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Definition of Troubled Condition

NCUA · final-rule · Published 2013-01-18 · Effective 2013-02-19 · 78 FR 4026

Document

Document number
2013-00863
Federal Register citation
78 FR 4026
CFR reference
12 CFR 700
Type
Rule
Action
Final rule.
Category
final-rule
Agency
US National Credit Union Administration
Publication date
2013-01-18
Effective date
2013-02-19

Abstract

The NCUA Board (Board) is issuing a final rule amending the definition of "troubled condition" as that term is used to trigger the statutory requirement to give the Board notice and an opportunity to disapprove a change of credit union officials, and as that term appears elsewhere in NCUA's regulations. Generally, the current definition allows only a state supervisory authority (SSA) to declare a federally insured, state-chartered credit union (FISCU) to be in "troubled condition." The final rule amends the definition to allow either NCUA or an SSA to declare a FISCU in "troubled condition." NCUA is adopting the amended definition of "troubled condition" as proposed.

Source

Authoritative
Federal Register document
Machine
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