12 CFR 750.3 – Prohibited indemnification payments
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A federally insured credit union must not make or agree to make any prohibited indemnification payment, except as permitted by this chapter.
Terms Used In 12 CFR 750.3
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC