Part 741 Compendium:
Quick Reference to
State Rules Under NCUA

Introduction

Definitions

Table of Contents

 

Introduction:
The following is a Compendium of Part 741 of the Code of Federal Regulations (“CFR”). Part741 governs Federally-Insured State-Chartered Credit Unions (“FISCUs”). Part 741 is divided into two subparts. Subpart A contains regulations that apply directly to FISCUs and are not codified elsewhere in the U.S. Code (“U.S.C.”) or CFR. While the regulations of Subpart A are not fully codified elsewhere, they regularly reference other provisions of the U.S.C. and CFR.

Subpart B incorporates by reference complete provisions of the U.S.C. and CFR and applies them to FISCUs. Some provisions of Part 741 refer to sections of the U.S.C. or CFR that discuss activities that may not be permitted under the law of the state in which the FISCU is chartered. Please note that Part 741 does not enlarge the scope of a FISCU’s authority beyond what is permitted under applicable state law.

How to use this Compendium:

This document is an integrated roadmap of Part 741. Each Section of Part 741 is listed in its entirety. Where the text of Part 741 includes a cross-reference to other provisions of the U.S.C. or CFR, such cross-reference is indicated in bold. Click the bold text and your web browser will automatically open the relevant provision at www.gpo.gov (for the U.S.C.) or www.ecfr.gov (for the CFR).

Some provisions include a “Special Notes” section. These notes are not part of the text of Part 741. Rather, they are helpful links and guidance meant to make use the Compendium more efficient.

Definitions:

“FISCU” refers to entities regulated under Part 741. The original text of Part 741 refers to the regulated entities variously as “credit unions,” “credit unions insured pursuant to title II of the Act,” “state-chartered credit unions,” etc. Inconsistent identification makes it difficult to determine when a particular provision applies. Therefore, for ease of reference, the term “FISCU” is inserted throughout the text of Part 741 wherever applicable.

“The Act” refers to the Federal Credit Union Act (12 U.S.C. §§1751 - 1795k).

“NCUA” refers to the National Credit Union Administration.

Troubleshooting

Problem 1. I clicked the bold text in the body of a Section, but my browser did not open.
A: Make sure your cursor shows that you are using either the Selection Tool or the Hand Tool . The hyperlinks in the bold text may not appear if you are using other editing tools.

Problem 2. My browser opened a provision other than the one I clicked. My browser tried to open the website, but I got an error message.

A: The bold text sends you to websites maintained by the U.S. Government Printing Office. The web addresses of each provisions may change unexpectedly. If you are directed to the incorrect provision or you receive an error message indicating that you entered the wrong address, please contact Brian Knight at brian@nascus.org


 

Table of Contents

Index of Internal References in Part 741, by Section

Index of Internal References in Part 741, by Type


Subpart A - Regulations That Apply to Both Federal Credit Unions and Federally Insured State-Chartered Credit Unions and That Are Not Codified Elsewhere in NCUA's Regulations


§741.0  Scope.
§741.1.  Examination.
§741.2   Maximum borrowing authority.
§741.3.  Criteria.
§741.4  Insurance premium and one percent deposit.
§741.5   Notice of termination of excess insurance coverage.
§741.6  Financial and statistical and other reports.
§741.7   Conversion to a state-chartered credit union.
§741.8   Purchase of assets and assumption of liabilities.
§741.9   Uninsured membership shares.
§741.10  Disclosure of share insurance.
§741.11  Foreign branching.
§741.12   Liquidity and contingency funding plans.

Subpart B - Regulations Codified Elsewhere in NCUA's Regulations as Applying to Federal Credit Unions That Also Apply to Federally Insured State-Chartered Credit Unions


§741.201   Minimum fidelity bond requirements.
§741.202   Audit and verification requirements.
§741.203   Minimum loan policy requirements.
§741.204   Maximum public unit and nonmember accounts, and low-income designation.
§741.205   Reporting requirements for credit unions that are newly chartered or in troubled condition.
§741.206   Corporate credit unions.
§741.207   Community development revolving loan program for credit unions.
§741.208   Mergers of federally insured credit unions: voluntary termination or conversion of insured status.
§741.209   Management official interlocks.
§741.210   Central liquidity facility.
§741.211   Advertising.
§741.212   Share insurance.
§741.213   Administrative actions, adjudicative hearings, rules of practice and procedure.
§741.214   Report of crime or catastrophic act and Bank Secrecy Act compliance.
§741.215   Records preservation program.
§741.216   Flood insurance.
§741.217   Truth in savings.
§741.218   Involuntary liquidation and creditor claims.
§741.219   Investment requirements.
§741.220   Privacy of consumer financial information.
§741.221   Suretyship and guaranty requirements.
§741.222   Credit union service organizations.
§741.223   Registration of residential mortgage loan originators.
§741.224   Golden parachute and indemnification payments.
§741.225   Loan participations.

Appendix A to Part 741—Examples of Partial-Year NCUSIF Assessment and Distribution Calculations Under §741.4

Appendix B to Part 741—Guidance for an Interest Rate Risk Policy and an Effective Program

Appendix C to Part 741—Interpretive Ruling and Policy Statement on Loan Workouts,
Nonaccrual Policy, and Regulatory Reporting of Troubled Debt Restructured Loans