r/title-12-BANKS-AND-BANKING wiki — defined terms
The statute’s own glossary: every term Title 12 defines, in section order.
“eligible entity” applies in that section
The term “eligible entity” means a Native Hawaiian family, the Department of Hawaiian Home Lands, the Office of Hawaiian Affairs, and private nonprofit or private for-profit organizations experienced in the planning and development of affordable housing for Native Hawaiians. (3) Family
“family” applies in that section
The term “family” means one or more persons maintaining a household, as the Secretary shall by regulation provide. (4) Guarantee Fund
“Guarantee Fund” applies in that section
The term “Guarantee Fund” means the Native Hawaiian Housing Loan Guarantee Fund established under subsection (j). (5) Hawaiian Home Lands
“Hawaiian Home Lands” applies in that section
The term “Hawaiian Home Lands” means lands that— (A) have the status of Hawaiian Home Lands under section 204 of the Hawaiian Homes Commission Act ( 42 Stat. 110 ); or (B) are acquired pursuant to that Act. (6) Native Hawaiian
“Native Hawaiian” applies in that section
The term “Native Hawaiian” means any individual who is— (A) a citizen of the United States; and (B) a descendant of the aboriginal people, who, prior to 1778, occupied and exercised sovereignty in the area that currently constitutes the State of Hawaii, as evidenced by— (i) genealogical records; (ii) verification by kupuna (elders) or kama’aina (long-term community residents); or (iii) birth records of the State of Hawaii. (7) Office of Hawaiian Affairs
“Office of Hawaiian Affairs” applies in that section
The term “Office of Hawaiian Affairs” means the entity of that name established under the constitution of the State of Hawaii. (b) Authority To provide access to sources of private financing to Native Hawaiian families who otherwise could not acquire housing financing because of the unique legal status of the Hawaiian Home Lands or as a result of a lack of access to private financial markets, the Secretary may guarantee an amount not to exceed 100 percent of the unpaid principal and interest that is due on an eligible loan under subsection (c).
“insured community development financial institution” applies in that section
the term “insured community development financial institution” means a community development financial institution, as such term is defined in section 4702 of this title that is an insured depository institution (as such term is defined in section 1813 of this title ) or an insured credit union (as such term is defined in section 1752 of this title ).
“lower income families” applies in that section
the term “lower income families” has the meaning given such term in section 1437a(b)(2) of title 42 .
“net appreciated value” applies in that section
the term “net appreciated value” means the amount by which the sales price of the property or stock (less the mortgagor’s selling costs) exceeds the value of the property or stock at the time the commitment to insure is issued (with adjustments for capital improvements stipulated in the loan contract). If there has been no sale or transfer at the time the mortgagee’s share of net appreciated value becomes payable, the sales price for purposes of this section shall be determined by means of an appraisal conducted in accordance with procedures approved by the Secretary and provided for in the mortgage.
“net appreciated value” applies in that section
the term “net appreciated value” means the amount by which the sales price of the property (less the mortgagor’s selling costs) exceeds the actual project cost after completion, as approved by the Secretary. If there has been no sale or transfer at the time the mortgagee’s share of net appreciated value becomes payable, the sales price for purposes of this section shall be determined by means of an appraisal conducted in accordance with procedures approved by the Secretary and provided for in the mortgage.
“remaining useful life” applies in that section
the term “remaining useful life” means, with respect to housing assisted under this section, the period during which the physical characteristics of the housing remain in a condition suitable for occupancy, assuming normal maintenance and repairs are made and major systems and capital components are replaced as becomes necessary. (E) The Secretary may provide more than one loan or assistance in any other form to any project under this section, if each loan or other assistance complies with the provisions of this section.
“multifamily housing project” applies in that section
the term “multifamily housing project” means a project which is eligible for assistance as described in section 1715z–1a(c) of this title or section 1701q of this title , or a project which receives project-based assistance under section 1437f of title 42 or enhanced vouchers under the Low-Income Housing Preservation and Resident Homeownership Act of 1990 [ 12 U.S.C. 4101 et seq.], the provisions of the Emergency Low Income Housing Preservation Act of 1987, or the Multifamily Assisted Housing Reform and Affordability Act of 1997.
“elderly homeowner” applies in that section
The terms “elderly homeowner” and “homeowner” mean any homeowner who is, or whose spouse is, at least 62 years of age or such higher age as the Secretary may prescribe. (2) The terms “mortgagee”, “mortgagor”, “real estate,” 1 and “State” have the meanings given such terms in section 1707 of this title .;
“first mortgage” applies in that section
The term “first mortgage” means such classes of first liens as are commonly given to secure advances on, or the unpaid purchase price of, real estate or a first or subordinate lien on all stock allocated to a dwelling unit in a residential cooperative housing corporation, under the laws of the State in which the real estate or dwelling unit is located, together with the credit instruments, if any, secured thereby.
“home equity conversion mortgage” applies in that section
The term “home equity conversion mortgage” means a first mortgage which provides for future payments to the homeowner based on accumulated equity and which a housing creditor (as defined in section 3802(2) of this title ) is authorized to make (A) under any law of the United States (other than section 3803 of this title ) or applicable agency regulations thereunder; (B) in accordance with section 3803 of this title , notwithstanding any State constitution, law, or regulation; or (C) under any State constitution, law, or regulation. (4) Mortgage .—
“homeowner” applies in that section
The terms “elderly homeowner” and “homeowner” mean any homeowner who is, or whose spouse is, at least 62 years of age or such higher age as the Secretary may prescribe. (2) The terms “mortgagee”, “mortgagor”, “real estate,” 1 and “State” have the meanings given such terms in section 1707 of this title .;
“mortgage” applies in that section
The term “mortgage” means a first mortgage or first lien on real estate, in fee simple, a first or subordinate mortgage or lien on all stock allocated to a dwelling unit in a residential cooperative housing corporation, or a first mortgage or first lien on a leasehold— (A) under a lease for not less than 99 years that is renewable; or (B) under a lease that has a term that ends no earlier than the minimum number of years, as specified by the Secretary, beyond the actuarial life expectancy of the mortgagor or comortgagor, whichever is the later date. (5) First mortgage .—
“first mortgage” applies in that section
The term “first mortgage” means a single first lien given to secure advances on, or the unpaid purchase price of, real estate, under the laws of the State in which the real estate is located, together with the credit instrument, if any, secured thereby. Any other financing permitted on property insured under this section must be expressly subordinate to the insured mortgage. (C) Unit of general local government; State
“mortgage” applies in that section
The term “mortgage” means a first mortgage on real estate that is— (i) owned in fee simple; or (ii) subject to a leasehold interest that— (I) has a term of not less than 99 years and is renewable; or (II) has a remaining term that extends beyond the maturity of the mortgage for a period of not less than 10 years. (B) First mortgage
“State” applies in that section
The terms “unit of general local government” and “State” have the same meanings as in section 5302(a) of title 42 .
“unit of general local government” applies in that section
The terms “unit of general local government” and “State” have the same meanings as in section 5302(a) of title 42 .
“multifamily housing” applies in that section
The term “multifamily housing” means housing accommodations on the mortgaged property that are designed principally for residential use, conform to standards satisfactory to the Secretary, and consist of not less than 5 rental units on 1 site. These units may be detached, semidetached, row house, or multifamily structures.;
“qualified housing finance agency” applies in that section
The term “qualified housing finance agency” means any State or local housing finance agency that— (A) carries the designation of “top tier” or its equivalent, as evaluated by Standard and Poors or any other nationally recognized rating agency; (B) receives a rating of “A” for its general obligation bonds from a nationally recognized rating agency; or (C) otherwise demonstrates its capacity as a sound and experienced agency based on, but not limited to, its experience in financing multifamily housing, fund balances, administrative capabilities, investment policy, internal controls and financial management, portfolio quality, and State or local support.;
“qualified participating entity” applies in that section
The term “qualified participating entity” means an entity approved by the Secretary for participation in the pilot program under this subsection, which may include— (A) the Federal National Mortgage Association; (B) the Federal Home Loan Mortgage Corporation; (C) State housing finance and mortgage insurance agencies; and (D) the Federal Housing Finance Board.
“reinsurance agreement” applies in that section
The term “reinsurance agreement” means a contractual obligation under which the Secretary, in exchange for appropriate compensation, agrees to assume a specified portion of the risk of loss that a lender or other party has previously assumed with respect to a mortgage on a multifamily housing property.;
“Secretary” applies in that section
The term “Secretary” means the Secretary of Housing and Urban Development.;
“approved financial institution or mortgagee” applies in that section
The term “approved financial institution or mortgagee” means a financial institution or mortgagee approved by the Secretary under section 1709 of this title as responsible and able to service mortgages responsibly. (2) Board
“Board” applies in that section
The term “Board” means the Advisory Board for the HOPE for Homeowners Program. The Board shall be composed of the Secretary, the Secretary of the Treasury, the Chairperson of the Board of Governors of the Federal Reserve System, and the Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation, or their designees. (3) Eligible mortgage
“eligible mortgage” applies in that section
The term “eligible mortgage” means a mortgage— (A) the mortgagor of which— (i) occupies such property as his or her principal residence; and (ii) cannot, subject to such standards established by the Secretary, afford his or her mortgage payments; and (B) originated on or before January 1, 2008 . (4) Existing senior mortgage
“existing senior mortgage” applies in that section
The term “existing senior mortgage” means, with respect to a mortgage insured under this section, the existing mortgage that has superior priority. (5) Existing subordinate mortgage
“existing subordinate mortgage” applies in that section
The term “existing subordinate mortgage” means, with respect to a mortgage insured under this section, an existing mortgage that has subordinate priority to the existing senior mortgage. (6) HOPE for Homeowners Program
“HOPE for Homeowners Program” applies in that section
The term “HOPE for Homeowners Program” means the program established under this section. (7) Secretary
“Secretary” applies in that section
The term “Secretary” means the Secretary of Housing and Urban Development, except where specifically provided otherwise. (t) Requirements related to the Board (1) Compensation, actual, necessary, and transportation expenses (A) Federal employees A member of the Board who is an officer or employee of the Federal Government shall serve without additional pay (or benefits in the nature of compensation) for service as a member of the Board. (B) Travel expenses Members of the Board shall be entitled to receive travel expenses, including per diem in lieu of subsistence, equivalent to those set forth in subchapter I of chapter 57 of title 5.
“any person” applies in that section
the term “any person” shall mean any person or entity that owns or operates a property, as identified in the regulatory agreement, including but not limited to— (A) any stockholder holding 25 percent or more interest of a corporation that owns that property; (B) any beneficial owner of the property under any business or trust; (C) any officer, director, or partner of an entity owning or controlling the property; (D) any nursing home lessee or operator; (E) any hospital lessee or operator; (F) any other person or entity that controls the property regardless of that person or entity’s official relationship to the property; and (G) any heir, assignee, successor in interest, or agent of any …
“financial institution” applies in that section
the term “financial institution” means a lender approved by the Secretary as eligible for insurance under section 1703 of this title or a mortgagee approved under section 1709(b)(1) of this title ; and;
“homeowner” applies in that section
the term “homeowner” means a lessee under a long-term ground lease. (c) Eligibility for insurance To be eligible for insurance under this section, a loan shall— (1) relate to property on which there is located a dwelling designed principally for a one-, two-, three-, or four-family residence; (2) not exceed the cost of purchasing the fee simple title, or $10,000 ($30,000, if the property is located in Hawaii) per family unit, whichever is the lesser; (3) be limited to an amount which when added to any outstanding indebtedness related to the property (as determined by the Secretary) creates a total outstanding indebtedness which does not exceed the applicable mortgage limit prescribed in …
“eligible multifamily housing” applies in that section
the term “eligible multifamily housing” means any housing financed by a loan or mortgage that is— (A) insured or held by the Secretary under section 1715 l (d)(3) of this title and assisted under section 1701s of this title or section 1437f of title 42 ; (B) insured or held by the Secretary and bears interest at a rate determined under the proviso of section 1715 l (d)(5) of this title; or (C) insured, assisted or held by the Secretary under section 1715z–1 of this title . (2) A mortgagee approved by the Secretary may not withhold consent to a rehabilitation loan insured in connection with eligible multifamily housing on which that mortgagee holds a mortgage.
“hospital” applies in that section
the term “hospital” means a facility— (A) which provides community service for inpatient medical care of the sick or injured (including obstetrical care); (B) not more than 50 per centum of the total patient days of which during any year are customarily assignable to the categories of chronic convalescent and rest, drug and alcoholic, epileptic, mentally deficient, mental, nervous and mental, and tuberculosis, unless the facility is a critical access hospital (as that term is defined in section 1861(mm)(1) of the Social Security Act ( 42 U.S.C.
“monthly homeownership expense” applies in that section
the term “monthly homeownership expense” includes the monthly payment for principal, interest, mortgage insurance premium, insurance, and taxes due under the mortgage. (2) In addition to the mortgages eligible for assistance under paragraph (1) of this subsection, the Secretary is authorized to make periodic assistance payments on behalf of cooperative members of middle income. Such assistance payments shall be accomplished through interest subsidy payments to the investor with respect to mortgages insured (subsequent to July 24, 1970 ) under section 1715e of this title which are executed by cooperatives, the membership in which is limited to middle-income families.
“public housing agency” applies in that section
the term “public housing agency” has the meaning given such term in section 1437a(b)(6) of title 42 . (5) Notwithstanding any other provision of this chapter, the Secretary may include in the determination of replacement cost of a project to be covered by a mortgage made to a public housing agency and insured pursuant to this subsection, such reserves and development costs, not to exceed 5 per centum of the amount otherwise allowable, as may be established or authorized by the public housing agency consistent with such agency’s procedures and underwriting standards.
“conventional mortgages” applies in that section
the term “conventional mortgages” shall include a mortgage, lien, or other security interest on the stock or membership certificate issued to a tenant-stockholder or resident-member of a cooperative housing corporation, as defined in section 216 of title 26 , and on the proprietary lease, occupancy agreement, or right of tenancy in the dwelling unit of the tenant-stockholder or resident-member in such cooperative housing corporation.
“credit score” applies in that section
the term “credit score” means a numerical value or a categorization created by a third party derived from a statistical tool or modeling system used by a person who makes or arranges a loan to predict the likelihood of certain credit behaviors, including default; and;
“residential mortgage” applies in that section
the term “residential mortgage” has the meaning given the term in section 1451 of this title . (B) Use of Credit Scores .— The corporation shall condition purchase of a residential mortgage by the corporation under this subsection on the provision of a credit score for the borrower only if— (i) the credit score is derived from any credit scoring model that has been validated and approved by the corporation under this paragraph; and (ii) the corporation provides for the use of the credit score by all of the automated underwriting systems of the corporation and any other procedures and systems used by the corporation to purchase residential mortgages that use a credit score.
“executive officer” applies in that section
the term “executive officer” has the meaning given the term in section 1303 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 [ 12 U.S.C. 4502 ]. (4) Notwithstanding any other provision of this section, the corporation shall not transfer, disburse, or pay compensation to any executive officer, or enter into an agreement with such executive officer, without the approval of the Director, for matters being reviewed under section 1318 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4518 ).
“knowingly” applies in that section
The term “knowingly” means having actual knowledge of or acting with deliberate ignorance of or reckless disregard for the prohibitions under this section. (h) Regulations The Secretary shall issue such regulations as the Secretary deems appropriate to implement this section. (i) Deposit of penalties The Secretary shall deposit all civil money penalties collected under this section into moneys of the Association pursuant to section 1722 of this title .
“multifamily housing” applies in that section
the term “multifamily housing” shall mean (i) a property held by a mortgagor upon which there are located five or more single family dwellings, or upon which there is located a two-, three-, or four-family dwelling, or (ii) a property or project covered by mortgage insured or to be insured under section 1713 of this title , under section 1715e of this title with respect to any property or project of a corporation or trust of the character described in paragraph (1) of subsection (a) thereof, under section 1715k of this title if the mortgage is within the provisions of paragraph (3) (B) of subsection (d) thereof, under section 1715 l of this title if the mortgage is within the provisions of …
“area” applies in that section
the term “area” means each geographic area in which the mortgagee is authorized by the Secretary to originate insured single family mortgages. (c) Termination of mortgagee origination approval (1) Notwithstanding section 1708(c) of this title , the Secretary may terminate the approval of a mortgagee to originate or underwrite single family mortgages if the Secretary determines that the mortgage loans originated or underwritten by the mortgagee present an unacceptable risk to the insurance funds. The determination shall be based on the comparison required under subsection (b) and shall be made in accordance with regulations of the Secretary.
“agent employed to manage the property that has an identity of interest” applies in that section
the terms “agent employed to manage the property that has an identity of interest” and “identity of interest agent” mean an entity— (1) that has management responsibility for a project; (2) in which the ownership entity, including its general partner or partners (if applicable) and its officers or directors (if applicable), has an ownership interest; and (3) over which the ownership entity exerts effective control.
“identity of interest agent” applies in that section
the terms “agent employed to manage the property that has an identity of interest” and “identity of interest agent” mean an entity— (1) that has management responsibility for a project; (2) in which the ownership entity, including its general partner or partners (if applicable) and its officers or directors (if applicable), has an ownership interest; and (3) over which the ownership entity exerts effective control.
“knowingly” applies in that section
The term “knowingly” means having actual knowledge of or acting with deliberate ignorance of or reckless disregard for the prohibitions under this section. (i) Regulations The Secretary shall issue such regulations as the Secretary deems appropriate to implement this section. (j) Deposit of penalties in insurance funds Notwithstanding any other provision of law, all civil money penalties collected under this section shall be deposited in the fund established under section 1715z–1a(j) of this title . (k) Identity of interest managing agent In this section,
“applicable collection period” applies in that section
The term “applicable collection period” means the 5-year period ending on the last day of the calendar quarter for which information under this section is collected. (2) Designated census tract
“designated census tract” applies in that section
The term “designated census tract” means a census tract located within a metropolitan statistical area, as defined pursuant to regulations issued by the Secretary of Commerce.
“federally related mortgage loan” applies in that section
the term “federally related mortgage loan” means any loan which— (1) is secured by residential real property designed principally for the occupancy of from one to four families; and (2) (A) is made in whole or in part by any lender the deposits or accounts of which are insured by any agency of the Federal Government, or is made in whole or in part by any lender which is itself regulated by any agency of the Federal Government; or (B) is made in whole or in part, or insured, guaranteed, supplemented, or assisted in any way, by the Secretary of Housing and Urban Development or any other officer or agency of the Federal Government or under or in connection with a housing or urban development …
“actuarial method” applies in that section
the term “actuarial method” means the method of allocating payments made on a debt between the outstanding balance of the obligation and the precomputed finance charge pursuant to which a payment is applied first to the accrued precomputed finance charge and any remainder is subtracted from, or any deficiency is added to, the outstanding balance of the obligation;
“depository institution” applies in that section
the term “depository institution” means— (i) any insured bank as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ); (ii) any mutual savings bank as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ); (iii) any savings bank as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ); (iv) any insured credit union as defined in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 ); (v) any member as defined in section 2 of the Federal Home Loan Bank Act ( 12 U.S.C. 1422 ); and (vi) any insured institution as defined in section 408 1 of the National Housing Act ( 12 U.S.C. 1730a ).
“precomputed finance charge” applies in that section
the term “precomputed finance charge” means interest or a time price differential within the meaning of sections 106(a)(1) and (2) of the Truth in Lending Act ( 15 U.S.C. 1605(a)(1) and (2)) as computed by an add-on or discount method; and;
“residential manufactured home” applies in that section
the term “residential manufactured home” means a manufactured home as defined in section 603(6) of the National Mobile Home Construction and Safety Standards Act of 1974 [ 42 U.S.C. 5402(6) ] which is used as a residence. (f) Rules, regulations, and interpretations The Federal Home Loan Bank Board is authorized to issue rules and regulations and to publish interpretations governing the implementation of this section. (g) Effective date This section takes effect on April 1, 1980 .
“distressed mortgagor” applies in that section
The term “distressed mortgagor” means an individual who— (A) was employed by the Federal Government at, or was assigned as a serviceman to, a military base or other Federal installation and whose employment or service at such base or installation was terminated subsequent to November 1, 1964 , as the result of the closing (in whole or in part) of such base or installation; and (B) is the owner-occupant of a dwelling situated at or near such base or installation and upon which there is a mortgage securing a loan which is in default because of the inability of such individual to make payments due under such mortgage.
“Federal mortgage agency” applies in that section
The term “Federal mortgage agency” means— (A) The Secretary of Housing and Urban Development when used in connection with mortgages insured under the National Housing Act, and (B) the Secretary of Veterans Affairs when used in connection with mortgages securing home loans guaranteed or insured under the Servicemen’s Readjustment Act of 1944 or chapter 37 of title 38.;
“mortgage” applies in that section
The term “mortgage” means a mortgage which (A) is insured under the National Housing Act [ 12 U.S.C. 1701 et seq.], or (B) secures a home loan guaranteed or insured under the Servicemen’s Readjustment Act of 1944 or chapter 37 of title 38.;
“first mortgage” applies throughout its subchapter
the term “first mortgage” means such classes of first liens as are commonly given to secure advances on, or the unpaid purchase price of, real estate, under the laws of the State in which the real estate is located, together with the credit instruments, if any, secured thereby.;
“maturity date” applies throughout its subchapter
The term “maturity date” means the date on which the mortgage indebtedness would be extinguished if paid in accordance with periodic payments provided for in the mortgage.;
“mortgage” applies throughout its subchapter
The term “mortgage” means a first mortgage on real estate, in fee simple, or on a leasehold (1) under a lease for not less than ninety-nine years which is renewable; or (2) under a lease having a period of not less than fifty years to run from the date the mortgage was executed; and
“mortgagee” applies throughout its subchapter
The term “mortgagee” includes the original lender under a mortgage, and his successors and assigns approved by the Secretary; and
“mortgagor” applies throughout its subchapter
the term “mortgagor” includes the original borrower under a mortgage and his successors and assigns.;
“State” applies throughout its subchapter
The term “State” includes the several States, and Puerto Rico, the District of Columbia, Guam, and the Virgin Islands.
“first mortgage” applies throughout its subchapter
the term “first mortgage” means such classes of first liens as are commonly given to secure advances on, or the unpaid purchase price of, real estate, under the laws of the State in which the real estate is located, together with the credit instruments, if any, secured thereby.;
“housing accommodations” applies throughout its subchapter
The term “housing accommodations” means housing designed for occupancy by military personnel and their dependents, assigned to duty at or near the military installation where such housing units are constructed.;
“maturity date” applies throughout its subchapter
The term “maturity date” means the date on which the mortgage indebtedness would be extinguished if paid in accordance with periodic payments provided for in the mortgage.;
“military” applies throughout its subchapter
The term “military” includes Army, Navy, Marine Corps, Air Force, and Coast Guard.;
“mortgage” applies throughout its subchapter
The term “mortgage” means a first mortgage on real estate, in fee simple, or on a leasehold (1) under a lease for not less than ninety-nine years which is renewable; or (2) under a lease for a period of not less than fifty years to run from the date the mortgage was executed; and
“mortgagee” applies throughout its subchapter
The term “mortgagee” includes the original lender under a mortgage, and his successors and assigns approved by the Secretary; and
“mortgagor” applies throughout its subchapter
the term “mortgagor” includes the original borrower under a mortgage, his successors and assigns.;
“personnel” applies throughout its subchapter
The term “personnel” shall include military and civilian personnel approved by the Secretary of Defense, or his designee, and the dependents of all such personnel.;
“State” applies throughout its subchapter
The term “State” includes the several States, and Puerto Rico, the District of Columbia, Guam, the Virgin Islands, the Canal Zone, and Midway Island.
“first mortgage” applies in that section
The term “first mortgage” means such classes of first liens as are commonly given to secure advances (including but not limited to advances during construction) on, or the unpaid purchase price of, real estate under the laws of the State in which the real estate is located, together with the credit instrument or instruments, if any, secured thereby, and any mortgage may be in the form of one or more trust mortgages or mortgage indentures or deeds of trust, securing notes, bonds, or other credit instruments, and, by the same instrument or by a separate instrument, may create a security interest in initial equipment, whether or not attached to the realty.;
“group practice facility” applies throughout its subchapter
The term “group practice facility” means a facility in a State for the provision of preventive, diagnostic, and treatment services to ambulatory patients (in which patient care is under the professional supervision of persons licensed to practice medicine or osteopathy in the State or, in the case of optometric care or treatment, is under the professional supervision of persons licensed to practice optometry in the State, or, in the case of dental diagnosis or treatment, is under the professional supervision of persons licensed to practice dentistry in the State, or, in the case of podiatric care or treatment, is under the professional supervision of persons licensed to practice podiatry in …
“group practice unit or organization” applies in that section
The term “group practice unit or organization” means— (A) a private nonprofit agency or organization undertaking to provide, directly or through arrangements with a medical or dental group, comprehensive medical care, osteopathic care, optometric care, dental care, or podiatric care, or any combination thereof, which may include hospitalization, to members or subscribers primarily on a group practice prepayments basis; or (B) a private nonprofit agency or organization, established for the purpose of improving the availability of medical, osteopathic, optometric, dental or podiatric care in the community or having some function or functions related to the provision of such care, which will, …
“low-income section of an urban area” applies in that section
the term “low-income section of an urban area” means a section of a larger urban area in which the median family income is substantially lower, as determined by the Secretary, than the median family income for the area as a whole.;
“medical or dental group” applies in that section
The term “medical or dental group” means a partnership or other association or group of persons licensed to practice medicine, osteopathy, or surgery in the State, or of persons licensed to practice optometry in the State, or of persons licensed to practice dentistry in the State, or of persons licensed to practice podiatry in the State, or of any combination of such persons, who, as their principal professional activity and as a group responsibility, engage or undertake to engage in the coordinated practice of their profession primarily in one or more group practice facilities, and who (in this connection) share common overhead expenses (if and to the extent such expenses are paid by …
“medical practice facility” applies throughout its subchapter
The term “medical practice facility” means an adequately equipped facility in which not more than four persons licensed to practice medicine in the State where the facility is located can provide, as may be appropriate, preventive, diagnostic, and treatment services, and which is situated in a rural area or small town, or in a low-income section of an urban area, in which there exists, as determined by the Secretary, a critical shortage of physicians. As used in this paragraph—;
“mortgage” applies in that section
The term “mortgage” means a first mortgage on real estate in fee simple, or on the interest of either the lessor or lessee thereof (A) under a lease for not less than ninety-nine years which is renewable, or (B) under a lease having a period of not less than fifty years to run from the date the mortgage was executed.
“mortgagee” applies in that section
The term “mortgagee” means the original lender under a mortgage, and his or its successors and assigns, and includes the holders of credit instruments issued under a trust mortgage or deed of trust pursuant to which such holders act by and through a trustee named therein.;
“mortgagor” applies in that section
The term “mortgagor” means the original borrower under a mortgage and his or its successors and assigns.
“nonprofit organization” applies in that section
The term “nonprofit organization” means a corporation, association, foundation, trust, or other organization no part of the net earnings of which inures, or may lawfully inure, to the benefit of any private shareholder or individual except, in the case of an organization the purposes of which include the provision of personal health services to its members or subscribers or their dependents under a plan of such organization for the provision of such services to them (which plan may include the provision of other services or insurance benefits to them), through the provision of such health services (or such other services or insurance benefits) to such members or subscribers or dependents …
“small town” applies in that section
the term “small town” means any town, village, or city having a population of not more than 10,000 inhabitants according to the most recent available data compiled by the Bureau of the Census; and;
“State” applies in that section
The term “State” includes the Commonwealth of Puerto Rico, Guam, the Virgin Islands, American Samoa, and the District of Columbia.;
“account” applies throughout its chapter
The terms “member account” and “account” mean a share, share certificate, or share draft account of a member of a credit union of a type approved by the Board which evidences money or its equivalent received or held by a credit union in the usual course of business and for which it has given or is obligated to give credit to the account of the member, and, in the case of a credit union serving predominantly low-income members (as defined by the Board), such terms (when referring to the account of a nonmember served by such credit union) mean a share, share certificate, or share draft account of such nonmember which is of a type approved by the Board and evidences money or its equivalent …
“Administration” applies throughout its chapter
the term “Administration” means the National Credit Union Administration;
“Board” applies throughout its chapter
the term “Board” means the National Credit Union Administration Board;
“branch” applies in that section
The term “branch” includes any branch credit union, branch office, branch agency, additional office, or any branch place of business located in any State of the United States, the District of Columbia, the several territories, including the trust territories, and possessions of the United States, the Panama Canal Zone, or the Commonwealth of Puerto Rico, at which member accounts are established or money lent. The term “branch” also includes a suboffice, operated by a Federal credit union or by a credit union authorized by the Department of Defense, located on an American military installation in a foreign country or in the trust territories of the United States.
“Chairman” applies throughout its chapter
the term “Chairman” means the Chairman of the National Credit Union Administration Board;
“Federal credit union” applies throughout its chapter
the term “Federal credit union” means a cooperative association organized in accordance with the provisions of this chapter for the purpose of promoting thrift among its members and creating a source of credit for provident or productive purposes;
“Fund” applies in that section
The term “Fund” means the National Credit Union Share Insurance Fund; and;
“insured credit union” applies in that section
The term “insured credit union” means any credit union the member accounts of which are insured in accordance with the provisions of subchapter II of this chapter, and
“member account” applies throughout its chapter
The terms “member account” and “account” mean a share, share certificate, or share draft account of a member of a credit union of a type approved by the Board which evidences money or its equivalent received or held by a credit union in the usual course of business and for which it has given or is obligated to give credit to the account of the member, and, in the case of a credit union serving predominantly low-income members (as defined by the Board), such terms (when referring to the account of a nonmember served by such credit union) mean a share, share certificate, or share draft account of such nonmember which is of a type approved by the Board and evidences money or its equivalent …
“noninsured credit union” applies in that section
the term “noninsured credit union” means any credit union the member accounts of which are not so insured;
“State credit union” applies in that section
The terms “State credit union” and “State-chartered credit union” mean a credit union organized and operated according to the laws of any State, the District of Columbia, the several territories and possessions of the United States, the Panama Canal Zone, or the Commonwealth of Puerto Rico, which laws provide for the organization of credit unions similar in principle and objectives to Federal credit unions;
“State-chartered credit union” applies in that section
The terms “State credit union” and “State-chartered credit union” mean a credit union organized and operated according to the laws of any State, the District of Columbia, the several territories and possessions of the United States, the Panama Canal Zone, or the Commonwealth of Puerto Rico, which laws provide for the organization of credit unions similar in principle and objectives to Federal credit unions;
“associated member” applies in that section
the term “associated member” means any member having a shared ownership, investment, or other pecuniary interest in a business or commercial endeavor with the borrower. (d) Effect on existing loans An insured credit union that has, on August 7, 1998 , a total amount of outstanding member business loans that exceeds the amount permitted under subsection (a) shall, not later than 3 years after August 7, 1998 , reduce the total amount of outstanding member business loans to an amount that is not greater than the amount permitted under subsection (a).
“member business loan” applies in that section
the term “member business loan”— (A) means any loan, line of credit, or letter of credit, the proceeds of which will be used for a commercial, corporate or other business investment property or venture, or agricultural purpose; and (B) does not include an extension of credit— (i) that is fully secured by a lien on a 1- to 4-family dwelling; (ii) that is fully secured by shares in the credit union making the extension of credit or deposits in other financial institutions; (iii) that is described in subparagraph (A), if it was made to a borrower or an associated member that has a total of all such extensions of credit in an amount equal to less than $50,000; (iv) the repayment of which is …
“net worth” applies in that section
the term “net worth”— (A) with respect to any insured credit union, means the credit union’s retained earnings balance, as determined under generally accepted accounting principles; and (B) with respect to a credit union that serves predominantly low-income members, as defined by the Board, includes secondary capital accounts that are— (i) uninsured; and (ii) subordinate to all other claims against the credit union, including the claims of creditors, shareholders, and the Fund; and;
“passbook” applies in that section
the term “passbook” shall include any book, statement of account, or other record approved by the Board for use by Federal credit unions.
“cause” applies in that section
the term “cause” means— (A) a substantial or repeated violation of the membership agreement of the Federal credit union; (B) a substantial or repeated disruption, including dangerous or abusive behavior (as defined by the National Credit Union Administration Board pursuant to a rulemaking), to the operations of a Federal credit union; or (C) fraud, attempted fraud, or other illegal conduct that a member has been convicted of in relation to the Federal credit union, including the Federal credit union’s employees conducting business on behalf of the Federal credit union.
“services” applies in that section
the term “services” includes, but is not limited to, the providing of lighting, heating, cooling, electricity, office furniture, office machines and equipment, telephone service (including installation of lines and equipment and other expenses associated with telephone service), and security systems (including installation and other expenses associated with security systems). Where there is an agreement for the payment of costs associated with the provision of space or services, nothing in title 31 or any other provision of law, shall be construed to prohibit or restrict payment by reimbursement to the miscellaneous receipts or other appropriate account of the Treasury.
“Fund” applies in that section
the term “Fund” means the Community Development Credit Union Revolving Loan Fund.
“Government-sponsored enterprise” applies in that section
the term “Government-sponsored enterprise” has the meaning given to such term in section 1404(e)(1)(A) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. (4) Employee credit union No provision of this subsection shall be construed as prohibiting any employee of a Government-sponsored enterprise from becoming a member of a credit union whose field of membership is the employees of such enterprise.
“consent application” applies in that section
The term “consent application” means an application filed with Board 2 by an individual (or by an insured credit union on behalf of an individual) seeking the written consent of the Board under paragraph (1)(A). (B) Criminal offense involving dishonesty
“criminal offense involving dishonesty” applies in that section
The term “criminal offense involving dishonesty”— (i) means an offense under which an individual, directly or indirectly— (I) cheats or defrauds; or (II) wrongfully takes property belonging to another in violation of a criminal statute; (ii) includes an offense that Federal, State, or local law defines as dishonest, or for which dishonesty is an element of the offense; and (iii) does not include— (I) a misdemeanor criminal offense committed more than one year before the date on which an individual files a consent application, excluding any period of incarceration; or (II) an offense involving the possession of controlled substances. (C) Pretrial diversion or similar program
“pretrial diversion or similar program” applies in that section
The term “pretrial diversion or similar program” means a program characterized by a suspension or eventual dismissal or reversal of charges or criminal prosecution upon agreement by the accused to restitution, drug or alcohol rehabilitation, anger management, or community service. (e) Security standards; reports; penalty (1) The Board shall promulgate rules establishing minimum standards with which each insured credit union must comply with respect to the installation, maintenance, and operation of security devices and procedures, reasonable in cost, to discourage robberies, burglaries, and larcenies and to assist in the identification and apprehension of persons who commit such acts.
“senior management official” applies in that section
the term “senior management official” means a chief executive officer, an assistant chief executive officer, a chief financial officer, and any other senior executive officer (as defined by the appropriate Federal banking agency pursuant to section 1831i(f) of this title ). (G) Consistent rules.— (i) In general .— Not later than 6 months after August 7, 1998 , the Administration shall promulgate final rules applicable to charter conversions described in this paragraph that are consistent with rules promulgated by other financial regulators, including the Office of the Comptroller of the Currency.
“appropriate Federal financial institutions regulatory agency” applies in that section
the term “appropriate Federal financial institutions regulatory agency” means— (i) the appropriate Federal banking agency, as provided in section 1813(q) of this title ; (ii) the Farm Credit Administration, in the case of an institution chartered under the Farm Credit Act of 1971 [ 12 U.S.C.
“cease-and-desist order which has become final” applies in that section
the terms “cease-and-desist order which has become final” and “order which has become final” means a cease-and-desist order, or an order issued by the Board with the consent of the credit union or the director, officer, committee member, or other person concerned, or with respect to which no petition for review of the action of the Board has been filed and perfected in a court of appeals as specified in paragraph (2) of subsection (j) of this section, or with respect to which the action of the court in which said petition is so filed is not subject to further review by the Supreme Court of the United States in proceedings provided for in said paragraph, or an order issued under subsection …
“golden parachute payment” applies in that section
The term “golden parachute payment” means any payment (or any agreement to make any payment) in the nature of compensation by any credit union for the benefit of any institution-affiliated party pursuant to an obligation of such credit union that— (i) is contingent on the termination of such party’s affiliation with the credit union; and (ii) is received on or after the date on which— (I) the credit union is insolvent; (II) any conservator or liquidating agent is appointed for such credit union; (III) the Board determines that the credit union is in a troubled condition (as defined in regulations which the Board shall prescribe); (IV) the credit union has been assigned a composite rating by …
“indemnification payment” applies in that section
the term “indemnification payment” means any payment (or any agreement to make any payment) by any credit union for the benefit of any person who is or was an institution-affiliated party, to pay or reimburse such person for any liability or legal expense with regard to any administrative proceeding or civil action instituted by the Board which results in a final order under which such person— (i) is assessed a civil money penalty; (ii) is removed or prohibited from participating in conduct of the affairs of the credit union; or (iii) is required to take any affirmative action described in subsection (e)(3) with respect to such credit union. (B) Liability or legal expense
“institution-affiliated party” applies throughout its chapter
the term “institution-affiliated party” means— (1) any committee member, director, officer, or employee of, or agent for, an insured credit union; (2) any consultant, joint venture partner, and any other person as determined by the Board (by regulation or on a case-by-case basis) who participates in the conduct of the affairs of an insured credit union; and (3) any independent contractor (including any attorney, appraiser, or accountant) who knowingly or recklessly participates in— (A) any violation of any law or regulation; (B) any breach of fiduciary duty; or (C) any unsafe or unsound practice, which caused or is likely to cause more than a minimal financial loss to, or a significant …
“liability or legal expense” applies in that section
The term “liability or legal expense” means— (i) any legal or other professional expense incurred in connection with any claim, proceeding, or action; (ii) the amount of, and any cost incurred in connection with, any settlement of any claim, proceeding, or action; and (iii) the amount of, and any cost incurred in connection with, any judgment or penalty imposed with respect to any claim, proceeding, or action. (C) Payment
“order which has become final” applies in that section
the terms “cease-and-desist order which has become final” and “order which has become final” means a cease-and-desist order, or an order issued by the Board with the consent of the credit union or the director, officer, committee member, or other person concerned, or with respect to which no petition for review of the action of the Board has been filed and perfected in a court of appeals as specified in paragraph (2) of subsection (j) of this section, or with respect to which the action of the court in which said petition is so filed is not subject to further review by the Supreme Court of the United States in proceedings provided for in said paragraph, or an order issued under subsection …
“payment” applies in that section
The term “payment” includes— (i) any direct or indirect transfer of any funds or any asset; and (ii) any segregation of any funds or assets for the purpose of making, or pursuant to an agreement to make, any payment after the date on which such funds or assets are segregated, without regard to whether the obligation to make such payment is contingent on— (I) the determination, after such date, of the liability for the payment of such amount; or (II) the liquidation, after such date, of the amount of such payment.
“violate” applies in that section
the term “violate” includes any action (alone or with another or others) for or toward causing, bringing about, participating in, counseling, or aiding or abetting a violation. (L) Regulations .— The Board shall prescribe regulations establishing such procedures as may be necessary to carry out this paragraph.
“violation” applies in that section
the term “violation” includes, without limitation any action (alone or with another or others) for or toward causing, bringing about, participating in, counseling, or aiding or abetting a violation. (n) Notice or order to State board supervising State-chartered credit union Any service required or authorized to be made by the Board under this section may be made by registered mail or in such other manner reasonably calculated to give actual notice as the Board may by regulation or otherwise provide.
“adequately capitalized” applies in that section
The terms “well capitalized” and “adequately capitalized” have the same meanings as in section 1790d(c) of this title . (ii) Employee benefit plan
“business day” applies in that section
the term “business day” means any day other than any Saturday, Sunday, or any day on which either the New York Stock Exchange or the Federal Reserve Bank of New York is closed. (11) Disaffirmance or repudiation of qualified financial contracts In exercising the rights of disaffirmance or repudiation of a conservator or liquidating agent with respect to any qualified financial contract to which an insured credit union is a party, the conservator or liquidating agent for such credit union shall either— (A) disaffirm or repudiate all qualified financial contracts between— (i) any person or any affiliate of such person; and (ii) the credit union in default; or (B) disaffirm or repudiate none of …
“clearing organization” applies in that section
the term “clearing organization” has the same meaning as in section 4402 of this title . (10) Notification of transfer (A) In general If— (i) the conservator or liquidating agent for an insured credit union in default makes any transfer of the assets and liabilities of such credit union; and (ii) the transfer includes any qualified financial contract, the conservator or liquidating agent shall notify any person who is a party to any such contract of such transfer by 5:00 p.m. (eastern time) on the business day following the date of the appointment of the liquidating agent in the case of a liquidation, or the business day following such transfer in the case of a conservatorship.
“commodity contract” applies in that section
The term “commodity contract” means— (I) with respect to a futures commission merchant, a contract for the purchase or sale of a commodity for future delivery on, or subject to the rules of, a contract market or board of trade; (II) with respect to a foreign futures commission merchant, a foreign future; (III) with respect to a leverage transaction merchant, a leverage transaction; (IV) with respect to a clearing organization, a contract for the purchase or sale of a commodity for future delivery on, or subject to the rules of, a contract market or board of trade that is cleared by such clearing organization, or commodity option traded on, or subject to the rules of, a contract market or …
“employee benefit plan” applies in that section
The term “employee benefit plan”— (I) has the meaning given to such term in section 1002(3) of title 29 ; (II) includes any plan described in section 401(d) of title 26 ; and (III) includes any eligible deferred compensation plan described in section 457 of title 26 . (iii) Pass-through share insurance
“financial institution” applies in that section
the term “financial institution” means a broker or dealer, a depository institution, a futures commission merchant, a credit union, or any other institution, as determined by the Board by regulation to be a financial institution; and;
“forward contract” applies in that section
The term “forward contract” means— (I) a contract (other than a commodity contract) for the purchase, sale, or transfer of a commodity or any similar good, article, service, right, or interest which is presently or in the future becomes the subject of dealing in the forward contract trade, or product or byproduct thereof, with a maturity date more than 2 days after the date the contract is entered into, including, 2 a repurchase or reverse repurchase transaction (whether or not such repurchase or reverse repurchase transaction is a “repurchase agreement”, as defined in clause (v)), consignment, lease, swap, hedge transaction, deposit, loan, option, allocated transaction, unallocated …
“government depositor” applies in that section
the term “government depositor” means a depositor that is— (i) an officer, employee, or agent of the United States having official custody of public funds and lawfully investing the same in a credit union insured in accordance with this subchapter; (ii) an officer, employee, or agent of any State of the United States, or of any county, municipality, or political subdivision thereof having official custody of public funds and lawfully investing the same in a credit union insured in accordance with this subchapter in such State; (iii) an officer, employee, or agent of the District of Columbia having official custody of public funds and lawfully investing the same in a credit union insured in …
“interest on lawyers trust account” applies in that section
The terms “interest on lawyers trust account” and “IOLTA” mean a system in which lawyers place certain client funds in interest-bearing or dividend-bearing accounts, with the interest or dividends then used to fund programs such as legal service organizations who provide services to clients in need. (ii) Pass-through share insurance
“IOLTA” applies in that section
The terms “interest on lawyers trust account” and “IOLTA” mean a system in which lawyers place certain client funds in interest-bearing or dividend-bearing accounts, with the interest or dividends then used to fund programs such as legal service organizations who provide services to clients in need. (ii) Pass-through share insurance
“liquidating agent” applies in that section
the term “liquidating agent” includes a liquidating agent, receiver, conservator, commission, person, or other agency charged by law with the duty of winding up the affairs of a credit union. (k) Insured amounts payable (1) Net insured amount (A) In general Subject to the provisions of paragraph (2), the net amount of share insurance payable to any member, or to any person with funds lawfully held in a member account, at an insured credit union shall not exceed the total amount of the shares or deposits in the name of the member (after deducting offsets), less any part thereof which is in excess of the standard maximum share insurance amount, as determined in accordance with this paragraph, …
“pass-through share insurance” applies in that section
The term “pass-through share insurance” means, with respect to an employee benefit plan, insurance coverage based on the interest of each participant, in accordance with regulations issued by the Administration. (D) Rule of construction No provision of this paragraph shall be construed as authorizing an insured credit union to accept the deposits of an employee benefit plan in an amount greater than such credit union is authorized to accept under any other provision of Federal or State law.
“per account” applies throughout its subchapter
the term “per account” means the present vested and ascertainable interest of each beneficiary under the plan, excluding any remainder interest created by, or as a result of, the plan. (4) Coverage for certain employee benefit plan deposits (A) Pass-through insurance The Administration shall provide pass-through share insurance for the deposits or shares of any employee benefit plan. (B) Prohibition on acceptance of deposits An insured credit union that is not well capitalized or adequately capitalized may not accept employee benefit plan deposits. (C) Definitions For purposes of this paragraph, the following definitions shall apply: (i) Capital standards
“person” applies in that section
The term “person” includes any governmental entity in addition to any entity included in the definition of such term in section 1 of title 1 . (E) Certain protections in event of appointment of conservator Notwithstanding any other provision of this chapter (other than subsections (b)(9) and (c)(10) of this section, and section 1788(a)(3) of this title ), any other Federal law, or the law of any State, no person shall be stayed or prohibited from exercising— (i) any right such person has to cause the termination, liquidation, or acceleration of any qualified financial contract with a credit union in a conservatorship based upon a default under such financial contract which is enforceable …
“qualified financial contract” applies in that section
The term “qualified financial contract” means any securities contract, forward contract, repurchase agreement, and any similar agreement that the Board determines by regulation, resolution, or order to be a qualified financial contract for purposes of this paragraph. (ii) Securities contract
“qualified foreign government security” applies in that section
the term “qualified foreign government security” means a security that is a direct obligation of, or that is fully guaranteed by, the central government of a member of the Organization for Economic Cooperation and Development (as determined by regulation or order adopted by the appropriate Federal banking authority). (vi) Swap agreement
“securities contract” applies in that section
The term “securities contract”— (I) means a contract for the purchase, sale, or loan of a security, a certificate of deposit, a mortgage loan, any interest in a mortgage loan, a group or index of securities, certificates of deposit, or mortgage loans or interests therein (including any interest therein or based on the value thereof) or any option on any of the foregoing, including any option to purchase or sell any such security, certificate of deposit, mortgage loan, interest, group or index, or option, and including any repurchase or reverse repurchase transaction on any such security, certificate of deposit, mortgage loan, interest, group or index, or option (whether or not such …
“standard maximum share insurance amount” applies throughout its chapter
the term “standard maximum share insurance amount” means $250,000, adjusted as provided under section 1821(a)(1)(F) of this title . (l) Payment; discharge of liability Payment of an insured account to any person by the Board shall discharge the Board to the same extent that payment to such person by the closed insured credit union would have discharged it from liability for the insured account.
“swap agreement” applies in that section
The term “swap agreement” means— (I) any agreement, including the terms and conditions incorporated by reference in any such agreement, which is an interest rate swap, option, future, or forward agreement, including a rate floor, rate cap, rate collar, cross-currency rate swap, and basis swap; a spot, same day-tomorrow, tomorrow-next, forward, or other foreign exchange, precious metals, or other commodity agreement; a currency swap, option, future, or forward agreement; an equity index or equity swap, option, future, or forward agreement; a debt index or debt swap, option, future, or forward agreement; a total return, credit spread or credit swap, option, future, or forward agreement; a …
“transfer” applies in that section
The term “transfer” means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with property or with an interest in property, including retention of title as a security interest and foreclosure of the depository institution’s equity of redemption. (ix) Person
“walkaway clause” applies in that section
the term “walkaway clause” means any provision in a qualified financial contract that suspends, conditions, or extinguishes a payment obligation of a party, in whole or in part, or does not create a payment obligation of a party that would otherwise exist, solely because of such party’s status as a nondefaulting party in connection with the insolvency of an insured credit union or the appointment of or the exercise of rights or powers by a conservator or liquidating agent of such credit union, and not as a result of a party’s exercise of any right to offset, setoff, or net obligations that exist under the contract, any other contract between those parties, or applicable law.
“well capitalized” applies in that section
The terms “well capitalized” and “adequately capitalized” have the same meanings as in section 1790d(c) of this title . (ii) Employee benefit plan
“person” applies in that section
the term “person” means any credit union, individual, partnership, corporation, trust, estate, cooperative, association, government or governmental subdivision or agency, or other entity. (3) No agreement which tends to diminish or defeat the right, title, or interest of the Board, in any asset acquired by it under this subsection, either as security for a loan or by purchase, shall be valid against the Board unless such agreement— (A) shall be in writing; (B) shall have been executed by the credit union and the person or persons claiming an adverse interest thereunder, including the obligor, contemporaneously with the acquisition of the asset by the credit union; (C) shall have been …
“Federal banking agency” applies in that section
The term “Federal banking agency” has the same meaning as in section 1813 of this title . (2) Net worth
“net worth” applies in that section
The term “net worth”— (A) with respect to any insured credit union, means the retained earnings balance of the credit union, as determined under generally accepted accounting principles, together with any amounts that were previously retained earnings of any other credit union with which the credit union has combined; (B) with respect to any insured credit union, includes, at the Board’s discretion and subject to rules and regulations established by the Board, assistance provided under section 1788 of this title to facilitate a least-cost resolution consistent with the best interests of the credit union system; and (C) with respect to a low-income credit union, includes secondary capital …
“net worth ratio” applies in that section
The term “net worth ratio” means, with respect to a credit union, the ratio of the net worth of the credit union to the total assets of the credit union. (4) New credit union
“new credit union” applies in that section
The term “new credit union” means an insured credit union that— (A) has been in operation for less than 10 years; and (B) has not more than $10,000,000 in total assets.
“State” applies in that section
the term “State” includes the District of Columbia; and (2) taxes imposed by counties or municipalities, or any territory, dependency, or possession of the United States shall be treated as local taxes.
“employee of the Corporation” applies in that section
the term “employee of the Corporation” includes any employee of the Office of the Comptroller of the Currency or of the Consumer Financial Protection Bureau who serves as a deputy or assistant to a member of the Board of Directors of the Corporation in connection with activities of the Corporation.