Definitions.

CFR · 2024-01-01 · US · Title 12

(1) Senior tranches of Re-REMIC's consisting of senior mortgage-and asset-backed securities; (2) Any security that is fully guaranteed as to principal and interest by the U.S. Government or its agencies or its sponsored enterprises; or (3) Any security collateralized by other securities where all the underlying securities are fully guaranteed as to principal and interest by the U.S. Government or its agencies or its sponsored enterprises. (1) Is chartered under Federal or state law as a credit union; (2) Receives shares from and provides loan services to credit unions; (3) Is operated primarily for the purpose of serving other credit unions; (4) Is designated by NCUA as a corporate credit union; (5) Limits natural person members to the minimum required by state or federal law to charter and operate the credit union; and (6) Does not condition the eligibility of any credit union to become a member on that credit union's membership in any other organization. (1) Is a consolidated CUSO; (2) A corporate credit union has the power, directly or indirectly, to direct the CUSO's management or policies; (3) A corporate credit union owns 25 percent or more of the CUSO's contributed equity, stock, or membership interests; or (4) The aggregate corporate credit union ownership meets or exceeds 50 percent of the CUSO's contributed equity, stock, or membership interests. (1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and

official document · source cfr-2024 · id 12:§ 704.2