"NCUA is an agency of what branch of the federal government?", "Executive" "What act gives the NCUA its authority to issue regulations, bylaws, and other guidelines to implement the provisions of the law?", "Federal Credit Union Act of 1934" "What are the three titles of the FCUA?", "Title 1 - General Provisions; Title 2 - Share Insurance; Title 3 - Central Liquidity Facility" "What is the content of Title 1 of the FCUA?", "establishes the duties and powers of the NCUA and, in general terms, the powers of federal credit unions<br /> and restrictions on their operations" "What is the content of Title 2 of the FCUA?", "covers the conditions and requirements for obtaining share insurance, the authority of NCUA to examine federally insured credit unions and NCUA’s enforcement powers" "What is the content of Title 3 of the FCUA?", "created the CLF, which can lend money to credit unions for short-term credit, seasonal adjustment credit, or protracted adjustment credit." "What is the process for a new NCUA regulation?", "1) NCUA staff proposal; 2) NCUA board publishes in Federal Register, seeks public comment for 120 days; 3) Review of public comments & final regulation proposal; 4) Board accepts, amends or rejects proposal; 5) If approved, published in Federal Register" "What are Interpretive Rulings and Policy Statements (IRPS)?", "Provide the agency’s interpretation on what the<br /> law means on a particular subject. Although an IRPS is not as comprehensive as a formal regulation, credit unions are expected to comply and follow the guidance provided in the IRPS" "What are the 5 types of documents NCUA issues with which credit unions need to be familiar and/or comply?", "1) Regulations; 2) IRPS; 3) Letters to Credit Unions; 4) Regulatory Alerts (regarding laws from other agencies); 5) Legal Opinions" "What are Letters to Credit Unions?", "Issued by the NCUA board to provide clarifying<br /> information about a specific regulation, to express concern about credit union compliance, to issue warnings, or to announce changes in accounting<br /> rules, operating fee assessments, or examination procedures." "What are Regulatory Alerts?", "advise credit unions about changes to regulations by other federal agencies that affect credit union compliance requirements and publish joint advisories that NCUA has developed with other federal banking agencies about emerging problems." "What are NCUA legal opinion letters?", "NCUA response to specific written<br /> inquiries. They represent the NCUA staff’s interpretation of the law and regulations that can help clarify existing regulations. These letters are posted on NCUA’s web site, but are not distributed<br /> to credit unions." "What power does the FCU Act give to the NCUA?", "The authority to supervise and examine federal credit unions and to examine state-chartered credit unions that have NCUSIF insurance." "What is NCUA Form 5300", "Financial and Statistical Reports, which must be filed on a quarterly basis to summarize financial and statistical data." "What are the 9 enforcement tools of the NCUA?", "1) Letters of Agreement; 2) Cease & Desist Orders; 3) Removal Orders; 4) Prohibition Orders; 5) Civil Money Penalties; 6) Conservatorship; 7) Orders for Special Reserves; 8) Removal of Insurance (FISCU's); 9) Involuntary Liquidation" "The Central Liquidity Facility was created to assist credit unions in what three instances?", "1) Short-term adjustment credit; 2) Seasonal credit; 3) Protracted adjustment credit for emergency situations" "Federal credit unions are subject to what kinds of federal, state, or local taxes under the Federal Credit Union Act?", "No taxes, except real estate and tangible personal property" "Because state-chartered credit unions are not “federal instrumentalities” what tax are they subject to that federally chartered credit unions are not?", "UBIT - Unrelated Business Income Tax"
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