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Can you summarize 3 NYCRR Part 95?
General Regulations of the Superintendent > Borrowings by Credit Unions
Short Summary
The provided legal document content pertains to the borrowing activities of credit unions. According to 3 CRR-NY 95.2, a credit union is allowed to borrow money in any amount for the purpose of repaying shareholders. Additionally, the credit union can pledge its assets as collateral to secure such borrowings. The document references the New York Codes, Rules and Regulations, specifically the General Regulations of the Superintendent under the Banking category. The document does not mention any specific exemptions or penalties related to credit union borrowings. Therefore, it can be inferred that the regulations apply to all credit unions without exceptions or specified penalties for non-compliance.
Whom does it apply to?
Credit unions
What does it govern?
Borrowings by Credit Unions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
New York