Page:United States Statutes at Large Volume 112 Part 2.djvu/44

 112 STAT. 928 PUBLIC LAW 105-219—AUG. 7, 1998 "(I) the insured credit union has been in substantial compliance with an approved net worth restoration plan that requires consistent improvement in the net worth of the credit union since the date of the approval of the plan; and "(11) the insured credit union has positive net income or has an upward trend in earnings that the Board projects as sustainable; and "(ii) the Board certifies that the credit union is viable and not expected to fail. " (4) NONDELEGATION. — "(A) IN GENERAL.— Except as provided in subparagraph (B), the Board may not delegate the authority of the Board under this subsection. "(B) EXCEPTION. — The Board may delegate the authority of the Board under this subsection with respect to an insured credit union that has less than $5,000,000 in total assets, if the Board permits the credit union to appeal any adverse action to the Board. "( j) REVIEW REQUIRED WHEN FUND INCURS MATERIAL LOSS. — For purposes of determining whether the Fund has incurred a material loss with respect to an insured credit union (such that the inspector general of the Board must make a report), a loss is material if it exceeds the sum of— " (1) $10,000,000; and "(2) an amount equal to 10 percent of the total assets of the credit union at the time at which the Board initiated assistance under section 208 or was appointed liquidating agent. Regulations. "(k) APPEALS PROCESS.— Material supervisory determinations, including decisions to require prompt corrective action, made pursuant to this section by Administration officials other than the Board may be appealed to the Board pursuant to the independent appellate process required by section 309 of the Riegle Community Development and Regulatory Improvement Act of 1994 (or, if the Board so specifies, pursuant to separate procedures prescribed by regulation). " (1) CONSULTATION AND COOPERATION WITH STATE CREDIT UNION SUPERVISORS.— "(1) IN GENERAL.—In implementing this section, the Board shall consult and seek to work cooperatively with State officials having jurisdiction over State-chartered insured credit unions. " (2) EVALUATING NET WORTH RESTORATION PLAN.—In evaluating any net worth restoration plan submitted by a Statechartered insured credit union, the Board shall seek the views of the State official having jurisdiction over the credit union. " (3) DECIDING WHETHER TO APPOINT CONSERVATOR OR LIQUIDATING AGENT.—With respect to any decision by the Board on whether to appoint a conservator or liquidating agent for a State-chartered insured credit union— "(A) the Board shall— "(i) seek the views of the State official having jurisdiction over the credit union; and "(ii) give that official an opportunity to take the proposed action;

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