Prompt corrective action for adequately capitalized credit unions.

CFR · 2024-01-01 · US · Title 12

(a) (b) (1)(i) Is necessary to avoid a significant redemption of shares; and (ii) Would further the purpose of this part. (2) Notwithstanding paragraph (a) of this section, from February 28, 2022, until March 31, 2023, for a credit union that is adequately capitalized: (i) The NCUA Board may issue an administrative order specifying temporary revisions to the earnings retention requirement, to the extent the NCUA Board determines that such lesser amount— (A) Is necessary to avoid a significant redemption of shares; and (B) Would further the purpose of this part. (ii) Despite the issuance of an administrative order under paragraph (b)(2) of the section, the Regional Director may require a credit union to submit an earnings retention waiver under paragraph (b)(1) if the credit union poses an undue risk the National Credit Union Share Insurance Fund or exhibits material safety and soundness concerns. (c) (d)

official document · source cfr-2024 · id 12:§ 702.106