12 CFR 705.1 - Authority, purpose, and scope.

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§ 705.1 Authority, purpose, and scope.

(a) This part 705 is issued by the

National Credit Union Administration
(NCUA) under section 130 of the
Federal Credit Union Act
, 12 U.S.C. 1772c-1, which implements the Community Development Credit Union Revolving Loan Fund Transfer Act ( Pub. L. 99-609, 100 Stat. 3475 (Nov. 6, 1986)).

(b) This part describes how NCUA makes money available to credit unions from its Community Development Revolving Loan Fund (Fund). NCUA administers the Fund and makes both loans and technical assistance grants to credit unions in accordance with the eligibility criteria and other qualifications, subject to the terms and conditions set out in this part. All loans and technical assistance grants made under this part are subject to funds availability and NCUA's discretion.

(c) NCUA's policy is to revolve the loan funds to credit unions as often as practical in order to achieve maximum economic impact on as many credit unions as possible.

(d) The financial awards provided to credit unions through the Fund will better enable them to support the communities in which they operate; provide basic financial services to low-income residents of these communities, and result in more opportunities for the residents of those communities to improve their financial circumstances.

(e) The Fund is intended to support the efforts of credit unions through loans and technical assistance grants needed for:

(1) Providing basic financial and related services to residents in their communities;

(2) Enhancing their capacity to better serve their members and the communities in which they operate; and

(3) Responding to emergencies.

[ 76 FR 67587, Nov. 2, 2011, as amended at 81 FR 85112, Nov. 25, 2016]

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 17-Nov-2018 03:48

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR Part 705 after this date.

  • 2017-12-20; vol. 82 # 243 - Wednesday, December 20, 2017
    1. 82 FR 60290 - Agency Reorganization
      GPO FDSys XML | Text
      Final rule.
      This rule is effective January 6, 2018.
      12 CFR Parts 701, 705, 708a, 708b, and 790