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CUCE - NCUA guidelines > NCUA guidelines > Flashcards

NCUA guidelines Flashcards

1
Q

What are the three parts of Federal Credit Union Act?

A

General Provisions, Share Insurance, and Central Liquidity Facility

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2
Q

When was NCUA created?

A

1970

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3
Q

When was Federal CU Act passed?

A

1934

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4
Q

How many people on NCUA board?

A

Three

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5
Q

What does PCA stand for?

A

Prompt corrective action

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6
Q

What are pieces of Administrative Procedures Act?

A

Advanced notice of proposed rulemaking, proposed rule, interim final rule, and final rule

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7
Q

What does ANPR stand for?

A

Advanced notice of proposed rulemaking

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8
Q

Where is a rule preamble located?

A

Only in the official proposal

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9
Q

What is a Legal Opinion Letter (LOL)?

A

Letters from NCUA in response to written inquiries from CUs, lawyers, trade associations, etc

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10
Q

What is a regulatory alert?

A

Guidance from other federal agencies (i.e., federal reserve) regarding compliance issues affecting CUs (and) joint advisories between NCUA and other regulators regarding emerging problems

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11
Q

What does IRPS stand for?

A

Interpretive Rulings and Policy Statements

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12
Q

Are IRPSs applicable to both FCUs and FISCUs?

A

Yes (may be)

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13
Q

What does DOR stand for?

A

Document of Resolution

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14
Q

What does LUA stand for?

A

Letter of Understanding and Agreement

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15
Q

State charters refer to state laws with one exception which is…

A

Share draft authority

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16
Q

What taxes are FCUs subject to?

A

State or local taxes relating to real property and tangible personal property

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17
Q

What taxes state CUs subject to?

A

May be subject to state taxes from income (or) federal tax related to UBIT (unrelated business income tax)

18
Q

Is a call report public info?

A

Yes

19
Q

What three things determine insurance coverage amount?

A

Type of account arrangement, how accounts are owned, and rights and capacities of owners?

20
Q

What does NCUSIF stand for?

A

National credit union share insurance fund

21
Q

What are eligibility pieces for board?

A

Odd number, must be members, may or may not be employees, no criminal conviction involving dishonesty or breach of trust

22
Q

What are the key fiduciary duties of the board?

A

Exercise due care, display good faith/obedience, remain loyal (avoid conflict of interest)

23
Q

What is the doctrine that officers and directors cannot be liable for damages for a business decision that proves unprofitable or harmful to business so long as it was within officers discretionary power, made on informed basis, in good faith without conflict of interest, and in honest belief it was in business’s best interest

A

Business Judgment Rule

24
Q

How many board members can be compensated for board duties?

A

One (however employees serving on board may be compensated as employees)

25
Q

How many board members can serve on supervisory committee?

A

One (cannot be treasurer or compensated board member)

26
Q

What type of entity can CUSO not be?

A

General partner of a partnership

27
Q

Is a CUSO subject to taxes on income and sales?

A

Yes

28
Q

Who appoints NCUA board?

A

President (with consent of senate)

29
Q

Are state CUs subject to federal income tax from CU business?

A

No

30
Q

Are state CUs subject to state taxes from income?

A

May be

31
Q

What concept does NCUA focus on?

A

Safety and soundness

32
Q

What rules govern state CUs that are privately insured?

A

FDICIA rules (12 USC 1831t)

33
Q

What does fidelity bond refer to?

A

Insurance that covers fraud, dishonesty that impacts CU

34
Q

What determines minimum amount of fidelity bond requirement?

A

Asset size

35
Q

What is the maximum number of board members for FCUs?

A

15

36
Q

Do FCUs have to have an investment policy?

A

Yes

37
Q

What form does CU use to add groups to FOM for CU size of less than 3000 people?

A

4015-EZ

38
Q

What form does CU use to add groups to FOM for CU size of 3000 - 5000 people?

A

4015-A

39
Q

What form does CU use to add groups to FOM for CU size of more than 5000 people?

A

4015

40
Q

How many members on supervisory committee?

A

Three to five

41
Q

Do members have access to see board minutes and attendance?

A

No

42
Q

What is the vote needed for supervisory committee to suspend board or credit committee member or CU officer?

A

Unanimous vote

CUCE - NCUA guidelines (4 decks)

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