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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.
Albence told Hall-Long that he did not intend to refer the matter to the attorney general’s office, but that he expected her committee to “take prompt corrective action” by filing amended ...
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.
Despite corrective actions promised after a child's death, the state says it will move ahead with revoking the license of Trails Carolina, a high-end outdoor therapy camp based in Transylvania County.