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The 56 banks and individuals issued with enforcement actions included 13 civil money penalties, 3 prompt corrective action notices, 5 consent orders, 8 section 19 orders, 12 removal and prohibition orders and 14 terminations of consent and cease and desist orders.
Section 216 of the act, which addresses prompt corrective action, already mandates that the NCUA board take into consideration the unique cooperative and not-for-profit status of credit unions when it promulgates prompt corrective action rules and regulations.
Greater Atlantic") (Pink Sheets: GAFC) announced today that its wholly-owned banking subsidiary, Greater Atlantic Bank (the "Bank"), entered into a Stipulation and Consent to the issuance of a Prompt Corrective Action Directive (the "Directive") with the Office of Thrift Supervision (the "OTS") effective May 22, 2009.
Some of these proposals suggest using subordinated-debt yield spreads to supplement capital ratios as triggers for the prompt corrective action provisions of the Federal Deposit Insurance Corporation Improvement Act.
The additional provisions Baker will include cover three areas of concern: the need for more bank-like regulation of the GSEs, with prompt corrective action authority including cease-and-desist and creation of a receivership; the need to link the GSEs' favorable government status with adequate mission compliance; and the need to adequately gauge the nature and size of the GSE subsidy.
These requirements include prompt corrective action rules, risk-related insurance premiums and brokered deposits.
As design proceeds from conceptual to final bid stage, the cost model is updated and refined in detail, on a month-by-month basis, and prompt corrective action can be taken if any problems develop.
The NCUA said the merger was completed at no cost to the NCUSIF, but the Central Valley CU had been under prompt corrective action after its net worth slid to 3.