Unsafe or unsound practice definition

Unsafe or unsound practice means a practice or conduct by a person licensed to engage in money transmission or an authorized delegate of such a person, which creates the likelihood of material loss, insolvency, or dissipation of the licensee’s assets, or otherwise materially prejudices the interests of its customers.

Unsafe or unsound practice means a practice or conduct by a

Unsafe or unsound practice means any action, or lack of

Examples of Unsafe or unsound practice in a sentence

• Unsafe or unsound practice" means any action, or lack of action, which is contrary to generally accepted stan- dards of prudent operation, the likely consequences of which, if continued, would be abnormal risk of loss or danger to a credit union, its members, or an organization insuring or guaranteeing its shares and deposits.

• The NCUA Board has determined, after providing the credit union with notice and opportunity for hearing pursuant to § 747.2003 of this chapter, that the credit union is in an unsafe or un- sound condition; or(2) Unsafe or unsound practice.

• TheOCC has determined, after notice and opportunity for hearing pursuant to subpart M of part 19 of this chapter with respect to national banks and § 165.8 with respect to Federal savings associations, that the national bank or Federal savings association is in unsafe or unsound condition; or(2) Unsafe or unsound practice.

• Unsafe or unsound practice" means any action, or lack of action, which is contrary to generally accepted standards of prudent operation, the likely consequences of which, if continued, would be abnormal risk of loss or danger to a credit union, its members, or an organization insuring or guaranteeing its shares and deposits.

• As a condition of Federal deposit insurance, all insured deposi- tory institutions must remain in a safe and sound condition.(b) Unsafe or unsound practice.

More Definitions of Unsafe or unsound practice

Unsafe or unsound practice means a practice or conduct by a person licensed to do business in this State that creates the likelihood of material loss, insolvency, or dissipation of the licensee’s assets, or otherwise materially prejudices the interests of its customers.

Unsafe or unsound practice means a practice or con- duct by a person licensed or required to be licensed by the act to provide money services, or an authorized delegate of such a person, which creates the likelihood of material loss, insol- vency, or dissipation of the licensee's assets, or otherwise materially prejudices the financial condition of the licensee or the interests of its customers.

Unsafe or unsound practice means any action, or lack of action, which is contrary to generally accepted standards of prudent operation, the likely consequences of which, if continued, would be abnormal risk of loss or danger to a credit union, its members, or an organization insuring or guaranteeing its shares and deposits. [2022 c 15 § 1; 2017 c 61 § 1. Prior: 2015 c 114 § 1; 2013 c 34 § 1; 2010 c 87 § 1; 2001 c 83 § 1; 1997 c 397 § 2; prior: 1994 c 256 § 68; 1994 c 92 § 175; 1984 c 31 § 2.]

Unsafe or unsound practice means a practice or conduct by a person licensed to engage in money transmission or an authorized delegate of such a person which creates the likelihood of material loss, insolvency, or dissipation of the licensee’s assets, or otherwise materially prejudices the interests of its customers.2003 Acts, ch 96, §2, 42Referred to in §533A.2 533C.103 Exclusions.This chapter does not apply to:1. The United States or a department, agency, or instrumentality thereof.2. A money transmission by the United States postal service or by a contractor on behalf of the United States postal service.3. A state, county, city, or any other governmental agency or governmental subdivision of a state.4. The following entities whether chartered or organized under the laws of a state or of the United States: a bank, bank holding company, savings and loan association, savings bank, credit union, office of an international banking corporation, branch of a foreign bank, corporation organized pursuant to the federal Bank Service Company Act, 12 U.S.C. §1861 – 1867, or corporation organized under the federal Edge Act, 12 U.S.C. §611 – 633.5. Electronic funds transfer of governmental benefits for a federal, state, county, or governmental agency by a contractor on behalf of the United States or a department, agency, or instrumentality thereof, or a state or governmental subdivision, agency, or instrumentality thereof.6. A board of trade designated as a contract market under the federal Commodity Exchange Act, 7 U.S.C. §1 – 25, or a person that, in the ordinary course of business, provides clearance and settlement services for a board of trade to the extent of its operation as or for such a board.7. A registered futures commission merchant under the federal commodities laws to the extent of its operation as such a merchant.8. A person that provides clearance or settlement services pursuant to a registration as a clearing agency or an exemption from such registration granted under the federal securities laws to the extent of its operation as such a provider.9. An operator of a payment system to the extent that it provides processing, clearing, or settlement services, between or among persons excluded by this section, in connection with wire transfers, credit card transactions, debit card transactions, stored-value transactions, automated clearing house transfers, or similar funds transfers.10. A person registered as a securities broker-dealer under federal or state securities laws to the exte...

Unsafe or unsound practice means any practice or conduct found by the office to be contrary to generally accepted standards applicable to a financial institution, or a violation of any prior agreement in writing or order of a state or federal regulatory agency, which practice, conduct, or violation creates the likelihood of loss, insolvency, or dissipation of assets or otherwise prejudices the interest of the financial institution or its depositors or members. In making this determination, the office must consider the size and condition of the financial institution, the gravity of the violation, and the prior conduct of the person or institution involved.

Unsafe or unsound practice means any action, or

Unsafe or unsound practice means a practice or conduct by a licensee or an authorized delegate which creates the likelihood of material loss, insolvency, or dissipation of the licensee's assets, or otherwise materially prejudices the financial condition of the licensee or the interests of its customers.