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e-CFR data is current as of February 26, 2021 |
Title 12 → Chapter VII → Subchapter A → Part 702 → Subpart C → §702.303 |
Title 12: Banks and Banking
PART 702—CAPITAL ADEQUACY
Subpart C—Alternative Prompt Corrective Action for New Credit Unions
§702.303 Prompt corrective action for “adequately capitalized” new credit unions.
Beginning on the effective date of classification, an “adequately capitalized” new credit union must increase the dollar amount of its net worth by the amount reflected in its approved initial or revised business plan in accordance with §702.304(a)(2), or in the absence of such a plan, in accordance with §702.201, and quarterly transfer that amount from undivided earnings to its regular reserve account, until it is “well capitalized.”
[67 FR 71092, Nov. 29, 2002]