[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: 12CFR745.201]



[Page 617]

 

                       TITLE 12--BANKS AND BANKING

 

            CHAPTER VII--NATIONAL CREDIT UNION ADMINISTRATION

 

PART 745_SHARE INSURANCE AND APPENDIX--Table of Contents

 

            Subpart B_Payment of Share Insurance and Appeals

 

Sec. 745.201  Processing of insurance claims.



    (a) Delegations of authority. The Agent for the Liquidating Agent 

(``Liquidating Agent'') or his or her designee is authorized to make 

initial determinations with respect to insurance claims pursuant to the 

principles set forth in this part, and to act on requests for 

reconsideration of the initial determination.

    (b) Initial determination. In the event the Liquidating Agent 

determines that all or a portion of an accountholder's account is 

uninsured, the Liquidating Agent shall so notify the accountholder in 

writing, stating the reason(s) for such initial determination, and shall 

provide the accountholder with a certificate of claim in liquidation in 

the amount of the uninsured account from the Board in its capacity as 

Liquidating Agent for the insured credit union to enable the 

accountholder to share in the proceeds of the liquidation of the credit 

union, if any, up to the amount of the uninsured account.

    (c) Request for reconsideration. An accountholder may, at his or her 

option, request reconsideration from the Liquidating Agent of the 

initial determination within 30 days of the date of the initial 

determination, or directly appeal the initial determination to the Board 

pursuant to Sec. 745.202 of this subpart. The Liquidating Agent shall 

act on the request for reconsideration within 30 days from its receipt.