12 C.F.R. § 705.5 Application for participation.
Title 12 - Banks and Banking
(a) Applications to participate and qualify for a loan or technical assistance under the Program may be obtained from the National Credit Union Administration, Community Development Revolving Loan Program For Credit Unions. (b) The application for a loan shall contain the following information: (1) Information demonstrating a sound financial position and the credit union's ability to manage its day-to-day business affairs, including the credit union's latest financial statement. Nonfederally insured credit unions must include the following: (i) A copy of its most recent outside audit report; (ii) Proof of deposit and surety bond insurance which states the maximum insurance levels permitted by the policies; (iii) A balance sheet, an income and expense statement, and a schedule of delinquent loans, for the most recent month-end and each of the twelve months preceding that month-end. (2) Evidence that the credit union has a need for increased funds in order to improve financial services to its members. (3) The following information concerning a state-chartered credit union's field of membership: (i) Current field of membership as set forth in the credit union's charter; (ii) Changes, if any, to be made to the field of membership for participation in the Program, including; (A) Evidence of approval of change by credit union board of directors; (B) Evidence of submission and approval of change by the state supervisor; (iii) Current designation as a low-income credit union if the credit union is not federally insured. (4) Along with a community needs plan, specifics of how the credit union proposes to serve the needs of its members and the community with Program funds. The applicant credit union will also construct and submit a plan for its growth and development. The plan will set forth objectives for financial growth, credit union development and capitalization, and the means for achieving these objectives. (5) Indication of any other involvement in existing community development programs of state and federal agencies. (c) NCUA will notify applicant credit unions as to whether or not they have qualified for a loan or technical assistance under this part. Reasons for nonqualification will be stated. Any applicant whose qualification is denied may appeal that decision to the NCUA Board. [58 FR 21646, Apr. 23, 1993, as amended at 61 FR 50695, Sept. 27, 1996]
Title 12: Banks and Banking
PART 705—COMMUNITY DEVELOPMENT REVOLVING LOAN PROGRAM FOR CREDIT UNIONS
§ 705.5 Application for participation.
