12 C.F.R. § 721.2
What is an incidental powers activity?
An incidental powers activity is one that is necessary or requisite to enable you to carry on effectively the business for which you are incorporated. An activity meets the definition of an incidental power activity if the activity:
(a) Is convenient or useful in carrying out the mission or business of credit unions consistent with the Federal Credit Union Act;
(b) Is the functional equivalent or logical outgrowth of activities that are part of the mission or business of credit unions; and
(c) Involves risks similar in nature to those already assumed as part of the business of credit unions.
Notes of Decisions
Cited in 2
cases, 1993–1994 · leading case: Clifton Smith v. Dearborn Fin. Servs., Inc., & Dearborn Fed. Credit Union, 982 F.2d 976 (6th Cir. 1993).
Clifton Smith v. Dearborn Fin. Servs., Inc., & Dearborn Fed. Credit Union, 982 F.2d 976 (6th Cir. 1993). “On appeal, the sole issue is whether the district court erred in holding that no private right of action exists for the enforcement of the FCUA, under either the statute or the applicable regulations, 12 C.F.R. § 721.2 . For the reasons that follow, we affirm.”
Grand Union Mount Kisco Employees Fed. Credit Union v. Kanaryk, 848 F. Supp. 446 (S.D.N.Y. 1994). “Although the alleged misconduct was expressly proscribed by 12 C.F.R. § 721.2 , the Sixth Circuit declined to create a federal common law remedy, limiting its interpretation of “unique federal interests” to areas “concerned with the rights and obligations of the United States,…”
Annotations are extracted automatically from the opinions in the
Syfert caselaw corpus and ranked by authority, recency, and
treatment. Dots show Syfertize treatment of the citing case itself.