Fla. Admin. Code R. 69U-110.062

Current through Reg. 50, No. 253; December 31, 2024

Section 69U-110.062 - Capitalization Criteria for Conservatorship or Involuntary Liquidation Actions

The office may take action to have a credit union placed into a conservatorship or involuntary liquidation upon finding that, among other reasons, the credit union is significantly undercapitalized or undercapitalized, and has no reasonable prospect of becoming adequately capitalized. The criteria for such determination of capitalization shall be as defined in the net worth categories contained in 12 U.S.C. § 1790d(c) (2018), http://www.flrules.org/Gateway/reference.asp?No=Ref-13206, and 12 C.F.R. Part 702 (1-1-2020 Edition), http://www.flrules.org/Gateway/reference.asp?No=Ref-13207, which are incorporated by reference. This material is also available on the OFR's website, www.flofr.gov.

Fla. Admin. Code Ann. R. 69U-110.062

Rulemaking Authority 655.012(2), 657.062 (1)(c), 657.063(1) FS. Law Implemented 657.062, 657.063 FS.

New 3-6-07, Amended by Florida Register Volume 47, Number 115, June 15, 2021 effective 6/28/2021.

New 3-6-07, Amended 6-28-21.