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CUCE > NCUA > Flashcards

NCUA Flashcards

1
Q

What are the 3 parts of the FCU Act?

A
  1. General Provisions
  2. Share Insurance
  3. Central Liquidity Facility
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2
Q

True or False? Federal Credit Unions are subject to federal income tax.

A

False

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3
Q

IRPS

A

Interpretive Ruling and Policy Statement

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4
Q

How often must a federally insured credit union file a Call Report?

A

Quarterly

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5
Q

Name 4 NCUA action steps

A
  1. Findings
  2. Document of Resolution
  3. Letter of Understanding and Agreement
  4. Cease and Desist
  5. CMP (Civil Money Penalties)
  6. Conservatorship
  7. Liquidation
  8. For State CUs - Special Reserves & Cancellation of Insurance
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6
Q

How much Share Insurance does an individual member owned account have?

A

$250,000

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7
Q

How much Share Insurance does a joint member account have?

A

$500,000

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8
Q

Where must NCUA signs be located?

A

Main office, branch offices at each teller station, and website.

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9
Q

True or False? A CU board must have an odd number of members.

A

True

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10
Q

What is the Business Judgement Rule?

A

Legal Doctrine that officers & directors cannot be liable for business decisions that are unprofitable or harmful if they are legal and done in good faith

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11
Q

How many board members can be compensated for board duties?

A

One

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12
Q

What are the three fields of membership?

A
  1. Single Common Bond
  2. Multiple Common Bond
  3. Community
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13
Q

How many board members can serve on the Supervisory/audit Committee?

A

1

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14
Q

How many members can the Supervisory/Audit Committee have?

A

3-5

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15
Q

True of False. The Supervisory/Audit Committee creates credit union policy and ensures it’s followed.

A

False

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16
Q

CUSO

A

Credit Union Service Organization

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17
Q

True or False? A CUSO is subject to taxation.

A

True

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18
Q

What 3 circumstances does the Central Liquidity Facility address?

A
  1. Short term lending
  2. Seasonal credit
  3. Emergency (Adjustment credit)
19
Q

UBIT

A

Unrelated Business Income Tax

20
Q

What is a Call Report?

A

Quarterly report that all federally insured credit unions are required to file with their financial statistical data

21
Q

What is a Financial Performance Report?

A

A report derived from the call report data providing CUs a 5 year review and showing how other CUs are performing

22
Q

What taxes are FCUs subject to under the FCU Act?

A

Subject to Real Estate property taxes and personal property taxes like other businesses, but are exempt from Federal and State income taxes and franchise taxes

23
Q

What tax are state chartered credit unions subject to that FCUs are not?

A

UBIT - Unrelated Business Income Tax

24
Q

NCUA rules and regulations

A

NCUA directives that govern a particular topic and have a substantial impact on cu operations

25
Q

Interpretive Rulings and Policy Statements (IRPS)

A

Provide NCUA interpretations on what a law means on a particular subject generally requiring credit unions to comply and follow.

26
Q

Interpretive Rulings and Policy Statements (IRPS)

A

Provide NCUA interpretations on what a law means on a particular subject generally requiring credit unions to comply and follow.

27
Q

Capital Assets Management Earnings and Liquidity (CAMEL) rating

A

Risk rating from NCUA. Higher the number, the higher the risk!

28
Q

Capital Assets Management Earnings and Liquidity (CAMEL) rating

A

Risk rating from NCUA. Higher the number, the higher the risk!

29
Q

Letters to Credit Unions

A

Issued by NCUA board to clarify info about a specific regulation, express concern about cu compliance, issue warnings, or announce rule changes

30
Q

Letters to Credit Unions

A

Issued by NCUA board to clarify info about a specific regulation, express concern about cu compliance, issue warnings, or announce rule changes

31
Q

Regulatory Alerts

A

Advise Federally insured credit unions about regulatory changes

32
Q

Regulatory Alerts

A

Advise Federally insured credit unions about regulatory changes

33
Q

Legal Opinion Letters

A

Written responses to inquiries made to NCUA representing their legal staff’s interpretation of the law and regulations that are posted on the NCUA website

34
Q

What is a final regulation?

A

Issued after an official notice and comment period of 30-120 days giving CUs at least 30 days before compliance is mandatory.

35
Q

What is an interim final regulation?

A

Issued because of a pressing agency concern such as safety or soundness problem or a new law

36
Q

What percentage of a credit union’s insured shares are required to be on deposit with the NCUSIF?

A

1%

37
Q

What are the 3 eligibility requirements for FCU board membership?

A
  1. Must be a member of the CU
  2. Cannot have been convicted of a crime involving dishonesty or breach of trust
  3. Minimum age requirement as set in the board bylaws
38
Q

What is the one committee that a FCU must maintain?

A

Supervisory Committee

39
Q

Can a credit union’s CEO serve on the board of directors?

A

Yes

40
Q

What are permissible investments for credit unions?

A

CDs, low risk bonds, CMOs, loans to members

41
Q

NCUA definition of immediate family

A

Spouse, child, parent, grandparents, grandchild (includes step)

42
Q

What is form 4015?

A

Used to add a group with more than 5k ppl to a CU’s field of membership

43
Q

What is form 4015-A?

A

Used for adding a group of 3-5k ppl to a CU’s field of membership

44
Q

What is form 4015-EZ?

A

Used for adding a group with less than 3k ppl to a CU’s field of membership

CUCE (5 decks)

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