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

CFR · 2024-01-01 · US · Title 12

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

official document · source cfr-2024 · id 12:§ 747.3003