Federal credit union occupancy and disposal of acquired and abandoned premises.

CFR · 2024-01-01 · US · Title 12

(a) (b) (1) Raw land or land without development, significant buildings, structures, or site preparation; (2) Land that has never had improvements; (3) Land that was improved at one time but has functionally reverted to its unimproved state; or (4) Land that has been improved, but the improvements serve no purpose for the federal credit union's planned use of the property. (c) (2) A federal credit union must make diligent efforts to dispose of abandoned premises and any other real property it does not intend to use in transacting business. The federal credit union must seek fair market value for the property, and record its efforts to dispose of abandoned premises. After premises have been abandoned for four years, the federal credit union must publicly advertise the property for sale. The federal credit union must complete the sale within five years of abandonment, unless NCUA waives this requirement. To seek a waiver, a federal credit union must submit a written request to its Regional Office and fully explain why it needs the waiver. The Regional Director will provide the federal credit (d) (i) A member of the federal credit union's board of directors, credit committee, supervisory committee, or senior management, or an immediate family member of such individual; (ii) A corporation in which a member of the federal credit union's board of directors, credit committee, supervisory committee, or senior management, or an immediate family member of such individual, is an officer

official document · source cfr-2024 · id 12:§ 701.36