Agency opinion issued to Houston Musicians FCU in Texas.
When a credit union member dies, his or her individual retirement account receives separate share insurance coverage in most instances,
Federal credit unions can invest in or buy an insurance agency as a credit union service organization as long as the entity meet’s the NCUA customer base requirement.
Agency says FCUs can invest in or buy an insurance agency as a CUSO as long as the entity meets its customer base requirement.
CUNA contends that the NCUA’s proposed rule mandating that most credit unions have an interest rate risk policy isn’t needed because most credit unions have such plans in place while NAFCU just wants the proposal tweaked a bit.
Counsel's opinion provides exception in cases where director doesn't participate in CU's decision.
Employees of federal credit unions have a conflict of interest if they disapprove a loan to a member and then refer the member to a mortgage banker that compensates that employee.
Federal credit unions can use a fully automated loan approval process but should be careful that it has safeguards to ensure that it doesn't raise safety
Credit unions can give their executives long-term care insurance, even if it provides protection for non-credit union activities, but they can't provide
Federal credit unions must consider additional information submitted by applicants to supplement their credit reports when considering credit