NONACCRUAL LOANS. (1) The Bank shall immediately reverse or charge-off all interest that has been accrued contrary to the requirements contained in the Instruction for Preparation of Consolidated
(2) Within thirty (30) days, but no later than the next call report filing on September 30, 2003, whichever date is earlier, the Board shall adopt and implement written policies and procedures governing the supervision and control of nonaccrual loans. Such policies and procedures shall:
(a) be consistent with the accounting requirements contained in the Call Report Instructions;
(b) address the circumstances under which accrued interest due on a loan may be added to the outstanding principal amount when the loan is renewed or restructured; address the comments provided in the XXX, and
(c) require the monthly presentation to the Board of all loans meeting any of the nonaccrual criteria.
(3) Within sixty (60) days, the Board shall develop and implement a written policy that shall provide for auditing accrued interest on loans. The policy shall, at a minimum, provide for quarterly audits of loan accruals and incorporate procedures for periodically testing the Bank's identification of nonaccrual loans as governed by the policy adopted pursuant to paragraph (1) above.
(4) Upon adoption, a copy of the written policies and procedures shall be forwarded to the Assistant Deputy Comptroller and the Board shall thereafter ensure Bank adherence to all policies and procedures developed pursuant to this Article.
(5) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policies developed pursuant to this Article.
NONACCRUAL LOANS. (1) The Bank shall immediately reverse or charge off all interest that has been accrued contrary to the requirements contained in the Instructions for Preparation of
(2) Within one hundred eighty (180) days, the Board shall adopt and implement written policies and procedures governing the supervision and control of nonaccrual loans. Such policies and procedures shall:
(a) be consistent with the accounting requirements contained in the Call Report Instructions;
(b) address the circumstances under which accrued interest due on a loan may be added to the outstanding principal amount when the loan is renewed or restructured; and
(c) require the monthly presentation to the Board of all loans meeting any of the nonaccrual criteria.
(3) Upon adoption, a copy of the written policies and procedures shall be forwarded to the Assistant Deputy Comptroller and the Board shall thereafter ensure Bank adherence to all policies and procedures developed pursuant to this Article.
(4) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policies developed pursuant to this Article.
NONACCRUAL LOANS. (1) The Bank shall immediately reverse or charge off all interest that has been accrued contrary to the requirements contained in the Instructions for Preparation of Consolidated Reports of Condition and Income (Call Report Instructions) governing nonaccrual loans. Further, the Bank shall immediately reverse or charge off that portion of the remaining accrued interest on such loans that, when combined with principal, is not protected by sound collateral values.
(2) Within thirty (30) days, the Board shall adopt and implement written policies and procedures governing the supervision and control of nonaccrual loans. Such policies and procedures shall:
(a) be consistent with the accounting requirements contained in the Call Report Instructions;
(b) address the circumstances under which accrued interest due on a loan may be added to the outstanding principal amount when the loan is renewed or restructured; and
(c) require the monthly presentation to the Board of all loans meeting any of the nonaccrual criteria.
(3) Upon adoption, a copy of the written policies and procedures shall be forwarded to the Assistant Deputy Comptroller and the Board shall thereafter ensure Bank adherence to all policies and procedures developed pursuant to this Article.
NONACCRUAL LOANS. (1) Within thirty (30) days, the Board shall adopt and implement written policies and procedures governing the supervision and control of nonaccrual loans. Such policies and procedures shall:
(a) be consistent with the accounting requirements contained in the Call Report Instructions;
(b) address the circumstances under which accrued interest due on a loan may be added to the outstanding principal amount when the loan is renewed or restructured; and
(c) require the monthly presentation to the Board of all loans meeting any of the nonaccrual criteria.
(2) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policies developed pursuant to this Article.
NONACCRUAL LOANS. (1) Within forty-five (45) days, the Board shall ensure compliance with written policies and procedures governing the supervision and control of nonaccrual loans. Such policies and procedures shall be consistent with the accounting requirements contained in the Call Report Instructions. Management shall continue the monthly presentation to the Board of all loans meeting any of the nonaccrual criteria.
(2) Within forty-five (45) days, the Board shall develop and implement a written policy that shall provide for periodically auditing accrued interest on loans. The policy shall, at a minimum, provide procedures for periodically testing the Bank's identification of nonaccrual loans as governed by the policy adopted pursuant to paragraph (1) above.
(3) Upon adoption, a copy of the written policies and procedures shall be forwarded to the Assistant Deputy Comptroller and the Board shall thereafter ensure Bank adherence to all policies and procedures developed pursuant to this Article.
NONACCRUAL LOANS. (1) Within sixty (60)days, the Board shall ensure compliance with written policies and procedures governing the supervision and control of nonaccrual loans. Such policies and procedures shall be consistent with the accounting requirements contained in the Call Report Instructions. Management shall continue the monthly presentation to the Board of all loans meeting any of the nonaccrual criteria.
(2) Within sixty (60) days, the Board shall ensure that the scope of the Bank’s audit function and/or independent loan review function provide procedures for periodically testing the Bank's identification of nonaccrual loans as governed by the policy adopted pursuant to paragraph (1) above.
(3) Upon adoption, a copy of the written policies and procedures shall be forwarded to the Assistant Deputy Comptroller and the Board shall thereafter ensure Bank adherence to all policies and procedures developed pursuant to this Article.
NONACCRUAL LOANS. (1) The Bank shall immediately reverse or charge off all interest that has been accrued contrary to the requirements contained in the Instructions for Preparation nonaccrual loans. Further, the Bank shall immediately reverse or charge off that portion of the remaining accrued interest on such loans that, when combined with principal, is not protected by sound collateral values.
(2) Within thirty (30) days, the Board shall adopt and implement written policies and procedures governing the supervision and control of non-accrual loans. Such policies and procedures shall:
(a) be consistent with the accounting requirements contained in the Call Report Instructions;
(b) address the circumstances under which accrued interest due on a loan may be added to the outstanding principal amount when the loan is renewed or restructured; and
(c) require the monthly presentation to the Board of all loans meeting any of the non-accrual criteria.
(3) Within thirty (30) days, the Board shall develop and implement a written policy governing the identification of and accounting treatment for non-accrual loans.
(4) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policies developed pursuant to this Article.
NONACCRUAL LOANS. The Bank shall immediately reverse or charge off all interest that has been accrued contrary to the requirements contained in the Instructions for Preparation of Consolidated Reports of Condition and Income (Call Report Instructions) governing nonaccrual loans. Further, the Bank shall immediately reverse or charge off that portion of the remaining accrued interest on such loans that, when combined with principal, is not protected by sound collateral values.
NONACCRUAL LOANS. (1) The Bank shall immediately reverse or charge off all interest that has been accrued contrary to the requirements contained in the Instructions for Preparation of Consolidated
(2) Within sixty (60) days, the Board shall revise, adopt, and implement written policies and procedures governing the supervision and control of nonaccrual loans. Such policies and procedures shall:
(a) be consistent with the accounting requirements contained in the Call Report Instructions;
(b) address the circumstances under which accrued interest due on a loan may be added to the outstanding principal amount when the loan is renewed or restructured; and
(c) require the monthly presentation to the Board of all loans meeting any of the nonaccrual criteria.
(3) In no event, shall the Board approve any exception to the policy adopted pursuant to paragraph (2) of this Article that is inconsistent with the accounting requirements contained in the Call Report Instructions.
(4) Upon adoption, a copy of the written policies and procedures shall be forwarded to the Assistant Deputy Comptroller for review and determination of no supervisory objection.
NONACCRUAL LOANS. (1) Within ninety (90) days, the Bank shall adopt and implement written policies and procedures governing the supervision and control of non accrual loans. Such policies and procedures shall:
(a) be consistent with the accounting requirements contained in the Call Report Instructions;
(b) address the circumstances under which accrued interest due on a loan may be added to the outstanding principal amount when the loan is renewed or restructured; and
(c) require the monthly presentation to the Board or a designated committee of all loans meeting any of the nonaccrual criteria.
(2) Within ninety (90) days, the Bank shall develop and implement a written policy governing the identification of and accounting treatment for nonaccrual loans. The policy shall address paragraph one (1) above as well as the comments on page nine (9) of the XXX and shall be consistent with the accounting requirements contained in the Call Report Instructions.
(3) Upon adoption, a copy of the written policies and procedures shall be forwarded to the Assistant Deputy Comptroller and the Bank shall thereafter adhere to all policies and procedures developed pursuant to this Article.
