12 C.F.R. § 712.7 What must an FCU do to add activities or services that are not preapproved?
Title 12 - Banks and Banking
In order for an FCU to invest in and/or loan to a CUSO that offers an unpreapproved activity or service, the FCU must first receive NCUA Board approval. The request for NCUA Board approval of an unpreapproved activity or service must include a full explanation and complete documentation of the activity or service and how that activity or service is associated with routine credit union operations. The request must be submitted jointly to your Regional Office and to the Secretary of the Board. The request will be treated as a petition to amend §712.5 and NCUA will request public comment or otherwise act on the petition within 60 days after receipt. Before you engage in the petition process, you should seek an advisory opinion from NCUA's Office of General Counsel as to whether a proposed activity is already covered by one of the authorized categories without filing a petition to amend the regulation. [63 FR 10756, Mar. 5, 1998, as amended at 66 FR 40578, Aug. 3, 2001]
Title 12: Banks and Banking
PART 712—CREDIT UNION SERVICE ORGANIZATIONS (CUSOs)
§ 712.7 What must an FCU do to add activities or services that are not preapproved?
