Applications for extensions of credit.

CFR · 2024-01-01 · US · Title 12

(a) A Regular member may apply for a Facility advance to meet its liquidity needs by filing an application on a Facility-approved form, or by any other method approved by the Facility. (b)(1) An Agent member may apply for a Facility advance by filing an application on a Facility-approved form, or by any other method approved by the Facility. (2) The Agent's application shall be based on the following: (i) Approved applications to the Agent by its member natural person credit unions for pending loans to meet liquidity needs; or (ii) Outstanding loans previously made by the Agent to meet liquidity needs of its member natural person credit unions; or (iii) Such other demonstrable liquidity needs as the NCUA Board may specify; or (iv) For the period beginning April 29, 2020, and ending on December 31, 2021, the applicant Agent's own liquidity needs. After the aforementioned period, an Agent is prohibited from submitting an application for an extension for its own liquidity needs. (3) An Agent shall not submit an application to the Facility based on the liquidity needs of any member natural person credit union which has not agreed to the repayment, security and credit reporting terms prescribed by the Facility for Agent loans; (4) Any loan to meet liquidity needs which have been or will be the basis for an application by the Agent for a Facility advance must be applied for on an application form approved by the Facility. (5) Unless approved by the Facility, an Agent shall not subm

official document · source cfr-2024 · id 12:§ 725.17