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Adopted Regulations
Adoption of amendments to Part 96.6 of the General Regulations of the Banking Board (Lending Limits for Credit Unions)


PART 96 

LENDING LIMITS FOR CREDIT UNIONS

Section 96.6 Maximum amount of loan.

  1. No credit union shall make a loan to a member in accordance with the provisions of section 96.4 of this Part, if upon the making of that loan, the member would be indebted to the credit union upon loans directly or indirectly made to such member under such section in an aggregate amount exceeding [$500,000.  No credit union shall make a loan to a member in accordance with the provisions of section 96.5 of this Part if, upon the making of that loan, the member would be indebted to the credit union upon loans directly or indirectly made to such member under that section and section 96.4 in an aggregate amount exceeding $650,000.  For the period March 1, 1996 to February 28, 1997 such aggregate amount shall be $800,000.  Commencing March 1, 1997 such aggregate amount shall be] $1,000,000 unless it has made a prior written (including electronic) request to, and received the prior written approval of, the Superintendent. 

  2. No credit union shall make a loan to a member in accordance with the provisions of section 96.4 or 96.5 of this Part if, upon making of that loan, the member would be indebted to the credit union upon loans directly or indirectly made to such member under such sections in an aggregate amount exceeding 25 percent of net worth of the credit union; provided, however, that a credit union may, in any event, make a loan to a member for the minimum amounts specified in such sections.

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