Change in official or senior executive officer in credit unions that are newly chartered or are in troubled condition.

CFR · 2024-01-01 · US · Title 12

(a) (b) (1) (2) (3) In the case of an insured natural person credit union, (i) A federal credit union that has been assigned a 4 or 5 CAMELS composite rating by NCUA; or (ii) A federally insured, state-chartered credit union that has been assigned a 4 or 5 CAMELS composite rating by either NCUA, after an on-site contact, or its state supervisor; or (iii) A federal credit union or a federally insured, state-chartered credit union that has been granted assistance under section 208 of the Federal Credit Union Act, 12 U.S.C. 1788, that remains outstanding and unextinguished. (4) In the case of an insured corporate credit union, (i) A Federal credit union that has been assigned a 4 or 5 CAMELS rating by NCUA; or (ii) A federally insured, state-chartered credit union that has been assigned a 4 or 5 CAMELS rating by either NCUA, after an on-site contact, or its state supervisor; or (iii) A Federal credit union or a federally insured, state-chartered credit union that has been granted assistance under section 208 of the Federal Credit Union Act, 12 U.S.C. 1788, that remains outstanding and unextinguished. (c) (i) The credit union has been chartered for less than two years; or (ii) The credit union meets the definition of troubled condition in paragraph (b)(3) or (4) of this section. (2) (ii) (iii) (3) (ii) (iii) (d) (e)

official document · source cfr-2024 · id 12:§ 701.14