Federal Credit Union Act

So it is a source of liquidity that's out there in addition to the other ones that are receiving the reports.

Mark talked about a, a guaranteed line of credit, which is a type of tool, assistance under two, section 208 of the Federal Credit Union Act, and that the insurance fund would basically be guaranteeing payment to the...

We usually work with a corporate credit union on doing guaranteed lines of credit.

Now, it, they used to be used more often when we had credit unions that were operating with lower levels of capital.

If management can answer these readily, that's a good sign that the process is working.

And lastly, here's some citations on the Federal Credit Union Act, Section 202, various sections of Section 202 discuss the 5,300 data gathering.

For example, 202 is the regulation that says that if you're over 500 million, you need a CPA opinion audit.

and that if you're over 10 million, you need to file a gap.

Operating without adequate liquidity.

Significant noncompliance with the Federal Credit Union Act, NCUA regulations, and other applicable laws and regulations.

Operating without internal, adequate internal controls and underneath adequate internal control.

It gives examples, persistent record keeping errors, numerous loans granted outside of policy, manipulation of records.

And then the last 15 years was in the central office and various assignments.

Well, my time as an examiner allowed me to become really well-versed in the regulations and the Federal Credit Union Act and credit union operations.

And I enjoyed that.

And as an examiner, I was involved in multiple administrative actions as a PCO, worked with the ones facing trouble.