Consideration of Subordinated Debt and Grandfathered Secondary Capital for new credit unions.

CFR · 2024-01-01 · US · Title 12

(a) (1) The new credit union has outstanding Subordinated Debt or Grandfathered Secondary Capital; (2) The Subordinated Debt or Grandfathered Secondary Capital would be treated as Regulatory Capital under subpart D of this part if the new credit union were a complex credit union or a low income-designated credit union; (3) The ratio of the new credit union's net worth (including the amount of its Subordinated Debt and Grandfathered Secondary Capital treated as Regulatory Capital (as defined in subpart D of this part)) to its total assets is at least seven percent (7%); and (4) The new credit union's net worth is increasing in a manner consistent with the new credit union's approved initial business plan or RBP. (b) (c) (i) (ii) (2) (3) (d) (e)

official document · source cfr-2024 · id 12:§ 702.207