Title 12 published on 2012-01-01
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2013-01-18; vol. 78 # 13 - Friday, January 18, 2013
78 FR 4026 - Definition of Troubled Condition
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NATIONAL CREDIT UNION ADMINISTRATION
This rule is effective February 19, 2013.
12 CFR Parts 700, 701, 741, 747, and 750
The NCUA Board (Board) is issuing a final rule amending the definition of “troubled condition” as that term is used to trigger the statutory requirement to give the Board notice and an opportunity to disapprove a change of credit union officials, and as that term appears elsewhere in NCUA's regulations. Generally, the current definition allows only a state supervisory authority (SSA) to declare a federally insured, state-chartered credit union (FISCU) to be in “troubled condition.” The final rule amends the definition to allow either NCUA or an SSA to declare a FISCU in “troubled condition.” NCUA is adopting the amended definition of “troubled condition” as proposed.