Section 72.16. Obtaining an exception.

 

(1)  The exception under s. DFI-CU 72.15 (1) and (2) shall be effective upon written notice to the director of such designation or participation.

(2)  To obtain an exception under s. DFI-CU 72.15 (3) , a credit union shall submit its request to the director. An exception shall not be effective until approved by the director. The exception request shall include documentation demonstrating that the credit union meets the criteria for the exception. The exception shall not expire unless revoked for safety and soundness reasons by the director.

(3)  The director shall promptly notify the applicable region of the NCUA of his or her decision on the request.

CR 02-034 : cr. Register August 2002 No. 560 , eff. 9-1-02.