Statutes, codes, and regulations
North Dakota Administrative Code
Title 13 - Department of Financial InstitutionsArticle 13-03 - Credit Unions
Chapter 13-03-06 - Credit Union Reserve Funds and Prompt Corrective Action
Section 13-03-06-04 - Prompt corrective action

N.D. Admin. Code 13-03-06-04

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Current through Supplement No. 395, January, 2025
Section 13-03-06-04 - Prompt corrective action

When the credit union's net worth ratio falls below seven percent after allowing for full and fair disclosure in the allowance for loan and lease loss account, or fails to meet the risk-based capital requirements of part 702 of the national credit union administration's rules and regulations, the credit union is required to meet the prompt corrective action requirements under North Dakota Century Code section 6-06-08.4 and part 702 of the national credit union administration's rules and regulations. Any required reserves to be made under prompt corrective action will be made to the regular reserve account.

N.D. Admin Code 13-03-06-04

Effective January 1, 1981; amended effective May 1, 1981; January 1, 2007; January 1, 2013.
Amended by Administrative Rules Supplement 371, January 2019, effective 1/1/2019.
Amended by Administrative Rules Supplement 2022-384, April 2022, effective 4/1/2022.

General Authority: NDCC 6-01-04

Law Implemented: NDCC 6-06-08.4, 6-06-21