Purchase of assets and assumption of liabilities.

CFR · 2024-01-01 · US · Title 12

(a) Any credit union insured by the National Credit Union Share Insurance Fund (NCUSIF) must receive approval from the NCUA before purchasing loans or assuming an assignment of deposits, shares, or liabilities from: (1) Any credit union that is not insured by the NCUSIF; (2) Any other financial-type institution (including depository institutions, mortgage banks, consumer finance (3) Any successor in interest to any institution identified in paragraph (a)(1) or (a)(2) of this section. (b) Approval is not required for: (1) Purchases of student loans or real estate secured loans to facilitate the packaging of a pool of loans to be sold or pledged on the secondary market under § 701.23(b)(1)(iii) or (iv) of this chapter or comparable state law for state-chartered credit unions, or purchases of member loans under § 701.23(b)(1)(i) of this chapter or comparable state law for state-chartered credit unions; (2) Assumption of deposits, shares or liabilities as rollovers or transfers of member retirement accounts or in which a federally insured credit union perfects a security interest in connection with an extension of credit to any member. (3) Purchases of assets, including loans, or assumptions of deposits, shares, or liabilities by any credit union insured by the NCUSIF from another credit union insured by the NCUSIF, except a purchase or assumption as a part of a merger under part 708b; or (4) Purchases of loan participations as defined in and meeting the requirements of § 701.22

official document · source cfr-2024 · id 12:§ 741.8