Common use of Additional Authority Clause in Contracts

Additional Authority. (1) A federal credit union may submit a written re- quest to its regional director seeking expanded authority to purchase loans described in paragraph (b)(2) of this section, if it is not otherwise author- ized by this section. The written re- quest must include the following: (i) A copy of the credit union’s pur- chase policy; (ii) The types of eligible obligations under paragraph (b)(2) of this section that the credit union seeks to pur- chase; (iii) An explanation of the need for additional authority; and (iv) An analysis of the credit union’s prior experience with the purchase of eligible obligations. (2) Approval process. A regional direc- tor will provide a written determina- tion on a request for expanded author- ity within 60 calendar days after re- ceipt of the request; however, the 60- day period will not begin until the re- questing credit union has submitted all necessary information to the regional director. The regional director will in- form the requesting credit union, in writing, of the date the request was re- ceived and of any additional docu- mentation that the regional director requires in support of the request. If the regional director approves the re- quest, the regional director will estab- lish a limit on loan purchases as appro- priate and subject to the limitations in this section. If the regional director does not notify the credit union of the action taken on its request within 60 calendar days of the receipt of the re- quest or the receipt of additional re- quested supporting information, which- ever occurs later, the credit union may purchase loans it requested under para- graph (b)(2) of this section.

Additional Authority. (1) A federal credit union may submit a written re- quest to its regional director seeking expanded authority to purchase loans described in paragraph (b)(2) of this section, if it is not otherwise author- ized by this section. The written re- quest must include the following: (i) A copy of the credit union’s pur- chase policy; (ii) The types of eligible obligations under paragraph (b)(2) of this section that the credit union seeks to pur- chase; (iii) An explanation of the need for additional authority; and (iv) An analysis of the credit union’s prior experience with the purchase of eligible obligations. (2) Approval process. A regional direc- tor will provide a written determina- tion on a request for expanded author- ity within 60 calendar days after re- ceipt of the request; however, the 60- day period will not begin until the re- questing credit union has submitted all necessary information to the regional director. The regional director will in- form the requesting credit union, in writing, of the date the request was re- ceived and of any additional docu- mentation that the regional director requires in support of the request. If VerDate Sep<11>2014 17:02 Feb 10, 2023 Jkt 259041 PO 00000 Frm 00475 Fmt 8010 Sfmt 8010 Q:\12\12V7.TXT PC31 the regional director approves the re- quest, the regional director will estab- lish a limit on loan purchases as appro- priate and subject to the limitations in this section. If the regional director does not notify the credit union of the action taken on its request within 60 calendar days of the receipt of the re- quest or the receipt of additional re- quested supporting information, which- ever occurs later, the credit union may purchase loans it requested under para- graph (b)(2) of this section.