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Loans to Members and Lines of Credit to Members

NCUA · final-rule · Published 2005-02-24 · Effective 2005-03-28 · 70 FR 8921

Document

Document number
05-3477
Federal Register citation
70 FR 8921
CFR reference
12 CFR 701
Type
Rule
Action
Final rule.
Category
final-rule
Agency
US National Credit Union Administration
Publication date
2005-02-24
Effective date
2005-03-28

Abstract

NCUA is amending three subsections of its lending rule and this final rule clarifies: the conditions for applying the rule to loans secured by mobile homes, recreational vehicles, house trailers and boats; that loans secured by manufactured homes may be considered residential real estate loans; and that loans with a partial government guarantee, insurance, or advance commitment to purchase a portion of a loan fall within the rule. The changes incorporate legal interpretations previously issued by its Office of General Counsel (OGC) regarding permissible maturities for certain types of loans and the effect of partial government guarantees. The NCUA Board is making these changes because it believes it is helpful to federal credit unions (FCUs) and others that may consult NCUA regulations to incorporate these interpretations as part of the rule itself rather than having them stated separately in OGC legal opinions.

Source

Authoritative
Federal Register document
Machine
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