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Prompt Corrective Action [ edit ] Title I, § 131(a), Prompt Corrective Action , mandates progressive penalties against banks that exhibit progressively deteriorating capital ratios.
When the FDA observes a deviation from acceptable practice, they give the organization an opportunity to take voluntary and prompt corrective action before initiating an enforcement action. A step in this process, depending on the nature of the violation, is to issue a warning letter, which also establishes prior notice.
A corrective action can also be a field correction, an action taken to correct problems with non-conforming products. [9] An example is the pharmaceutical company Avanos Medical , which in 2022 conducted a voluntary field correction after reports of 60 injuries and 23 patient deaths related to misplaced nasogastric feeding tubes while using ...
Prompt corrective action may require the development of a net worth restoration plan ("NWRP") in the event the credit union becomes less than adequately capitalized. A NWRP addresses the same basic issues associated with a business plan. The plan should be based on the credit union's asset size, complexity of operations, and field of membership.
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The report concluded that, under the law, OTS should have taken Prompt Corrective Action against IndyMac in May 2008. [27] Commenting on the report, Inspector General Eric Thorson dismissed Reich's claim that Senator Schumer's letters caused the failure.
A remedial action is a change made to a nonconforming product or service to address the deficiency. This also can refer to restoration of a landscape from industrial activity [ 1 ] Rework and repair are generally the remedial actions taken on products, while services usually require additional services to be performed to ensure satisfaction.
A failure reporting, analysis, and corrective action system (FRACAS) is a system, sometimes carried out using software, that provides a process for reporting, classifying, analyzing failures, and planning corrective actions in response to those failures.