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CFR › Title 12 › Chapter VII › Subchapter A › Part 712 › Section 712.8

12 CFR 712.8 - What transaction and compensation limits might apply to individuals related to both an FCU and a CUSO?

There is 1 rule appearing in the Federal Register for 12 CFR 712. Select the tab below to view, or View eCFR (GPOAccess)
§ 712.8
What transaction and compensation limits might apply to individuals related to both an FCU and a CUSO?
(a) Officials and Senior Management Employees. The officials, senior management employees, and their immediate family members of an FCU that has outstanding loans or investments in a CUSO must not receive any salary, commission, investment income, or other income or compensation from the CUSO either directly or indirectly, or from any person being served through the CUSO. This provision does not prohibit such FCU officials or senior management employees from assisting in the operation of a CUSO, provided the officials or senior management employees are not compensated by the CUSO. Further, the CUSO may reimburse the FCU for the services provided by such FCU officials and senior management employees only if the account receivable of the FCU due from the CUSO is paid in full at least every 120 days. For purposes of this paragraph (a), “official” means affiliated credit union directors or committee members. For purposes of this paragraph (a), “senior management employee” means affiliated credit union chief executive officer (typically this individual holds the title of President or Treasurer/Manager), any assistant chief executive officers (e.g. Assistant President, Vice President, or Assistant Treasurer/Manager) and the chief financial officer (Comptroller). For purposes of this paragraph (a), “immediate family member” means a spouse or other family members living in the same household.
(b) Employees. The prohibition contained in paragraph (a) of this section also applies to FCU employees not otherwise covered if the employees are directly involved in dealing with the CUSO unless the FCU's board of directors determines that the FCU employees' positions do not present a conflict of interest.
(c) Others. All transactions with business associates or family members of FCU officials, senior management employees, and their immediate family members, not specifically prohibited by paragraphs (a) and (b) of this section must be conducted at arm's length and in the interest of the FCU.

Title 12 published on 2013-01-01

The following are only the Rules published in the Federal Register after the published date of Title 12.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2013-05-31; vol. 78 # 105 - Friday, May 31, 2013
    1. 78 FR 32541 - Technical Amendments
      GPO FDSys XML | Text
      NATIONAL CREDIT UNION ADMINISTRATION
      Final rule.
      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

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

United States Code
USC : Title 12 - BANKS AND BANKING

§ 1756 - Reports and examinations

§ 1757 - Powers

§ 1766 - Powers of Board

§ 1782 - Administration of insurance fund

§ 1784 - Examination of insured credit unions

§ 1785 - Requirements governing insured credit unions

§ 1786 - Termination of insured credit union status; cease and desist orders; removal or suspension from office; procedure

Title 12 published on 2013-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR 712 after this date.

  • 2013-05-31; vol. 78 # 105 - Friday, May 31, 2013
    1. 78 FR 32541 - Technical Amendments
      GPO FDSys XML | Text
      NATIONAL CREDIT UNION ADMINISTRATION
      Final rule.
      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