Florida Regulations 69U-110.031: Powers
Current as of: 2024 | Check for updates
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(1) Definitions. As used in Fl. Admin. Code Chapter 69U-110, and the Financial Institutions Codes, Title 60, F.A.C., as applicable to credit unions, and unless the context otherwise indicates a different meaning was intended, the term:
(a) “”General Powers”” means the same powers as an individual to do all things necessary, convenient, or useful to carry out its business and affairs as a financial institution, consistent with the Financial Institutions Codes, in providing financial services and benefits to its members.
(b) “”Incidental Powers”” means those powers necessary to conduct business activities that may only indirectly or coincidentally benefit or serve the credit union’s members, mission, or business, or are the functional equivalent or logical outgrowth of activities that are part of the mission or business of credit unions and involves risks similar in nature to those already assumed as part of the business of credit unions.
(2) General Powers Activities. Credit unions are authorized to engage in those general powers activities to provide financial services and benefits to their members without prior approval of the OFR, unless such approval is otherwise specifically required by law or is necessary to achieve competitive equality per Florida Statutes § 655.061 The following general power activity is so authorized for competitive equality:
Credit unions may serve as a United States Treasury Department tax and loan depository, a depository of Federal taxes, and a financial agent of the United States Government, in accordance with 12 C.F.R. § 701.37 (1-1-2020 Edition), which is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-13205 and the OFR’s website, www.flofr.gov.
(3) Incidental Powers Activities. Credit unions are authorized to engage in such incidental powers activities as authorized by law or approved by the OFR. The following category of activities is pre-approved as incidental to carrying on credit union business: Trustee or custodial services.
Trustee or custodial services are services in which the credit union is authorized to act under any written trust instrument or custodial agreement created or organized in the United States and forming part of a tax-advantaged savings plan, as authorized under the Internal Revenue Code. These services may include acting as a trustee or custodian for member retirement, education and health savings accounts.
Rulemaking Authority Florida Statutes § 655.012(2). Law Implemented 655.061, 657.031, 657.042 FS. History-New 3-6-07, Amended 9-11-18, 6-28-21.
Terms Used In Florida Regulations 69U-110.031
- Trustee: A person or institution holding and administering property in trust.
(b) “”Incidental Powers”” means those powers necessary to conduct business activities that may only indirectly or coincidentally benefit or serve the credit union’s members, mission, or business, or are the functional equivalent or logical outgrowth of activities that are part of the mission or business of credit unions and involves risks similar in nature to those already assumed as part of the business of credit unions.
(2) General Powers Activities. Credit unions are authorized to engage in those general powers activities to provide financial services and benefits to their members without prior approval of the OFR, unless such approval is otherwise specifically required by law or is necessary to achieve competitive equality per Florida Statutes § 655.061 The following general power activity is so authorized for competitive equality:
Credit unions may serve as a United States Treasury Department tax and loan depository, a depository of Federal taxes, and a financial agent of the United States Government, in accordance with 12 C.F.R. § 701.37 (1-1-2020 Edition), which is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-13205 and the OFR’s website, www.flofr.gov.
(3) Incidental Powers Activities. Credit unions are authorized to engage in such incidental powers activities as authorized by law or approved by the OFR. The following category of activities is pre-approved as incidental to carrying on credit union business: Trustee or custodial services.
Trustee or custodial services are services in which the credit union is authorized to act under any written trust instrument or custodial agreement created or organized in the United States and forming part of a tax-advantaged savings plan, as authorized under the Internal Revenue Code. These services may include acting as a trustee or custodian for member retirement, education and health savings accounts.
Rulemaking Authority Florida Statutes § 655.012(2). Law Implemented 655.061, 657.031, 657.042 FS. History-New 3-6-07, Amended 9-11-18, 6-28-21.