12 CFR 723.2 - What are the prohibited activities?

§ 723.2 What are the prohibited activities?
(a) Who is ineligible to receive a member business loan? You may not grant a member business loan to the following:
(1) Your chief executive officer (typically this individual holds the title of President or Treasurer/Manager);
(2) Any assistant chief executive officers (e.g., Assistant President, Vice President, or Assistant Treasurer/Manager);
(3) Your chief financial officer (Comptroller); or
(4) Any associated member or immediate family member of anyone listed in paragraphs (a) (1) through (3) of this section.
(b) Equity agreements/joint ventures. You may not grant a member business loan if any additional income received by the credit union or senior management employees is tied to the profit or sale of the business or commercial endeavor for which the loan is made.
(c) Loans to compensated directors. A credit union may not grant a member business loan to a compensated director unless the board of directors approves granting the loan and the compensated director is recused from the decision making process.

Title 12 published on 2014-01-01

no entries appear in the Federal Register after this date.

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

Title 12 published on 2014-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR 723 after this date.

  • 2014-02-27; vol. 79 # 39 - Thursday, February 27, 2014
    1. 79 FR 11184 - Prompt Corrective Action—Risk-Based Capital
      GPO FDSys XML | Text
      NATIONAL CREDIT UNION ADMINISTRATION
      Proposed rule.
      Comments must be received on or before May 28, 2014.
      12 CFR Parts 700, 701, 702, 703, 713, 723, and 747