12 CFR 741.8 - Purchase of assets and assumption of liabilities. | Title 12 - Banks and Banking | Code of Federal Regulations

§ 741.8

Purchase of assets and assumption of liabilities.

(a) Any credit union insured by the National Credit Union Share Insurance Fund (NCUSIF) must receive approval from the NCUA before purchasing loans or assuming an assignment of deposits, shares, or liabilities from:

(1) Any credit union that is not insured by the NCUSIF;

(2) Any other financial-type institution (including depository institutions, mortgage banks, consumer finance companies, insurance companies, loan brokers, and other loan sellers or liability traders); or

(3) Any successor in interest to any institution identified in paragraph (a)(1) or (a)(2) of this section.

(b) Approval is not required for:

(1) Purchases of student loans or real estate secured loans to facilitate the packaging of a pool of loans to be sold or pledged on the secondary market under § 701.23(b)(1)(iii) or (iv) of this chapter or comparable state law for state-chartered credit unions, or purchases of member loans under § 701.23(b)(1)(i) of this chapter or comparable state law for state-chartered credit unions;

(2) Assumption of deposits, shares or liabilities as rollovers or transfers of member retirement accounts or in which a federally-insured credit union perfects a security interest in connection with an extension of credit to any member; or

(3) Purchases of assets, including loans, or assumptions of deposits, shares, or liabilities by any credit union insured by the NCUSIF from another credit union insured by the NCUSIF, except a purchase or assumption as a part of a merger under Part 708b.

(c) A credit union seeking approval under paragraph (a) of this section must submit a letter to the regional office with jurisdiction for the state where the credit union is headquartered. A corporate credit union seeking approval under paragraph (a) of this section must submit a letter to the Office of Corporate Credit Unions. The letter must request approval and state the nature of the transaction and include copies of relevant transaction documents. The NCUA will make a decision to approve or disapprove the request as soon as possible depending on the complexity of the proposed transaction. Credit unions should submit a request for approval in sufficient time to close the transaction.

[70 FR 75725, Dec. 21, 2005, as amended at 75 FR 34622, June 18, 2010]

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.

2013-01-18; vol. 78 # 13 - Friday, January 18, 2013

78 FR 4026 - Definition of Troubled Condition

GPO FDSys XML | Text

Additional Documents

type	regulations.gov
FR Doc.	2013-00863
RIN	3133-AD97

NATIONAL CREDIT UNION ADMINISTRATION

Final rule.

This rule is effective February 19, 2013.

12 CFR Parts 700, 701, 741, 747, and 750

Summary

The NCUA Board (Board) is issuing a final rule amending the definition of “troubled condition” as that term is used to trigger the statutory requirement to give the Board notice and an opportunity to disapprove a change of credit union officials, and as that term appears elsewhere in NCUA's regulations. Generally, the current definition allows only a state supervisory authority (SSA) to declare a federally insured, state-chartered credit union (FISCU) to be in “troubled condition.” The final rule amends the definition to allow either NCUA or an SSA to declare a FISCU in “troubled condition.” NCUA is adopting the amended definition of “troubled condition” as proposed.

78 FR 4030 - Designation of Low-Income Status; Acceptance of Secondary Capital Accounts by Low-Income Designated Credit Unions

GPO FDSys XML | Text

Additional Documents

type	regulations.gov
FR Doc.	2013-00859
RIN	3133-AE09

NATIONAL CREDIT UNION ADMINISTRATION

Final rule.

This rule is effective February 19, 2013.

12 CFR Parts 701 and 741

Summary

The NCUA Board (Board) is amending its low-income credit unions regulation by extending the time period in which a federal credit union (FCU) may accept a low-income designation. Under the current rule, an FCU that receives notice from NCUA of its eligibility for a low-income designation has 30 days to notify NCUA in writing that it wishes to accept the designation. The final rule extends an FCU's response time from 30 days to 90 days to make certain an FCU has adequate time to respond. The final rule also makes minor, nonsubstantive technical amendments to NCUA's requirements for insurance regulation to reflect current agency practice.

78 FR 4032 - Prompt Corrective Action, Requirements for Insurance, and Promulgation of NCUA Rules and Regulations

GPO FDSys XML | Text

Additional Documents

type	regulations.gov
FR Doc.	2013-00864
RIN	3133-AE07

NATIONAL CREDIT UNION ADMINISTRATION

Final rule.

This rule is effective February 19, 2013.

12 CFR Parts 702, 741 and 791

Summary

The NCUA Board (Board) is issuing a final rule to amend Interpretive Ruling and Policy Statement (IRPS) 87-2, as amended by IRPS 03-2, and two NCUA regulations that apply asset thresholds to grant relief from risk-based net worth and interest rate risk requirements. The amended IRPS increases the asset threshold that identifies credit unions to which NCUA will give more robust consideration of regulatory relief in future rulemakings. The amended regulations similarly include increased asset thresholds, granting immediate and prospective relief from existing regulatory burden to a larger group of small credit unions.

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

§ 1757 - Powers

§ 1766 - Powers of Board

§ 1781 - Insurance of member accounts

§ 1782 - Administration of insurance fund

§ 1783 - National Credit Union Share 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

§ 1786a - Omitted

§ 1787 - Payment of insurance

§ 1788 - Special assistance to avoid liquidation

§ 1789 - Administrative provisions

§ 1789a - Credit unions as depositaries of public money; fiscal agents; duties

§ 1790 - Nondiscriminatory provision

§ 1790d - Prompt corrective action

USC : Title 31 - MONEY AND FINANCE

§ 3717 - Interest and penalty on claims

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 741 after this date.

2013-05-29; vol. 78 # 103 - Wednesday, May 29, 2013

78 FR 32191 - Derivatives

GPO FDSys XML | Text

Additional Documents

type	regulations.gov
FR Doc.	2013-12638
RIN	3133-AD90

NATIONAL CREDIT UNION ADMINISTRATION

Proposed Rule.

Comments must be received on or before July 29, 2013.

12 CFR Parts 703, 715, and 741

Summary

This proposed rule permits credit unions to engage in limited derivatives activities for the purpose of mitigating interest rate risk. This proposed rule applies to federal credit unions and any federally insured, state-chartered credit unions that are permitted under applicable state law to engage in derivatives transactions. It requires any credit union seeking derivatives authority to submit an application for one of two levels of authority. Level I and Level II authority differ on the permissible levels of transactions as well as the application, expertise, and systems requirements associated with operating a derivatives program.

2013-01-18; vol. 78 # 13 - Friday, January 18, 2013

78 FR 4026 - Definition of Troubled Condition

GPO FDSys XML | Text

Additional Documents

type	regulations.gov
FR Doc.	2013-00863
RIN	3133-AD97

NATIONAL CREDIT UNION ADMINISTRATION

Final rule.

This rule is effective February 19, 2013.

12 CFR Parts 700, 701, 741, 747, and 750

Summary

The NCUA Board (Board) is issuing a final rule amending the definition of “troubled condition” as that term is used to trigger the statutory requirement to give the Board notice and an opportunity to disapprove a change of credit union officials, and as that term appears elsewhere in NCUA's regulations. Generally, the current definition allows only a state supervisory authority (SSA) to declare a federally insured, state-chartered credit union (FISCU) to be in “troubled condition.” The final rule amends the definition to allow either NCUA or an SSA to declare a FISCU in “troubled condition.” NCUA is adopting the amended definition of “troubled condition” as proposed.

78 FR 4030 - Designation of Low-Income Status; Acceptance of Secondary Capital Accounts by Low-Income Designated Credit Unions

GPO FDSys XML | Text

Additional Documents

type	regulations.gov
FR Doc.	2013-00859
RIN	3133-AE09

NATIONAL CREDIT UNION ADMINISTRATION

Final rule.

This rule is effective February 19, 2013.

12 CFR Parts 701 and 741

Summary

The NCUA Board (Board) is amending its low-income credit unions regulation by extending the time period in which a federal credit union (FCU) may accept a low-income designation. Under the current rule, an FCU that receives notice from NCUA of its eligibility for a low-income designation has 30 days to notify NCUA in writing that it wishes to accept the designation. The final rule extends an FCU's response time from 30 days to 90 days to make certain an FCU has adequate time to respond. The final rule also makes minor, nonsubstantive technical amendments to NCUA's requirements for insurance regulation to reflect current agency practice.

78 FR 4032 - Prompt Corrective Action, Requirements for Insurance, and Promulgation of NCUA Rules and Regulations

GPO FDSys XML | Text

Additional Documents

type	regulations.gov
FR Doc.	2013-00864
RIN	3133-AE07

NATIONAL CREDIT UNION ADMINISTRATION

Final rule.

This rule is effective February 19, 2013.

12 CFR Parts 702, 741 and 791

Summary

The NCUA Board (Board) is issuing a final rule to amend Interpretive Ruling and Policy Statement (IRPS) 87-2, as amended by IRPS 03-2, and two NCUA regulations that apply asset thresholds to grant relief from risk-based net worth and interest rate risk requirements. The amended IRPS increases the asset threshold that identifies credit unions to which NCUA will give more robust consideration of regulatory relief in future rulemakings. The amended regulations similarly include increased asset thresholds, granting immediate and prospective relief from existing regulatory burden to a larger group of small credit unions.

12 CFR 741.8 - Purchase of assets and assumption of liabilities.

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