12 CFR 724.2
§ 724.2 Self-directed plans.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 724.2, § 724.2 Self-directed plans, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/48693
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Full text
A federal credit union may facilitate transfers of plan funds to assets other than share and share certificates of the credit union, provided the conditions of § 724.1 are met and the following additional conditions are met:
(a) All contributions of funds are initially made to a share or share certificate account in the Federal credit union;
(b) Any subsequent transfer of funds to other assets is solely at the direction of the member and the Federal credit union exercises no investment discretion and provides no investment advice with respect to plan assets (i.e., the credit union performs only custodial duties); and
(c) The member is clearly notified of the fact that National Credit Union Share Insurance Fund coverage is limited to funds held in share or share certificate accounts of NCUSIF-insured credit unions.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.