The bill gives all credit unions two years before these provisions become effective. Because of their mission and the special characteristics that arise from that mission, some community development credit unions may have unique difficulties in becoming and remaining adequately capitalized. Accordingly, some community development credit unions may need more time than most other credit unions to build capital in order to comply with the legislation's new capital standards and prompt corrective action provisions.
John Sarbanes: “The bill gives all credit unions two years before these provisions become effective. Because of their mission and the…”
Editor's note · Context
Discussing the implementation timeline for credit unions in relation to new capital standards.
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