United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2000_register executive 2010-09-24 article Part III Rules and Regulations D09002ee1c81fdec0 D09002ee1c81fdfe5 United States National Credit Union Administration originator org United States Government Agency or Subagency In 1998, Congress amended the Federal Credit Union Act to establish minimum capital standards for federally-insured credit unions and to require the NCUA Board to adopt, by regulation, a system of "prompt corrective action" to restore the capital level of credit unions which become inadequately capitalized. The NCUA Board issued a proposed rule combining the components of prompt corrective action expressly prescribed by statute with those the statute required NCUA to develop to suit the distinctive needs and characteristics of credit unions. As revised to reflect public comments and to incorporate other improvements, the final rule establishes a comprehensive framework of mandatory and discretionary supervisory actions indexed to five statutory net worth categories; an alternative system of prompt corrective action for credit unions which meet the statutory definition of "new"; conforming reserve and dividend payment requirements; and procedures for reviewing and enforcing directives imposing prompt corrective action. 65 FR 8560 https://www.govinfo.gov/app/details/FR-2000-02-18/00-3276 00-3276 fr18fe00-17 7535-01-P https://www.govinfo.gov/app/details/FR-2000-02-18/00-3276 https://www.govinfo.gov/content/pkg/FR-2000-02-18/html/00-3276.htm https://www.govinfo.gov/content/pkg/FR-2000-02-18/pdf/00-3276.pdf Credit Unions Reporting and Recordkeeping Requirements Administrative Practices and Procedures 37 p. 8560 8596 65 FR 8560 Title 12 Part 702 12 CFR Part 702 Title 12 Part 741 12 CFR Part 741 Title 12 Part 747 12 CFR Part 747 Prompt Corrective Action; Federal Register Vol. 65, Issue RULE 00-3276 III NATIONAL CREDIT UNION ADMINISTRATION 2000-08-07 7535-01-P 00-3276 Final rule.

In 1998, Congress amended the Federal Credit Union Act to establish minimum capital standards for federally-insured credit unions and to require the NCUA Board to adopt, by regulation, a system of "prompt corrective action" to restore the capital level of credit unions which become inadequately capitalized. The NCUA Board issued a proposed rule combining the components of prompt corrective action expressly prescribed by statute with those the statute required NCUA to develop to suit the distinctive needs and characteristics of credit unions. As revised to reflect public comments and to incorporate other improvements, the final rule establishes a comprehensive framework of mandatory and discretionary supervisory actions indexed to five statutory net worth categories; an alternative system of prompt corrective action for credit unions which meet the statutory definition of "new"; conforming reserve and dividend payment requirements; and procedures for reviewing and enforcing directives imposing prompt corrective action.

Effective August 7, 2000. Herbert S. Yolles, Deputy Director, Office of Examination and Insurance, (703) 518-6360; or Steven W. Widerman, Trial Attorney, Office of General Counsel, (703) 518-6557, at National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428. Credit Unions Reporting and Recordkeeping Requirements Administrative Practices and Procedures Vol. 65, no. 34 Office of the Federal Register, National Archives and Records Administration 2000-02-18 continuing daily deposited born digital 398 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2000-02-18 P0b002ee1809fb741 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr18fe00 https://www.govinfo.gov/app/details/FR-2000-02-18 https://www.govinfo.gov/content/pkg/FR-2000-02-18/pdf/FR-2000-02-18.pdf https://www.govinfo.gov/content/pkg/FR-2000-02-18/xml/FR-2000-02-18.xml fdlp 8243 8630 DGPO 2010-09-24 2024-06-08 FR-2000-02-18 machine generated eng FR FR-2000-02-18 65 34