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CUCE - NCUA RULES AND REGULATIONS QUESTIONS WITH 100% COMPLETE ANSWERS

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CUCE - NCUA

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CUCE - NCUA

1. The Central Liquidity Facility was established to address the economic conditions of the 1970s and to lend money to credit unions under certain circumstances. What are the three circumstances listed in this book? ANS- Lend for short term, Seasonal credit, and Emergency (adjustment credit...

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cuce ncua rules and regulations questions with 1

Institution CUCE - NCUA
Course CUCE - NCUA

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CUCE - NCUA RULES AND
REGULATIONS
QUESTIONS

1. The Central Liquidity Facility was established to address the economic conditions of
the 1970s and to lend money to credit unions under certain circumstances. What are
the three circumstances listed in this book? ANS- Lend for short term, Seasonal
credit, and Emergency (adjustment credit)

1. Federal credit unions are subject to what kinds of federal, state or local taxes under
the Federal Credit Union Act? ANS- They are exempt from Federal and State
Income taxes and franchise taxes, but are subject to the same Real Estate Property
taxes, and Personal Property taxes that are imposed on other businesses.

1. Because state-chartered credit unions are not "federal instrumentalities" what tax are
they subject to that federally charted credit unions are not? ANS- UBIT-Unrelated
Business Income Tax

NCUA Rules and Regulations ANS- NCUA directives that govern a particular topic
and have a substantial impact on credit union operations

Interpretive Rulings and Policy Statements ANS- Provide NCUA interpretations on
what law means on a particular subject generally requiring credit unions to comply and
follow the guidance provided to them

Letters to Credit Unions ANS- Issued by NCUA board to provide clarifying
information about a specific regulation, expresses concern about CU Compliance, issue
warnings, or announce changes in accounting rules, operating fee assessments or
examination procedures and generally sent to all federally insured Credit Unions

Regulatory Alerts ANS- Advise Federally insured credit unions about regulatory
changes affecting their compliance requirements

, Legal Opinion Letters ANS- Written Responses to inquires made to NCUA
representing their legal Staff's interpretation of the law and regulations that are posted
on the NCUA website but not sent directly to credit unions.

The Federal Credit Union Act gives the NCUA authority to issue regulations and other
guidance to direct the operations of the federal credit unions and federally insured
state-chartered credit unions. What is the difference between a "Final Regulation" and
an "Interim Final Regulation"? ANS- Final regulation is after a comment period and
gives CU 30 days to comply. Interim is issued because of a pressing concern or
enactment of new law.

1. If a state-chartered credit union has federal share insurance, NCUA has the right to
examine the credit union, but in most cases the NCUA relies on the state regulator to
actually do the examination. ANS- Yes

1. What is the difference between a "call report" and a "financial performance report"
ANS- Call Report-the financial and Statistical Report -NCUA requires all federally
insured CU's to submit a summary of their financial statistical data quarterly.

Financial Performance Report- A report drawn from the call report date providing CU's a
5 year review of the data and showing how the CU's peers are performing

Letters of Understanding and Agreement ANS- Agreements between the credit
union and the regulator that require the credit union to take specific corrective action.

Cease and Desist Orders ANS- prohibits a credit union from engaging in an activity
described in the order and/or requires the correction of a condition resulting from a
violation

Removal and Prohibition Orders ANS- an order to remove a credit union board
member or employee after a notice and hearing and an order to ban credit union
officials and employees as well as affiliated parties from serving or being employed by
any federally insured financial institution.

Civil Money Penalties ANS- three-tier penalty program against federally insured
credit unions or institution-affiliated party ranging from $5,000 to $1 million a day.

Conservatorship ANS- NCUA Board takes immediate control of a federally insured
credit union with no notice or hearing required.

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