Part 5101 Supplemental Standards of Ethical Conduct for Employees of the Commodity Futures Trading Commission

Terms Used In CFR > Title 5 > Chapter XLI

  • Act: means the Taylor Grazing Act of June 28, 1934, as amended (43 U. See 43 CFR 4100.0-5
  • Active use: means that portion of the grazing preference that is:

    (1) Available for livestock grazing use under a permit or lease based on livestock carrying capacity and resource conditions in an allotment. See 43 CFR 4100.0-5

  • Activity plan: means a plan for managing a resource use or value to achieve specific objectives. See 43 CFR 4100.0-5
  • Actual use: means where, how many, what kind or class of livestock, and how long livestock graze on an allotment, or on a portion or pasture of an allotment. See 43 CFR 4100.0-5
  • Adjusted trading: means any method or transaction whereby a corporate credit union sells a security to a vendor at a price above its current market price and simultaneously purchases or commits to purchase from the vendor another security at a price above its current market price. See 43 CFR 2201.3-3
  • Affiliate: means an entity or person that controls, is controlled by, or is under common control with, an applicant, permittee or lessee. See 43 CFR 4100.0-5
  • Agreement to initiate: means a written, nonbinding statement of present intent to initiate and pursue an exchange, which is signed by the parties and which may be amended by the written consent of the parties or terminated at any time upon written notice by any party. See 43 CFR 2200.0-5
  • Allotment: means an area of land designated and managed for grazing of livestock. See 43 CFR 4100.0-5
  • Annual rangelands: means those designated areas in which livestock forage production is primarily attributable to annual plants and varies greatly from year to year. See 43 CFR 4100.0-5
  • Applicable state regulator: means the prudential state regulator of a state chartered corporate credit union. See 43 CFR 2201.3-3
  • Appropriate State official: means the commission, board or other supervisory authority having jurisdiction over credit unions chartered by the State which chartered the affected credit union. See 43 CFR 2201.3-1
  • Arbitration: means a process to resolve a disagreement among the parties as to appraised value, performed by an arbitrator appointed by the Secretary from a list recommended by the American Arbitration Association. See 43 CFR 2200.0-5
  • Assembled land exchange: means the consolidation of multiple parcels of Federal and/or non-Federal lands for purposes of one or more exchange transactions over a period of time. See 43 CFR 2200.0-5
  • Authorized officer: means any person authorized by the Secretary to administer regulations in this part. See 43 CFR 4100.0-5
  • Authorized officer: means any employee of the Bureau of Land Management who has been delegated the authority and responsibility to make decisions and perform the duties described in this part. See 43 CFR 2200.0-5
  • Available to cover losses that exceed retained earnings: means that the funds are available to cover operating losses realized, in accordance with generally accepted accounting principles (GAAP), by the corporate credit union that exceed retained earnings and equity acquired in a combination. See 43 CFR 2201.3-3
  • Bargaining: means a process, other than arbitration, by which parties attempt to resolve a dispute concerning the appraised value of the lands involved in an exchange. See 43 CFR 2200.0-5
  • Class of livestock: means ages and/or sex groups of a kind of livestock. See 43 CFR 4100.0-5
  • CLF-related bridge loan: means interim financing, extending up to ten business days, that a corporate credit union provides for a natural person credit union from the time the CLF approves a loan to the natural person credit union until the CLF funds the loan. See 43 CFR 2201.3-3
  • Compensation: means all salaries, fees, wages, bonuses, severance payments, current year contributions to employee benefit plans (for example, medical, dental, life insurance, and disability), current year contributions to deferred compensation plans and future severance payments, including payments in connection with a merger or similar combination (whether or not funded. See 43 CFR 2201.3-3
  • Contributed capital: means either perpetual or nonperpetual capital. See 43 CFR 2201.3-3
  • control: means having any relationship which gives an entity or person authority directly or indirectly to determine the manner in which an applicant, permittee or lessee conducts grazing operations. See 43 CFR 4100.0-5
  • Corporate credit union: means an organization that:

    (1) Is chartered under Federal or state law as a credit union. See 43 CFR 2201.3-3

  • Credit union: means a federally insured, natural person credit union, whether federally- or State-chartered, as defined by 12 U. See 43 CFR 2201.3-1
  • Critical accounting policies: means those policies that are most important to the portrayal of a corporate credit union's financial condition and results and that require management's most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. See 43 CFR 2201.3-3
  • Daily average net assets: means the average of net assets calculated for each day during the period. See 43 CFR 2201.3-3
  • Definitions: As used in this part, the term:

    (1) Application carries the meaning of that term as defined in 12 CFR 1002. See 43 CFR 2200.0-5

  • Derivatives: means a financial contract which derives its value from the value and performance of some other underlying financial instrument or variable, such as an index or interest rate. See 43 CFR 2201.3-3
  • District: means the specific area of public lands administered by a District Manager or a Field Manager. See 43 CFR 4100.0-5
  • Embedded option: means a characteristic of certain assets and liabilities which gives the issuer of the instrument the ability to change the features such as final maturity, rate, principal amount and average life. See 43 CFR 2201.3-3
  • Ephemeral rangelands: means areas of the Hot Desert Biome (Region) that do not consistently produce enough forage to sustain a livestock operation, but from time to time produce sufficient forage to accommodate livestock grazing. See 43 CFR 4100.0-5
  • et seq: for federally-chartered credit unions, and as defined under State law for State-chartered credit unions. See 43 CFR 2201.3-1
  • Ethics Counselor: includes any official designated by the Ethics Counselor to act on the Ethics Counselor's behalf. See 42 CFR 493.1453
  • Fair value: means the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, as defined by GAAP. See 43 CFR 2201.3-3
  • Federal lands: means any lands or interests in lands, such as mineral or timber interests, that are owned by the United States and administered by the Secretary of the Interior through the Director of the Bureau of Land Management, without regard to how the United States acquired ownership, except: (1) Lands located on the Outer Continental Shelf. See 43 CFR 2200.0-5
  • Financial statements: means the presentation of a corporate credit union's financial data, including accompanying notes, derived from accounting records of the credit union, and intended to disclose the credit union's economic resources or obligations at a point in time, or the changes therein for a period of time, in conformity with GAAP. See 43 CFR 2201.3-3
  • Grazing district: means the specific area within which the public lands are administered under section 3 of the Act. See 43 CFR 4100.0-5
  • Grazing lease: means a document that authorizes grazing use of the public lands under Section 15 of the Act. See 43 CFR 4100.0-5
  • Grazing permit: means a document that authorizes grazing use of the public lands under Section 3 of the Act. See 43 CFR 4100.0-5
  • Hazardous substances: means those substances designated under Environmental Protection Agency regulations at 40 CFR part 302. See 43 CFR 2200.0-5
  • Highest and best use: means the most probable legal use of a property, based on market evidence as of the date of valuation, expressed in an appraiser's supported opinion. See 43 CFR 2200.0-5
  • Immediate family member: means a spouse or other family member living in the same household. See 43 CFR 2201.3-3
  • insured depository institution: refers to any bank or savings association whose deposits are insured by the FDIC. See 42 CFR 493.1365
  • Interested public: means an individual, group, or organization that has:

    (1)(i) Submitted a written request to BLM to be provided an opportunity to be involved in the decisionmaking process as to a specific allotment, and

    (ii) Followed up that request by submitting written comment as to management of a specific allotment, or otherwise participating in the decisionmaking process as to a specific allotment, if BLM has provided them an opportunity for comment or other participation. See 43 CFR 4100.0-5

  • Internal control: means the process, established by the corporate credit union's board of directors, officers and employees, designed to provide reasonable assurance of reliable financial reporting and safeguarding of assets against unauthorized acquisition, use, or disposition. See 43 CFR 2201.3-3
  • Internal control framework: means criteria such as that established in Internal Control--Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), or comparable, reasonable, and U. See 43 CFR 2201.3-3
  • Internal control over financial reporting: means a process effected by those charged with governance, management, and other personnel, designed to provide reasonable assurance regarding the preparation of reliable financial statements in accordance with accounting principles generally accepted in the United States of America. See 43 CFR 2201.3-3
  • kind of livestock: means species of domestic livestock--cattle, sheep, horses, burros, and goats. See 43 CFR 4100.0-5
  • Land use plan: means a resource management plan, developed under the provisions of 43 CFR part 1600, or a management framework plan. See 43 CFR 4100.0-5
  • Lands: means any land and/or interests in land. See 43 CFR 2200.0-5
  • Ledger account: means an accounting mechanism that tracks the differential in dollar value of lands conveyed throughout a series of transactions. See 43 CFR 2200.0-5
  • Leverage ratio: means the ratio of Tier 1 capital to moving daily average net assets. See 43 CFR 2201.3-3
  • Livestock carrying capacity: means the maximum stocking rate possible without inducing damage to vegetation or related resources. See 43 CFR 4100.0-5
  • Market value: means the most probable price in cash, or terms equivalent to cash, that lands or interests in lands should bring in a competitive and open market under all conditions requisite to a fair sale, where the buyer and seller each acts prudently and knowledgeably, and the price is not affected by undue influence. See 43 CFR 2200.0-5
  • Mineral laws: means the mining laws, mineral leasing laws, and the Geothermal Steam Act, but not the Materials Sales Act, administered by the Secretary of the Interior through the Bureau of Land Management. See 43 CFR 2200.0-5
  • Minimal amount of credit risk: means the amount of credit risk when the issuer of a security has a very strong capacity to meet all financial commitments under the security for the projected life of the asset or exposure, even under adverse economic conditions. See 43 CFR 2201.3-3
  • Monitoring: means the periodic observation and orderly collection of data to evaluate:

    (1) Effects of management actions. See 43 CFR 4100.0-5

  • Moving daily average net assets: means the average of daily average net assets for the month being measured and the previous eleven (11) months. See 43 CFR 2201.3-3
  • NCUA: means NCUA Board (Board), unless the particular action has been delegated by the Board. See 43 CFR 2201.3-3
  • Net assets: means total assets less Central Liquidity Facility (CLF) stock subscriptions, CLF-related bridge loans, loans guaranteed by the National Credit Union Share Insurance Fund (NCUSIF), and member reverse repurchase transactions. See 43 CFR 2201.3-3
  • Net Worth: means (1) The retained earnings balance of the credit union at quarter-end as determined under generally accepted accounting principles, subject to paragraph (f)(3) of this section. See 43 CFR 2201.3-1
  • Net worth ratio: means the ratio of the net worth of the credit union (as defined in paragraph (f) of this section) to the total assets of the credit union (as defined by a measure chosen under paragraph (j) of this section). See 43 CFR 2201.3-1
  • Nonperpetual capital: means funds contributed by members or nonmembers that: are term certificates with an original minimum term of five years or that have an indefinite term (i. See 43 CFR 2201.3-3
  • Obligor: means the primary party obligated to repay an investment, e. See 43 CFR 2201.3-3
  • Official: means any director or committee member. See 43 CFR 2201.3-3
  • Outstanding interests: means rights or interests in property held by an entity other than a party to an exchange. See 43 CFR 2200.0-5
  • Party: means the United States or any person, State or local government who enters into an agreement to initiate an exchange. See 43 CFR 2200.0-5
  • person: refers to an individual, corporation, partnership, or other entity with a legally independent existence. See 42 CFR 493.1365
  • Person: means any individual, corporation, or other legal entity legally capable to hold title to and convey land. See 43 CFR 2200.0-5
  • preference: means the total number of animal unit months on public lands apportioned and attached to base property owned or controlled by a permittee, lessee, or an applicant for a permit or lease. See 43 CFR 4100.0-5
  • Public land laws: means that body of general land laws administered by the Secretary of the Interior through the Bureau of Land Management, excepting, however, the mineral laws. See 43 CFR 2200.0-5
  • Public lands: means any land and interest in land outside of Alaska owned by the United States and administered by the Secretary of the Interior through the Bureau of Land Management, except lands held for the benefit of Indians. See 43 CFR 4100.0-5
  • Range improvement: means an authorized physical modification or treatment which is designed to improve production of forage. See 43 CFR 4100.0-5
  • Repurchase transaction: means a transaction in which a corporate credit union agrees to purchase a security from a counterparty and to resell the same or any identical security to that counterparty at a specified future date and at a specified price. See 43 CFR 2201.3-3
  • Resource values: means any of the various commodity values (e. See 43 CFR 2200.0-5
  • Retained earnings: means undivided earnings, regular reserve, reserve for contingencies, supplemental reserves, reserve for losses, GAAP equity acquired in a merger, and other appropriations from undivided earnings as designated by management or the NCUA. See 43 CFR 2201.3-3
  • Secretary: means the Secretary of the Interior or his authorized officer. See 43 CFR 4100.0-5
  • Secretary: means the Secretary of the Interior or the individual to whom the authority and responsibilities of that official, as to matters considered in this part, have been delegated. See 43 CFR 2200.0-5
  • Securities lending: means lending a security to a counterparty, either directly or through an agent, and accepting collateral in return. See 43 CFR 2201.3-3
  • Segregation: means the removal for a limited period, subject to valid existing rights, of a specified area of the Federal lands from appropriation under the public land laws and mineral laws, pursuant to the authority of the Secretary of the Interior to allow for the orderly administration of the Federal lands. See 43 CFR 2200.0-5
  • Senior executive officer: means a chief executive officer, any assistant chief executive officer (e. See 43 CFR 2201.3-3
  • Service area: means the area that can be properly grazed by livestock watering at a certain water. See 43 CFR 4100.0-5
  • State Director: means the State Director, Bureau of Land Management, or his or her authorized representative. See 43 CFR 4100.0-5
  • Statement of value: means a written report prepared by a qualified appraiser that states the appraiser's conclusion(s) of value. See 43 CFR 2200.0-5
  • Supplemental feed: means a feed which supplements the forage available from the public lands and is provided to improve livestock nutrition or rangeland management. See 43 CFR 4100.0-5
  • Suspension: means the withholding from active use, through a decision issued by the authorized officer or by agreement, of part or all of the grazing preference specified in a grazing permit or lease. See 43 CFR 4100.0-5
  • Temporary nonuse: means that portion of active use that the authorized officer authorizes not to be used, in response to an application made by the permittee or lessee. See 43 CFR 4100.0-5
  • Total assets: means the sum of all a corporate credit union's assets as calculated under GAAP. See 43 CFR 2201.3-3
  • Total capital: means the sum of Tier 1 capital and Tier 2 capital, less the corporate credit union's equity investments not otherwise deducted when calculating Tier 1 capital. See 43 CFR 2201.3-3
  • Total risk-based capital ratio: means the ratio of total capital to moving monthly average net risk-weighted assets. See 43 CFR 2201.3-3
  • Trade date: means the date a corporate credit union originally agrees, whether orally or in writing, to enter into the purchase or sale of a security. See 43 CFR 2201.3-3
  • Utilization: means the portion of forage that has been consumed by livestock, wild horses and burros, wildlife and insects during a specified period. See 43 CFR 4100.0-5
  • Weighted average life: means the weighted-average time to the return of a dollar of principal, calculated by multiplying each portion of principal received by the time at which it is expected to be received (based on a reasonable and supportable estimate of that time) and then summing and dividing by the total amount of principal. See 43 CFR 2201.3-3
  • yourself: refer to a person who submits an offer to perform or performs, directly or indirectly, contractual services or functions on our behalf. See 42 CFR 493.1365