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Organization and Operations of Federal Credit Unions

NCUA · final-rule · Published 1996-09-27 · Effective 1996-09-27 · 61 FR 50696

Document

Document number
96-24457
Federal Register citation
61 FR 50696
CFR reference
12 CFR 701
Type
Rule
Action
Final rule.
Category
final-rule
Agency
US National Credit Union Administration
Publication date
1996-09-27
Effective date
1996-09-27

Abstract

The final rule allows credit unions serving predominantly low- income members (LICU) to raise secondary capital from foundations and other philanthropic-minded institutional investors. The rule will enable LICUs to make more loans and improve other financial services for the groups and communities they serve. The rule also allows federal- and state-chartered LICUs to offer secondary capital accounts and incorporates the existing regulatory provisions concerning the designation of low-income status. The rule also amends NCUA's regulations so that secondary capital accounts are last in payout priorities in the event of an involuntary liquidation.

Source

Authoritative
Federal Register document
Machine
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