(1) Definitions. As used in Chapter 69U-110,
F.A.C., and the Financial Institutions Codes, Title 60, F.A.C., as applicable
to credit unions, and unless the context otherwise indicates a different
meaning was intended, the term:
(a) "General
Powers" means the same powers as an individual to do all things necessary,
convenient, or useful to carry out its business and affairs as a financial
institution, consistent with the Financial Institutions Codes, in providing
financial services and benefits to its members.
(b) "Incidental Powers" means those powers
necessary to conduct business activities that may only indirectly or
coincidentally benefit or serve the credit union's members, mission, or
business, or are the functional equivalent or logical outgrowth of activities
that are part of the mission or business of credit unions and involves risks
similar in nature to those already assumed as part of the business of credit
unions.
(2) General
Powers Activities. Credit unions are authorized to engage in those general
powers activities to provide financial services and benefits to their members
without prior approval of the OFR, unless such approval is otherwise
specifically required by law or is necessary to achieve competitive equality
per Section
655.061, F.S. The following
general power activity is so authorized for competitive equality:
Credit unions may serve as a United States Treasury
Department tax and loan depository, a depository of Federal taxes, and a
financial agent of the United States Government, in accordance with
12 C.F.R. §
701.37 (1-1-2020 Edition), which is hereby
incorporated by reference and available at
http://www.flrules.org/Gateway/reference.asp?No=Ref-13205
and the OFR's website, www.flofr.gov.
(3) Incidental Powers Activities. Credit
unions are authorized to engage in such incidental powers activities as
authorized by law or approved by the OFR. The following category of activities
is pre-approved as incidental to carrying on credit union business: Trustee or
custodial services.
Trustee or custodial services are services in which the
credit union is authorized to act under any written trust instrument or
custodial agreement created or organized in the United States and forming part
of a tax-advantaged savings plan, as authorized under the Internal Revenue
Code. These services may include acting as a trustee or custodian for member
retirement, education and health savings accounts.
Notes
Fla. Admin.
Code Ann. R. 69U-110.031
Rulemaking Authority 655.012(2) FS. Law Implemented
655.061, 657.031, 657.042 FS.
New 3-6-07, Amended by
Florida
Register Volume 44, Number 168, August 28, 2018 effective
9/11/2018, Amended
by
Florida
Register Volume 47, Number 115, June 15, 2021 effective
6/28/2021.
New 3-6-07, Amended 9-11-18,
6-28-21.
