NAFCU NCCO
EXAM 1
QUESTIONS
WITH ALL
CORRECT
Evatee 8/10/24 NAFCU NCCO
, NAFCU NCCO EXAM 1 QUESTIONS WITH ALL
CORRECT ANSWERS!!
Federal Regulations are implemented by... Answer - Federal Agencies
APA (Administrative Procedure Act) Answer - Establishes specific procedures
for issuing proposed rules and providing time for public comment on proposals
FCU Act Answer - Enacted by Congress in 1934, amended in 1970 - created
NCUA.
Answer -
Title 1 General Provisions Answer - Express and incidental powers
Title II Share Insurance Answer - National Credit Union Share Insurance Fund
(NCUSIF). NCUA managed. $250,000 Share insurance. Credit Unions must
maintain at least 1% of shares in NCUSIF.
Title III Central Liquiduty Fund Answer - Mixed ownership government corp to
provide liquidity to credit unions experiencing or unusual or unexpected
liquidity shortfalls. Regular or agent ownership.
Research and Compliance Resources Answer - Legal Opinion Letters (LOL),
Letters to Federal Credit Unions and Interpretive Rulings and Policy Statements
(IRPS)
EXAM 1
QUESTIONS
WITH ALL
CORRECT
Evatee 8/10/24 NAFCU NCCO
, NAFCU NCCO EXAM 1 QUESTIONS WITH ALL
CORRECT ANSWERS!!
Federal Regulations are implemented by... Answer - Federal Agencies
APA (Administrative Procedure Act) Answer - Establishes specific procedures
for issuing proposed rules and providing time for public comment on proposals
FCU Act Answer - Enacted by Congress in 1934, amended in 1970 - created
NCUA.
Answer -
Title 1 General Provisions Answer - Express and incidental powers
Title II Share Insurance Answer - National Credit Union Share Insurance Fund
(NCUSIF). NCUA managed. $250,000 Share insurance. Credit Unions must
maintain at least 1% of shares in NCUSIF.
Title III Central Liquiduty Fund Answer - Mixed ownership government corp to
provide liquidity to credit unions experiencing or unusual or unexpected
liquidity shortfalls. Regular or agent ownership.
Research and Compliance Resources Answer - Legal Opinion Letters (LOL),
Letters to Federal Credit Unions and Interpretive Rulings and Policy Statements
(IRPS)
