742.4—RegFlex relief.
        
        (2) Nonmember deposits.
         Section 701.32(b) and (c) of this chapter concerning the maximum amount of non-member deposits a credit union can accept; and
    
    
        
        (3) Fixed assets.
         Section 701.36(b)(2) of this chapter concerning the three-year partial occupancy requirement when acquiring unimproved land for future expansion; RegFlex credit unions are instead subject to a six-year partial occupancy requirement when acquiring unimproved land but remain subject to all other provisions of that section including the waiver provision;
    
    
        
        (4) Zero-coupon securities.
         Section 703.16(b) of this chapter concerning the maximum maturity length of zero-coupon securities;
    
    
        
        (5) Borrowing repurchase transactions.
         Section 703.13(d)(3) of this chapter, concerning the maturity of investments a credit union purchases with the proceeds received in a borrowing repurchase transaction, provided the value of the investments that mature later than the borrowing repurchase transaction does not exceed 100 percent of the federal credit union's net worth;
    
    
        
        (6) Commercial mortgage related security.
         Section 703.16(d) of this chapter prohibiting the purchase of a commercial mortgage related security of an issuer other than a government-sponsored enterprise enumerated in 12 U.S.C. 1757(7)(E), provided:
    
    
        
        (i) 
         The security is rated in one of the two highest rating categories by at least one nationally-recognized statistical rating organization;
    
    
        
        (ii) 
         The security meets the definition of mortgage related security as defined in 15 U.S.C. 78c(a)(41) and the definition of commercial mortgage related security as defined in  § 703.2 of this chapter ;
    
    
        
        (iii) 
         The security's underlying pool of loans contains more than 50 loans with no one loan representing more than 10 percent of the pool; and
    
    
        
        (iv) 
         The aggregate total of commercial mortgage related securities purchased by the Federal credit union does not exceed 50 percent of its net worth.
    
    
        
        (b) Purchase of obligations from a FICU.
         A RegFlex credit union is authorized to purchase and hold the following obligations, provided that it would be empowered to grant them:
    
    
        
        (1) Eligible obligations.
         Eligible obligations pursuant to  § 701.23(b)(1)(i) of this chapter without regard to whether they are obligations of its members, provided they are purchased from a federally-insured credit union only;
    
    
        
        (2) Student loans.
         Student loans pursuant to  § 701.23(b)(1)(iii) of this chapter, provided they are purchased from a federally-insured credit union only;
    
    
        
        (3) Mortgage loans.
         Real-state secured loans pursuant to 701.23(b)(1)(iv) of this chapter, provided they are purchased from a federally-insured credit union only;
    
    
        
        (4) Eligible obligations of a liquidating credit union.
         Eligible obligations of a liquidating credit union pursuant to  § 701.23(b)(1)(ii) of this chapter without regard to whether they are obligations of the liquidating credit union's members, provided that such purchases do not exceed 5 percent (5%) of the unimpaired capital and surplus of the purchasing credit union.