[Code of Federal Regulations]

[Title 12, Volume 6]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 12CFR748.1]



[Page 670-671]

 

                       TITLE 12--BANKS AND BANKING

 

            CHAPTER VII--NATIONAL CREDIT UNION ADMINISTRATION

 

PART 748_SECURITY PROGRAM, REPORT OF CRIME AND CATASTROPHIC ACT AND 

BANK SECRECY ACT COMPLIANCE--Table of Contents

 

Sec. 748.1  Filing of reports.



    (a) Compliance report. Each federally insured credit union shall 

file with the regional director an annual statement certifying its 

compliance with the requirements of this part. The statement shall be 

dated and signed by the president or other managing officer of the 

credit union. The statement is contained on the Report of Officials 

which is submitted annually by federally insured credit unions after the 

election of officials. In the case of federally insured state-chartered 

credit unions, this statement can be mailed to the regional director via 

the state supervisory authority, if desired. In any event, a copy of the 

statement shall always be sent to the appropriate state supervisory 

authority.

    (b) Catastrophic act report. Each federally insured credit union 

will notify the regional director within 5 business days of any 

catastrophic act that occurs at its office(s). A catastrophic act is any 

natural disaster such as a flood, tornado, earthquake, etc., or major 

fire or other disaster resulting in some physical destruction or damage 

to the credit union. Within a reasonable time after a catastrophic act 

occurs, the credit union shall ensure that a record of the incident is 

prepared and filed at



[[Page 671]]



its main office. In the preparation of such record, the credit union 

should include information sufficient to indicate the office where the 

catastrophic act occurred; when it took place; the amount of the loss, 

if any; whether any operational or mechanical deficiency(ies) might have 

contributed to the catastrophic act; and what has been done or is 

planned to be done to correct the deficiency(ies).

    (c) Suspicious Activity Report. (1) Each federally-insured credit 

union will report any crime or suspected crime that occurs at its 

office(s), utilizing NCUA Form 2362, Suspicious Activity Report (SAR), 

within thirty calendar days after discovery. Each federally-insured 

credit union must follow the instructions and reporting requirements 

accompanying the SAR. Copies of the SAR may be obtained from the 

appropriate NCUA Regional Office.

    (2) Each federally-insured credit union shall maintain a copy of any 

SAR that it files and the original of all attachments to the report for 

a period of five years from the date of the report, unless the credit 

union is informed in writing by the National Credit Union Administration 

that the materials may be discarded sooner.

    (3) Failure to file a SAR in accordance with the instructions 

accompanying the report may subject the federally-insured credit union, 

its officers, directors, agents or other institution-affiliated parties 

to the assessment of civil money penalties or other administrative 

actions.

    (4) Filing of Suspicious Activity Reports will ensure that law 

enforcement agencies and NCUA are promptly notified of actual or 

suspected crimes. Information contained on SARs' will be entered into an 

interagency database and will assist the federal government in taking 

appropriate action.



[50 FR 53295, Dec. 31, 1985, as amended at 53 FR 26232, July 12, 1988; 

58 FR 17492, Apr. 5, 1993; 61 FR 11527, Mar. 21, 1996]