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Prompt Corrective Action

NCUA · final-rule · Published 2002-11-29 · Effective 2003-01-01 · 67 FR 71078

Document

Document number
02-30091
Federal Register citation
67 FR 71078
CFR reference
12 CFR 702
Type
Rule
Action
Final rule.
Category
final-rule
Agency
US National Credit Union Administration
Publication date
2002-11-29
Effective date
2003-01-01

Abstract

Pursuant to Congressional mandate, the National Credit Union Administration (NCUA) adopted a comprehensive system of prompt corrective action consisting of minimum capital standards and corresponding remedies to restore the net worth of federally-insured credit unions. After six quarters of implementation, the NCUA Board issued a proposed rule consisting of revisions and adjustments intended to improve and simplify the system of prompt corrective action. As revised to reflect public comments, the NCUA Board now issues a final rule incorporating these improvements.

Source

Authoritative
Federal Register document
Machine
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