[Code of Federal Regulations]
[Title 12, Volume 6]
[Revised as of January 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR724.2]

[Page 628]
 
                       TITLE 12--BANKS AND BANKING
 
            CHAPTER VII--NATIONAL CREDIT UNION ADMINISTRATION
 
PART 724_TRUSTEES AND CUSTODIANS OF CERTAIN TAX-ADVANTAGED SAVINGS PLANS--Table of Contents
 
Sec. 724.2  Self-directed plans.

    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 Sec. 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.

[55 FR 30211, July 25, 1990, as amended at 69 FR 45239, July 29, 2004]