holdup, vandalism, etc., caused by persons outside the credit union.
Covers the standards and requirements that a federal credit union must follow when engaged in the leasing of personal property.
Prescribes the responsibilities of the Supervisory Committee to obtain an annual audit of the credit union according to its charter type and asset size, and to conduct a verification of members’ accounts.
The rules formerly at 12 CFR part 716 have been republished by the Consumer Financial Protection Bureau at 12 CFR part 1016, “Privacy of Consumer Financial Information (Regulation P)”.
Authorizes a federal credit union to engage in activities incidental to its business and describes how interested parties may request a legal opinion on whether an activity is within a federal credit union’s incidental powers or apply to add new activities or categories to the regulation.
Requires real estate appraisals used in connection with federally related transactions to be performed in writing, in accordance with uniform standards, by appraisers whose competency has been demonstrated and whose professional conduct will be subject to effective supervision.
Sets out policy and program responsibilities that a federally insured credit union must adopt and implement as part of a safe and sound commercial lending program. It also incorporates the statutory limit on the aggregate amount of member business loans that a federally insured credit union may make.
Regulations implementing the National Credit Union Central Liquidity Facility Act which is designed to improve the general financial stability of credit unions by meeting their liquidity needs and thereby encourage savings, support consumer and mortgage lending and provide basic financial resources to all segments of the economy.
Prescribes the requirements for the official sign insured credit unions must display and the requirements with regard to the official advertising statement insured credit unions must include in their advertisements. It requires that all other kinds of advertisements be accurate. It also establishes requirements for advertisements of excess insurance.
Prescribes various requirements for obtaining and maintaining federal insurance and the payment of insurance premiums and capitalization deposit.
Describes the insurance coverage of various types of member accounts. In general, all types of member share accounts received by the credit union in its usual course of business, including regular shares, share certificates, and share draft accounts, represent equity and are insured.
PART 747—ADMINISTRATIVE ACTIONS, ADJUDICATIVE HEARINGS, RULES OF PRACTICE AND PROCEDURE, AND INVESTIGATIONS
Describes the various formal and informal adjudicative actions and non-adjudicative proceedings available to the National Credit Union Administration Board (“NCUA Board”), the grounds for those actions and proceedings, and the procedures used in formal and informal hearings related to each available action.
PART 749—RECORDS PRESERVATION PROGRAM AND APPENDICES—RECORD RETENTION GUIDELINES; CATASTROPHIC ACT PREPAREDNESS GUIDELINES
Describes the obligations of all federally-insured credit unions to maintain a records preservation program to identify, store and reconstruct vital records in the event that the credit union’s records are destroyed and provides recommendations for restoring vital member services.
Lmits and prohibits, in certain circumstances, the ability of Federally insured credit unions, including Federally and state chartered natural person credit unions and Federally and state chartered corporate credit unions, to enter into contracts to pay and to make golden parachute and indemnification payments to institution-affiliated parties (IAPs).
Implements the requirements of the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as amended.
The rules formerly at 12 CFR part 761 have been republished by the Consumer Financial Protection Bureau at 12 CFR part 1007, “S.A.F.E. Mortgage Licensing Act—Federal Registration of Residential Mortgage Loan Originators (Regulation G)”.