C.F.R. » Title 12 » CHAPTER VII—NATIONAL CREDIT UNION ADMINISTRATION › SUBCHAPTER A—REGULATIONS AFFECTING CREDIT UNIONS › PART 701—ORGANIZATION AND OPERATION OF FEDERAL CREDIT UNIONS

12 C.F.R. § 701.35

Share, share draft, and share certificate accounts

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(a) Federal credit unions may offer share, share draft, and share certificate accounts in accordance with section 107(6) of the Act (12 U.S.C. 1757(6)) and the board of directors may declare dividends on such accounts as provided in section 117 of the Act (12 U.S.C. 1763).

(b) A Federal credit union shall accurately represent the terms and conditions of its share, share draft, and share certificate accounts in all advertising, disclosures, or agreements, whether written or oral

[47 FR 17979, Apr. 27, 1982, as amended at 50 FR 4637, Feb. 1, 1985; 58 FR 50445, Sept. 27, 1993; 91 FR 34733, June 9, 2026]
Notes of Decisions
Cited in 6 cases (5 in the last 5 years), 2020–2025 · leading case: King v. Navy Fed. Credit Union (9th Cir. 2025).
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King v. Navy Fed. Credit Union (9th Cir. 2025). · cites it 9× “The panel agreed with the district court that King’s UCL claim was expressly preempted by 12 C.F.R. § 701.35 , which governs federal credit unions.”
Lussoro v. Ocean Fin. Fed. Credit Union (E.D.N.Y 2020). · cites it 3× “” 12 C.F.R. § 701.35 (c). That regulation also states that “[s]tate laws regulating such activities are not applicable to federal credit unions.”
Watson v. Suffolk Fed. Credit Union (E.D.N.Y 2022). · cites it 2× “” 12 C.F.R. § 701.35 (c) (emphasis added). The regulation further states that “[s]tate laws regulating such activities are not applicable to federal credit unions.”
Vue v. Pentagon Fed. Credit Union (E.D. Cal. 2023). “9 Lambert, 2019 WL 3843064 , at *2 (quoting 12 C.F.R. § 701.35 (c)) (emphasis in original).”
Page v. Alliant Credit Union (N.D. Ill. 2021). “These allegations not only invoke the parties’ express contract—which governs the parties’ relationship—but as discussed in the Court’s August 2020 ruling, state law claims based on the failure to disclose fee practices are preempted by the Truth in Savings Act (“FISA”).”
Edge v. Infinity Fed. Credit Union (Me. Super. Ct 2023). “14, 2017) (citing 12 C.F.R. § 701.35 (c)). So too are state law claims regarding a federal credit union’s failure to disclose certain fee practices or any perceived unfairness with its fee practices.”
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