Review of order reclassifying a credit union on safety and soundness criteria.

CFR · 2024-01-01 · US · Title 12

(a) (b) (1) The credit union's net worth ratio, current net worth category classification, and the net worth category to which the credit union would be reclassified; (2) The unsafe or unsound practice(s) and/or condition(s) justifying reasons for reclassification of the credit union; (3) The date by which the credit union must file a written response to the notice (including a request for a hearing), which date shall be no less than 14 calendar days from the date of service of the notice unless the NCUA Board determines that a shorter period is appropriate in light of the financial condition of the credit union or other relevant circumstances; and (4) That a credit union which fails to— (i) File a written response to the notice of reclassification, within the specified time period, shall be deemed (ii) Request a hearing shall be deemed to have waived any right to a hearing; and (iii) Request the opportunity to present witness testimony shall be deemed to have waived any right to present such testimony. (c) (1) Explain why it contends that the credit union should not be reclassified; (2) Include any relevant information, mitigating circumstances, documentation, or other evidence in support of the credit union's position; (3) If desired, request an informal hearing before the NCUA Board under this section; and (4) If a hearing is requested, identify any witness whose testimony the credit union wishes to present and the general nature of each witness's expected testimony. (d) (

official document · source cfr-2024 · id 12:§ 747.2003