Definitions.

CFR · 2024-01-01 · US · Title 12

Unless otherwise provided in this part, the terms used in this part have the same meanings as set forth in FCUA sections 101 and 216, 12 U.S.C. 1752, 1790d. All accounting terms not otherwise defined in this section have meanings consistent with the commonly-accepted meanings under United States generally accepted accounting principles (U.S. GAAP). The following definitions apply to this part: (1) The amortized cost for investments classified as held-to-maturity and available-for-sale, and the fair value for trading securities. (2) The outstanding balance for Federal Reserve Bank Stock, Central Liquidity Facility Stock, Federal Home Loan Bank Stock, nonperpetual capital and perpetual contributed capital at corporate credit unions, and equity investments in CUSOs. (3) The carrying value for non-CUSO equity investments, and investment funds. (4) The carrying value for the credit union's holdings of general account permanent insurance, and separate account insurance. (5) The amount calculated under § 702.105 of this part for derivative contracts. (1) The credit union made a reasonable and good faith determination at or before consummation of the loan that the member will have a reasonable ability to repay the loan according to its terms; and (2) In transactions where the credit union holds the first-lien and junior lien(s), and no other party holds an intervening lien, for purposes of this part the combined balance will be treated as a single first-lien residential real estate l

official document · source cfr-2024 · id 12:§ 702.2