§ 713.4 - What bond forms may a federally insured credit union use?

§ 713.4 What bond forms may be used?

Cross Reference

Link to an amendment published at 84 FR 35524, July 24, 2019.

(a) A current listing of basic bond forms that may be used without prior NCUA Board approval is on NCUA's Web site

a federally insured credit union use?

(a) The NCUA Board must approve all bond forms before federally insured credit unions may use them.

(b) Bond forms the NCUA Board has approved for use by federally insured credit union are listed on the NCUA's website, http://www.ncua.gov, and may be used by federally insured credit unions without further NCUA approval. If you are unable to access the NCUA's website, you can

get

obtain a current listing of approved bond forms by contacting

NCUA's Public and Congressional Affairs Office,

the NCUA at [phone].

(

b) To

c) Federally insured credit unions may not use any of the following

, you need prior written

without first receiving approval from the NCUA Board:

(1) Any

other basic

bond form

; or

that has been amended or changed since the time the NCUA Board approved the form; and

(2) Any rider

or endorsement

, endorsement, renewal, or other document that limits coverage of approved

basic

bond forms.

[64 FR 28720, May 27, 1999, as amended at 70 FR 61716, Oct. 26, 2005; 73 FR 30478, May 28, 2008

(d) Approval on all bond forms expires after a period of 10 years from the date the NCUA Board approved or reapproved use of the bond form unless otherwise determined by the NCUA Board. Provided, however, that:

(1) Any bond forms approved before 2019 will expire on January 1, 2029, unless otherwise determined by the NCUA Board; and

(2) The NCUA reserves the right to review a bond form at any point after its approval.

[84 FR 35524, July 24, 2019]