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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.
Also from the version reported by the Senate Banking Committee, a sequence of prompt corrective actions is prescribed for implementation as a federally insured credit union's net worth declines below prescribed levels. There are also new auditing procedures and voting requirements for a credit union to convert to a bank or thrift charter.
Moreover, the agencies received prompt corrective action powers to compel banks to recapitalize when falling below certain capital thresholds. Such orders were also backed up by further powers to suspend banks' legal authority to do certain types of business, to ban fragile banks from paying out dividends, or to replace bank directors. [103]
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.
(Reuters) -U.S. President-elect Donald Trump's transition team is exploring ways to significantly reduce, merge, or even eliminate the top bank regulators in Washington, the Wall Street Journal ...
Wall Street bosses are saying enough is enough. Bank of America has joined the growing list of banks putting their foot down and forcing workers to comply with its return-to-office mandates—or ...
The "passivity" agreement FDIC wants BlackRock to sign is designed to assure bank regulators that the giant money manager will remain a "passive" owner of an FDIC-supervised bank and won’t exert ...
In January 2013, the bank sold its Shelter Mortgage division to CIVC Partners. [4] In March 2013, the bank moved its headquarters from Brown Deer to Glendale, Wisconsin. [5] In April 2014, the Office of the Comptroller of the Currency issued a Prompt Corrective Action against the bank which stated that the bank was “significantly ...