Source: https://www.govregs.com/uscode/title12_chapter14_subchapterII_section1790d
Timestamp: 2019-12-06 04:28:48
Document Index: 347890904

Matched Legal Cases: ['§\u202f1790', '§\u202f1790', '§\u202f216', '§\u202f301', '§\u202f504', '§\u202f726', '§\u202f988']

12 USC 1790d - Prompt corrective action
§ 1790c. Reward for information leading to recoveries or civil penalties
§ 1790e. Temporary Corporate Credit Union Stabilization Fund
Resolving problems to protect Fund
Prompt corrective action required
The Board shall, by regulation, prescribe a system of prompt corrective action for insured credit unions that is—
Cooperative character of credit unions
The Board shall design the system required under subparagraph (A) to take into account that credit unions are not-for-profit cooperatives that—
Criteria for alternative system
The Board shall design the system prescribed under subparagraph (A)—
An insured credit union is “well capitalized” if—
An insured credit union is “adequately capitalized” if—
An insured credit union is “undercapitalized” if—
An insured credit union is “significantly undercapitalized”—
The Board may increase or decrease net worth ratios under subparagraph (A) only if the Board—
Risk-based net worth requirement for complex credit unions
Earnings-retention requirement applicable to credit unions that are not well capitalized
Board’s authority to decrease earnings-retention requirement
The Board may, by order, decrease the 0.4 percent requirement in paragraph (1) with respect to a credit union to the extent that the Board determines that the decrease—
Net worth restoration plan required
Deadlines for submission and review of plans
The Board shall, by regulation, establish deadlines for submission of net worth restoration plans under this subsection that—
Failure to submit acceptable plan within time allowed
Failure to submit any plan
If an insured credit union fails to submit a net worth restoration plan within the time allowed under paragraph (3), the Board shall—
Submission of unacceptable plan
If an insured credit union submits a net worth restoration plan within the time allowed under paragraph (3), and the Board determines that the plan is not acceptable, the Board shall—
Accepting plan
Restrictions on undercapitalized credit unions
Restriction on asset growth
An insured credit union that is undercapitalized shall not generally permit its average total assets to increase, unless—
Restriction on member business loans
More stringent treatment based on other supervisory criteria
With respect to the exercise of authority by the Board under regulations comparable to section 1831o(g) of this title—
Action required regarding critically undercapitalized credit unions
The Board shall, not later than 90 days after the date on which an insured credit union becomes critically undercapitalized—
Periodic redeterminations required
Appointment of liquidating agent required if other action fails to restore net worth
Notwithstanding subparagraph (A), the Board may continue to take such other action as the Board determines to be appropriate in lieu of appointment of a liquidating agent if—
Reviews required when share insurance fund experiences losses
If the Fund incurs a material loss with respect to an insured credit union, the Inspector General of the Board shall—
Material loss defined
For purposes of determining whether the Fund has incurred a material loss with respect to an insured credit union, a loss is material if it exceeds the sum of—
The Board shall disclose a report under this subsection, upon request under section 552 of title 5, without excising—
Losses that are not material
For the 6-month period ending on March 31, 2010, and each 6-month period thereafter, the Inspector General of the Board shall—
Deadline for semiannual report
The Inspector General of the Board shall—
The Comptroller General of the United States shall, under such conditions as the Comptroller General determines to be appropriate—
Evaluating net worth restoration plan
Deciding whether to appoint conservator or liquidating agent
With respect to any decision by the Board on whether to appoint a conservator or liquidating agent for a State-chartered insured credit union—
Corporate credit unions exempted
This section does not apply to any insured credit union that—
The term “new credit union” means an insured credit union that—
(June 26, 1934, ch. 750, title II, § 216, as added Pub. L. 105–219, title III, § 301(a), Aug. 7, 1998, 112 Stat. 923; amended Pub. L. 109–351, title V, § 504, title VII, § 726(25), Oct. 13, 2006, 120 Stat. 1975, 2003; Pub. L. 111–203, title IX, § 988(a), July 21, 2010, 124 Stat. 1938;
cite as: 12 USC 1790d