Submitted by sevans on Fri, 01/02/2015 - 4:52pm

Net Worth Restoration Plan Required Components:

  • Specifies a quarterly timetable of steps to become adequately capitalized (and must likely result in the credit union’s remaining adequately capitalized for four consecutive calendar quarters beyond the end of the term);
  • Establishes projected quarterly earnings transfers [AND REQUESTS A REDUCTION IN THE REQUIREMENT TO TRANSFER TO THE REGULAR RESERVE NOT LESS THAN 1/10 PERCENT OF TOTAL ASSETS];
  • Sets forth how we will comply with the mandatory supervisory actions we must take [AND ANY DISCRETIONARY SUPERVISORY ACTIONS IMPOSED UPON US];
  • Identifies the types and levels of activities in which we will engage;
  • Specifies the steps we will take to correct (or notes the absence of) unsafe or unsound practices or conditions;
  • Incorporates pro forma financial statements; and
  • Includes other information as required by NCUA.
Documentation Type: