OMB control number
Prompt Corrective Action, 12 CFR 702 (Subparts A-D)
OMB 3133-0154 · NCUA.
OMB 3133-0154
Section 216 of the Federal Credit Union Act (12 U.S.C. §1790d) mandates prompt corrective action requirements for federally insured credit unions (FICUs) that become less than well capitalized. The NCUA Board is required to (1) adopt, by regulation, a system of prompt corrective action to restore the net worth of inadequately capitalized FICUs; and (2) develop an alternative system of prompt corrective action for new credit unions that carries out the purpose of prompt corrective actions while allowing an FICU reasonable time to build its net worth to an adequately capitalized level. Part 702 implements the statutory requirements and, to achieve this, various information collections to meet the purpose of prompt corrective action as circumstances require.
The latest form for Prompt Corrective Action, 12 CFR 702 (Subparts A-D) expires 2026-10-31 and is listed under ICR 202308-3133-007.
Latest Forms, Documents, and Supporting Material
| Document | Type |
|---|---|
 3133-0154 Supporting Statement 10.2026 CLEAN.docx | Supporting Statement A |
 NCUA-2026-1585-DRAFT-0004.html | Public Comments |
 Final_Rule_12CFR702_85FR31952_28MAY20.pdf | Supplementary Document |
| 12CFR702_Sub-B (1-1-20 ED).pdf | Supplementary Document |
| 12CFR702_SubA-D_(1-1-18 ED).pdf | Supplementary Document |
 Prompt Corrective Action |
Information collection |
All Historical Document Collections
| Reference | Filing | Received | Concluded | Action |
|---|---|---|---|---|
| 202607-3133-003 | Extension without change of a currently approved collection | 2026-10-13 | ||
| 202308-3133-007 | Revision of a currently approved collection | 2023-09-12 | Approved without change | |
| 202008-3133-001 | Extension without change of a currently approved collection | 2020-08-19 | Approved without change | |
| 202005-3133-006 | Revision of a currently approved collection | 2020-05-28 | Approved without change | |
| 202004-3133-011 | Revision of a currently approved collection | 2020-05-21 | Preapproved | |
| 201805-3133-003 | Extension without change of a currently approved collection | 2018-09-28 | Approved without change | |
| 201503-3133-003 | Reinstatement with change of a previously approved collection | 2015-07-31 | Approved without change | |
| 199906-3133-005 | New collection (Request for a new OMB Control Number) | 1999-06-04 | Approved without change |