NCUA Regulation 701.22 sets the requirements a federally insured credit union must meet to purchase a loan participation. It applies when the borrower is not a member of the purchasing credit union and the seller and buyer have a continuing contractual relationship. Purchases of loans to a credit union’s own members are generally governed by § 701.23. Federally insured state-chartered credit unions must also comply under § 741.225; corporate credit unions are excluded. Click here to read the full regulation.