# 12 CFR § 745.7: Shares accepted in a foreign currency

> Federal · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/ecfr-12-745.7

## Section

- **Citation:** 12 CFR § 745.7
- **Heading:** Shares accepted in a foreign currency
- **Jurisdiction:** Federal
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** September 22, 2026
- **Source:** Publisher's official text
- **Location:** Title 12—Banks and Banking > CHAPTER VII—NATIONAL CREDIT UNION ADMINISTRATION > SUBCHAPTER A—REGULATIONS AFFECTING CREDIT UNIONS > PART 745—SHARE INSURANCE AND APPENDIX > Subpart A—Clarification and Definition of Account Insurance Coverage

## Text

An insured credit union may accept shares denominated in a foreign currency. Shares denominated in a foreign currency will be insured in accordance with this part to the same extent as shares denominated in U.S. dollars. Insurance for shares denominated in foreign currency will be determined and paid in the amount of United States dollars that is equivalent in value to the amount of the shares denominated in the foreign currency as of close of business on the date of default of the insured credit union. The exchange rates to be used for such conversions are the 12 p.m. rates (the “noon buying rates for cable transfers”) quoted for major currencies by the Federal Reserve Bank of New York on the date of default of the insured credit union, unless the share agreement provides that some other widely recognized exchange rates are to be used for all purposes under that agreement.
[71 FR 14635, Mar. 23, 2006]

## Nearby sections

- [12 CFR § 745.0 § 745.0 Scope.](https://www.frixlaw.com/law-library/statutes/ecfr-12-745.0.md)
- [12 CFR § 745.1 § 745.1 Definitions.](https://www.frixlaw.com/law-library/statutes/ecfr-12-745.1.md)
- [12 CFR § 745.2 § 745.2 General principles applicable in determining insurance of accounts.](https://www.frixlaw.com/law-library/statutes/ecfr-12-745.2.md)
- [12 CFR § 745.3 § 745.3 Single ownership accounts.](https://www.frixlaw.com/law-library/statutes/ecfr-12-745.3.md)
- [12 CFR § 745.4 § 745.4 Revocable trust accounts.](https://www.frixlaw.com/law-library/statutes/ecfr-12-745.4.md)
- [12 CFR § 745.5 § 745.5 Accounts held by executors or administrators.](https://www.frixlaw.com/law-library/statutes/ecfr-12-745.5.md)
- [12 CFR § 745.6 § 745.6 Accounts held by a corporation, partnership, or unincorporated association.](https://www.frixlaw.com/law-library/statutes/ecfr-12-745.6.md)
- [12 CFR § 745.7 § 745.7 Shares accepted in a foreign currency.](https://www.frixlaw.com/law-library/statutes/ecfr-12-745.7.md)
- [12 CFR § 745.8 § 745.8 Joint ownership accounts.](https://www.frixlaw.com/law-library/statutes/ecfr-12-745.8.md)
- [12 CFR § 745.9-1 § 745.9-1 Trust accounts.](https://www.frixlaw.com/law-library/statutes/ecfr-12-745.9-1.md)
- [12 CFR § 745.9-2 § 745.9-2 Retirement and other employee benefit plan accounts.](https://www.frixlaw.com/law-library/statutes/ecfr-12-745.9-2.md)
- [12 CFR § 745.10 § 745.10 Accounts held by government depositors.](https://www.frixlaw.com/law-library/statutes/ecfr-12-745.10.md)
- [12 CFR § 745.11 § 745.11 Accounts evidenced by negotiable instruments.](https://www.frixlaw.com/law-library/statutes/ecfr-12-745.11.md)
- [12 CFR § 745.12 § 745.12 Account obligations for payment of items forwarded for collection by depository institution acting as agent.](https://www.frixlaw.com/law-library/statutes/ecfr-12-745.12.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/ecfr-12-745.7. Check the current official text before relying on it. Not legal advice.