New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 17 - CREDIT UNIONS
Part 1 - GENERAL PROVISIONS
Section 12.17.1.7 - DEFINITIONS
Universal Citation: 12 NM Admin Code 12.17.1.7
Current through Register Vol. 35, No. 18, September 24, 2024
A. "Director" means the director of the financial institutions division of the regulation and licensing department.
B. "Risk assets" as used in the act means all assets except the following categories:
(1) cash on hand (includes foreign currency
converted into U.S. dollar equivalents);
(2) collected deposits or shares in federally
insured banks, savings and loan associations and natural person credit unions
having a remaining maturity of five years or less and not to exceed
$100,000;
(3) collected deposits or
shares in a corporate credit union having a remaining maturity of five years or
less, other than membership capital share deposit accounts as defined in NCUA
Rules and Regulations Part 704;
(4)
assets are insured by, fully guaranteed as to principal and interest by or due
from the United States or any agency thereof, this state or any political
subdivision thereof, the federal national mortgage association or the
government national mortgage association having a maturity of five years or
less;
(5) loans to students insured
under the provisions of Title IV, Part B of the Higher Education Act of 1965 (
20
U.S.C. Section 1071 et seq.) or similar
insurance programs of this state;
(6) loans having a remaining maturity of
three years or less and are fully or partially insured or guaranteed by the
United States, this state or any agency of either;
(7) common trust investments which deal in
investments authorized by the Credit Union Act;
(8) prepaid expenses;
(9) accrued interest on non-risk
investments;
(10) fixed assets as
defined in NCUA Rules and Regulations Section 701.36 (b);
(11) loans fully secured by a pledge of
shares in the lending credit union, equal to and maintained to at least the
amount of the loan outstanding;
(12) loans purchased from liquidating credit
unions and guaranteed by the national credit union administration;
(13) national credit union share insurance
fund guaranty accounts established with the authorization of the national
credit union administration under the authority of Title II of the Federal
Credit Union Act Section 208(a) (1); and
(14) investments in shares of the national
credit union administration central liquidity facility.
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