[Code of Federal Regulations]
[Title 12, Volume 6]
[Revised as of January 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR747.203]

[Page 552]
 
                       TITLE 12--BANKS AND BANKING
 
            CHAPTER VII--NATIONAL CREDIT UNION ADMINISTRATION
 
PART 747--ADMINISTRATIVE ACTIONS, ADJUDICATIVE HEARINGS, RULES OF PRACTICE AND PROCEDURE, AND INVESTIGATIONS--Table of Contents
 
Subpart C--Local Rules and Procedures Applicable to Proceedings for the 
                Involuntary Termination of Insured Status
 
Sec. 747.203  Notice of charges.

    (a) Whenever the NCUA Board determines that grounds for termination 
of insured status exists, it will, for the purpose of securing 
correction of errant or illegal conditions, serve a notice of charges 
upon the concerned credit union. This notice will contain a statement 
describing the unsafe or unsound practices, condition or the relevant 
violations.
    (b) In the case of an insured State-chartered credit union, the NCUA 
Board shall send a copy of the Notice of Charges to the appropriate 
State authority, if any, having supervision over the credit union.