12 CFR 741.233 (Cross Reference 1007)

National Credit Union Administration

Pt. 741, App. A

into suretyship and guaranty agreements to the extent authorized under
state law.
[69 FR 8548, Feb. 25, 2004]

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§ 741.222 Credit union service organizations.
(a) Any credit union that is insured
pursuant to Title II of the Act must adhere
to
the
requirements
in
§§ 712.2(d)(2)(ii),
712.3(d),
712.4
and
712.11(b) and (c) of this chapter concerning permissible investment limits
for less than adequately capitalized
credit unions, agreements between
credit unions and their credit union
service organizations (CUSOs), the requirement to maintain separate corporate identities, and investments and
loans to CUSOs investing in other
CUSOs. For purposes of this section, a
CUSO is any entity in which a credit
union has an ownership interest or to
which a credit union has extended a
loan, and that entity is engaged primarily in providing products or services to credit unions or credit union
members, or, in the case of checking
and currency services, including cashing checks and money orders for a fee,
and selling negotiable checks, including travelers checks, money orders,
and other similar money transfer instruments (including international and
domestic electronic fund transfers and
remittance transfers, as defined in section 919 of the Electronic Fund Transfer Act, 15 U.S.C. 1693o-1), to persons eligible for membership in any credit
union having a loan, investment or
contract with the entity. A CUSO also
includes any entity in which a CUSO
has an ownership interest of any
amount, if that entity is engaged primarily in providing products or services to credit unions or credit union
members.
(b) This section shall have no preemptive effect with respect to the laws
or rules of any state providing for access to CUSO books and records or
CUSO examination by credit union regulatory authorities.

§ 741.223 Registration of residential
mortgage loan originators.
Any credit union which is insured
pursuant to title II of the Act must adhere to the requirements stated in part
1007 of this title (Regulation G).
[75 FR 44704, July 28, 2010, as amended at 78
FR 32545, May 31, 2013]

§ 741.224 Golden parachute and indemnification payments.
Any credit union insured pursuant to
title II of the Act must adhere to the
requirements stated in part 750 of this
chapter.
[76 FR 30517, May 26, 2011]

§ 741.225 Loan participations.
Any credit union that is insured pursuant to Title II of the Act must adhere to the requirements stated in
§ 701.22 of this chapter, except that federally insured, state-chartered credit
unions are exempt from the requirement in § 701.22(b)(4).
[78 FR 37958, June 25, 2013]

APPENDIX A TO PART 741—EXAMPLES OF
PARTIAL-YEAR NCUSIF ASSESSMENT AND DISTRIBUTION CALCULATIONS UNDER § 741.4
The following examples illustrate the calculation of deposit and premium assessments
under each circumstance addressed in paragraphs (i) and (j) of § 741.4.
A. Direct Conversion to NCUSIF Insurance
1. Paragraph (i)(1)(i) provides that a credit
union or other institution that converts to
insurance coverage with the NCUSIF will
immediately fund its one percent deposit
based on the total of its insured shares as of
the last day of the most recently ended reporting period prior to the date of conversion.
i. The following hypothetical illustrates
the application of this provision. Assume
Main Street Credit Union completes its conversion from nonfederal to federal insurance
on May 15 of Year One. Assume further that
Main Street credit union had 1,000 insured
shares for the end of month in December of
the previous year (Year zero), 1,100 insured
shares for at the end of May, the month of
conversion, and 1,200 insured shares at the
end of June. This information is presented in
this Table A:1
1 Although Main Street Credit Union was
not federally insured as of December 31 of

[78 FR 72550, Dec. 3, 2013]

Continued

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