§ 700.1 Scope
§ 700.2 Definitions

Terms Used In 12 CFR Part 700

  • Act: means the Federal Credit Union Act (12 U. See 12 CFR 700.2
  • Administration: means the National Credit Union Administration. See 12 CFR 700.2
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Credit union: means a nonprofit financial cooperative chartered under the Federal Credit Union Act or under the laws of any State, the District of Columbia, the several territories and possessions of the United States, or the Commonwealth of Puerto Rico, which laws provide for the organization of financial cooperatives similar in principle and objectives to cooperatives chartered under the Federal Credit Union Act. See 12 CFR 700.2
  • Federally insured credit union: means any credit union whose member accounts are insured by NCUA according to the provisions of Title II of the Federal Credit Union Act (12 U. See 12 CFR 700.2
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Liabilities: Recorded liabilities which are due and payable, excluding shares of members and non-members, are considered liabilities. See 12 CFR 700.2
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
  • NCUA: refers to the National Credit Union Administration. See 12 CFR 700.2
  • State: means a state of the United States, the District of Columbia, any of the several territories and possessions of the United States, and the Commonwealth of Puerto Rico. See 12 CFR 700.2
  • Unimpaired capital and surplus: means the same as "paid-in and unimpaired capital and surplus" as defined in paragraph (f) of this section. See 12 CFR 700.2