NCUA Seeks Role in Declaring State Credit Unions “Troubled”

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On July 31, the NCUA proposed a rule that would give it a role in determining whether a state-chartered credit union is in “troubled condition.” Under current law, only a state supervisory authority is permitted to declare a federally insured, state-chartered credit union to be in troubled condition. The NCUA believes that the change would help protect the National Credit Union Share Insurance Fund by leveraging the federal regulator’s resources to increase the likelihood that problems at covered credit unions are identified. The NCUA is accepting comments on the proposal through October 1, 2012.

 

Published In: Administrative Agency Updates, Finance & Banking Updates, Insurance Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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