12 CFR 709.1 – Definitions
For the purposes of this part, the following definitions apply:
Terms Used In 12 CFR 709.1
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
(a) General Counsel means the General Counsel of the National Credit Union Administration or any attorney assigned to the General Counsel’s staff.
(b) Liquidating Agent means the NCUA Board or person(s) appointed by it with delegated authority to carry out the liquidation of the credit union.
(c) Insolvent means insolvent as that term is defined in § 700.2 of this chapter.
(d) Claim means a creditor’s claim against the credit union in liquidation. This term does not include insurance claims arising out of the liquidation of a federally insured credit union. Insurance claims are decided pursuant to part 745 of this chapter.
(e) Shareholder means members, nonmembers, accountholders or any other party or entity that is the owner of a share, share certificate or share draft account or the equivalent of such accounts under state law.