12 CFR 747.203 : Banks And Banking (§ 1.1 To Parts 1816-1899) — (§ 600.1 To Parts 812-899) — National Credit Union Administration (§ 700.1 To Parts 798-799) — Regulations Affecting Credit Unions (§ 700.1 To § 761.1) — Administrative Actions, Adjudicative Hearings, Rules Of Practice And Procedure, And Investigations (§ 747.0 To § 747.3006) — Local Rules And Procedures Applicable To Proceedings For The Involuntary Termination Of Insured Status (§ 747.201 To § 747.208) — 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.