Grandfathered Secondary Capital

Grandfathered Secondary Capital means any secondary capital issued under 701.34 of this chapter, before January 1, 2022 or, in the case of a federally insured, state-chartered credit union, with 741.204 of this chapter, before January 1, 2022. (12 CFR 701.34 was recodified as 702.414 as of January 1, 2022). This term also includes issuances of secondary capital to the U.S. Government or any of its subdivisions, under applications approved before January 1, 2022, pursuant to 701.34 or 741.204(c) of this chapter, irrespective of the date of issuance.

Source

12 CFR § 702.2

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Scoping language

Unless otherwise provided in this part, the terms used in this part have the same meanings as set forth in FCUA sections 101 and 216, 12 U.S.C. 1752, 1790d. All accounting terms not otherwise defined in this section have meanings consistent with the commonly-accepted meanings under United States generally accepted accounting principles (U.S. GAAP). The following definitions apply to this part:

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