12 CFR 741.222 - Credit union service organizations.

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There is 1 rule appearing in the Federal Register for 12 CFR 741. View below or at eCFR (GPOAccess)
§ 741.222 Credit union service organizations.
(a) Any credit union that is insured pursuant to title II of the Act must adhere to the requirements in §§ 712.3(d)(3) and 712.4 of this chapter concerning agreements between credit unions and their credit union service organizations (CUSOs) and the requirement to maintain separate corporate identities. For purposes of this section, a CUSO is any entity in which a credit union has an ownership interest or to which a credit union has extended a loan and that is engaged primarily in providing products or services to credit unions or credit union members, or, in the case of checking and currency services, including check cashing services, sale of negotiable checks, money orders, and electronic transaction services, including international and domestic electronic fund transfers, to persons eligible for membership in any credit union having a loan, investment or contract with the entity.
(b) This section shall have no preemptive effect with respect to the laws or rules of any state providing for access to CUSO books and records or CUSO examination by credit union regulatory authorities.
(c) The effective date for compliance with this section is June 29, 2009.
[73 FR 79313, Dec. 29, 2008]
Effective Date Note:
At 78 FR 72550, Dec. 3, 2013, § 741.222 was revised, effective June 30, 2014. For the convenience of the user, the revised text is set forth as follows:
§ 741.222 Credit union service organizations.
(a) Any credit union that is insured pursuant to Title II of the Act must adhere to the requirements in §§ 712.2(d)(2)(ii), 712.3(d), 712.4 and 712.11(b) and (c) of this chapter concerning permissible investment limits for less than adequately capitalized credit unions, agreements between credit unions and their credit union service organizations (CUSOs), the requirement to maintain separate corporate identities, and investments and loans to CUSOs investing in other CUSOs. For purposes of this section, a CUSO is any entity in which a credit union has an ownership interest or to which a credit union has extended a loan, and that entity is engaged primarily in providing products or services to credit unions or credit union members, or, in the case of checking and currency services, including cashing checks and money orders for a fee, and selling negotiable checks, including travelers checks, money orders, and other similar money transfer instruments (including international and domestic electronic fund transfers and remittance transfers, as defined in section 919 of the Electronic Fund Transfer Act, 15 U.S.C. 1693o-1), to persons eligible for membership in any credit union having a loan, investment or contract with the entity. A CUSO also includes any entity in which a CUSO has an ownership interest of any amount, if that entity is engaged primarily in providing products or services to credit unions or credit union members.
(b) This section shall have no preemptive effect with respect to the laws or rules of any state providing for access to CUSO books and records or CUSO examination by credit union regulatory authorities.

Title 12 published on 2014-01-01

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.

  • 2014-01-31; vol. 79 # 21 - Friday, January 31, 2014
    1. 79 FR 5228 - Derivatives
      GPO FDSys XML | Text
      NATIONAL CREDIT UNION ADMINISTRATION
      Final rule.
      This final rule is effective March 3, 2014.
      12 CFR Parts 703, 715, and 741

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 741 after this date.

  • 2014-06-26; vol. 79 # 123 - Thursday, June 26, 2014
    1. 79 FR 36264 - Asset Securitization
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      NATIONAL CREDIT UNION ADMINISTRATION
      Proposed rule.
      Comments must be received on or before August 25, 2014.
      12 CFR Parts 721 and 741