701.21(H)(2)(II)-WRITTEN LOAN POLICIES. SIMILAR PAPERWORK REQUIREMENTS WERE PREVIOUSLY SUBMITTED AS PROPOSED SECTIONS 706.3 & 706.7. NUMBERING OF THE SECTIONS HAS CHANGED. .....
ICR 198705-3133-001
OMB: 3133-0101
Federal Form Document
⚠️ Notice: This information collection may be outdated. More recent filings for OMB 3133-0101 can be found here:
701.21(H)(2)(II)-WRITTEN LOAN
POLICIES. SIMILAR PAPERWORK REQUIREMENTS WERE PREVIOUSLY SUBMITTED
AS PROPOSED SECTIONS 706.3 & 706.7. NUMBERING OF THE SECTIONS
HAS CHANGED. .....
THE FINAL RULE REQUIRES THAT CREDIT
UNIONS ADOPT SPECIFIC BUSINESS LOA POLICIES AND REVIEW THEM
ANNUALLY. THE GENERAL PURPOSE OF THE REQUIREMENT IS TO ENSURE THAT
LOANS ARE MADE, DOCUMENTED AND ACCOUNTED FOR PROPERLY AND FOR THE
ULTIMATE PROTECTION OF THE NATIONAL CREDIT UNION MAKING BUSINESS
LOANS AS DEFINED IN THE REGULATION. SOME OF THE MANDATORY
REQUIREMENTS IN THE PROPOSED REGULATION ARE NOW ONLY
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