Usc credit union safe deposit box12/3/2023 Section 701.21 interprets and implements those provisions. Section 107(5) of the Act contains limitations on matters such as loan maturity, rate of interest, security, and prepayment penalties. 1757(5)) authorizing Federal credit unions to make loans to members and issue lines of credit (including credit cards) to members. Section 701.21 complements the provisions of section 107(5) of the Federal Credit Union Act ( 12 U.S.C. The Notice of Disapproval will advise the parties of their rights to request reconsideration from the Regional Director and/or file an appeal with the NCUA Board in accordance with the procedures set forth in subpart B to part 746 of this chapter. NCUA may disapprove the individual serving as a director, committee member or senior executive officer if it finds that the competence, experience, character, or integrity of the individual with respect to whom a notice under this section is submitted indicates that it would not be in the best interests of the members of the credit union or of the public to permit the individual to be employed by, or associated with, the credit union. If the credit union and the individual have submitted all requested information and the Regional Director has not issued a written decision within the applicable time period, the individual is approved. If the additional information is not submitted within 30 calendar days of the Regional Director's request, the Regional Director may either disapprove the proposed individual or review the notice based on the information provided. If the initial notice is not complete, the Regional Director will issue a written decision within 30 calendar days of receipt of the original notice plus the amount of time the credit union takes to provide the requested additional information. If the initial notice is complete, the Regional Director will issue a written decision of approval or disapproval to the individual and the credit union within 30 calendar days of receipt of the notice. Within ten calendar days after receiving the notice, the Regional Director will inform the credit union either that the notice is complete or that additional, specified information is needed and must be submitted within 30 calendar days. Each member who signs the petition must have been a member of the credit union for at least 180 days at the time the petitioners submit the petition to the credit union. At least one percent of the credit union's members, with a minimum of 20 members and a maximum of 500 members, must sign the petition. The petition must name one member, and one alternate member, who will represent the petitioners on issues such as inspection procedures, costs, and potential disputes. The petition must also state that the inspection is not desired for any purpose other than the stated purpose that the members signing the petition will not sell or offer for sale any information obtained from the credit union and that the members signing the petition have not within five years preceding the signature date sold or offered for sale any information acquired from the credit union or aided or abetted any person in procuring any information from the credit union for purposes of sale. The petition must state that the petitioners as a whole, or certain named petitioners, agree to pay the direct and reasonable costs associated with search and duplication of requested material. The petition must describe the particular records to be inspected and state a proper purpose for the inspection, that is, a purpose related to the protection of the members' financial interests in the credit union. View on this date view change introduced compare to most recent Treasury tax and loan depositaries depositaries and financial agents of the Government.Ĭhartering and Field of Membership Manual Share, share draft, and share certificate accounts.įederal credit union occupancy and disposal of acquired and abandoned premises. Reimbursement, insurance, and indemnification of officials and employees. Payment on shares by public units and nonmembers. Services for nonmembers within the field of membership. Purchase, sale, and pledge of eligible obligations. Loans to members and lines of credit to members. General authorities and duties of Federal credit union directors.Ĭhange in official or senior executive officer in credit unions that are newly chartered or are in troubled condition.īenefits for employees of Federal credit unions. Member inspection of credit union books, records, and minutes. Organization and Operation of Federal Credit Unionsįederal credit union chartering, field of membership modifications, and conversions.
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