# Prompt Corrective Action; Requirements For Insurance
> **US National Credit Union Administration** · Final rule. · Published 2002-03-19 · Effective 2002-07-01 · 67 FR 12459
## Document
- **Document number:** 02-6512
- **Category:** final-rule
- **Agency:** US National Credit Union Administration
- **Federal Register citation:** 67 FR 12459
- **CFR reference:** 12 CFR 702
- **Publication date:** 2002-03-19
- **Effective date:** 2002-07-01
## Abstract

NCUA is revising its rule concerning financial and statistical reports to require all federally-insured credit unions to file quarterly Financial and Statistical Reports with NCUA. Currently, only federally-insured credit unions with assets over $50 million must file these reports quarterly. All other federally-insured credit unions are required to file these reports semi-annually. The final amendment is a necessary component of NCUA's examination program that will use a risk- focused approach to examinations and extend the examination cycle for credit unions that meet certain criteria. In conjunction with this change, we are making two conforming changes to NCUA's prompt corrective action rule.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2002/03/19/02-6512/prompt-corrective-action-requirements-for-insurance)
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