Skip to main content
 
CFR › Title 12 › Chapter VII › Subchapter A › Part 742 › Section 742.3

12 CFR 742.3 - Loss and revocation of RegFlex designation.

There is 1 rule appearing in the Federal Register for 12 CFR 742. Select the tab below to view, or View eCFR (GPOAccess)
§ 742.3
Loss and revocation of RegFlex designation.
(a) Loss of authority. RegFlex authority is lost when a credit union that qualified automatically under the CAMEL and net worth criteria in § 742.2(a) no longer meets either of those criteria. Once the authority is lost, the credit union may no longer claim the exemptions and authority set forth in § 742.4.
(b) Revocation of authority. The Regional Director may revoke a credit union's RegFlex authority under § 742.2, in whole or in part, for substantive, documented safety and soundness reasons. When revoking RegFlex authority, the regional director must give written notice to the credit union stating the reasons for the revocation. The revocation is effective upon the credit union's receipt of notice from the Regional Director.
(c) Appeal of revocation. A credit union has 60 days from the date of the regional director's determination to revoke RegFlex authority to appeal the action, in whole or in part, to NCUA's Supervisory Review Committee. The Regional Director's determination will remain in effect unless and until the Supervisory Review Committee issues a different determination. If the credit union is dissatisfied with the decision of the Supervisory Review Committee, the credit union has 60 days from the date of the Committee's decision to appeal to the NCUA Board.
(d) Grandfathering of past actions. Any action duly taken in reliance upon RegFlex authority will not be affected or undone by subsequent loss or revocation of that authority. Any actions exercised after RegFlex authority is lost or revoked must comply with all applicable regulatory requirements and restrictions. Nothing in this part shall affect NCUA's authority to require a credit union to divest its investments or assets for substantive safety and soundness reasons.

Title 12 published on 2012-01-01

The following are only the Rules published in the Federal Register after the published date of Title 12.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2012-05-31; vol. 77 # 105 - Thursday, May 31, 2012
    1. 77 FR 31981 - Eligible Obligations, Charitable Contributions, Nonmember Deposits, Fixed Assets, Investments, Fidelity Bonds, Incidental Powers, Member Business Loans, and Regulatory Flexibility Program
      GPO FDSys XML | Text
      NATIONAL CREDIT UNION ADMINISTRATION
      Final rule and interim final rule with comment period.
      Effective dates: The final rule, as well as the interim final rule pertaining to the revisions in the fidelity bond rule, § 713.6, will go into effect on July 2, 2012. Comment date: We will consider comments on the interim final rule portion (the fidelity bond rule, § 713.6), as discussed in section IV of the preamble of this rulemaking. Send your comments to reach us on or before July 30, 2012. We may not consider comments received after the above date in making any decision whether to amend the interim final rule.
      12 CFR Parts 701, 703, 713, 721, 723, and 742

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

United States Code
USC : Title 12 - BANKS AND BANKING

§ 1756 - Reports and examinations

§ 1766 - Powers of Board

Title 12 published on 2012-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR 742 after this date.

  • 2012-05-31; vol. 77 # 105 - Thursday, May 31, 2012
    1. 77 FR 31981 - Eligible Obligations, Charitable Contributions, Nonmember Deposits, Fixed Assets, Investments, Fidelity Bonds, Incidental Powers, Member Business Loans, and Regulatory Flexibility Program
      GPO FDSys XML | Text
      NATIONAL CREDIT UNION ADMINISTRATION
      Final rule and interim final rule with comment period.
      Effective dates: The final rule, as well as the interim final rule pertaining to the revisions in the fidelity bond rule, § 713.6, will go into effect on July 2, 2012. Comment date: We will consider comments on the interim final rule portion (the fidelity bond rule, § 713.6), as discussed in section IV of the preamble of this rulemaking. Send your comments to reach us on or before July 30, 2012. We may not consider comments received after the above date in making any decision whether to amend the interim final rule.
      12 CFR Parts 701, 703, 713, 721, 723, and 742