The NCUA Board may institute proceedings to terminate the insured status of an insured credit union whenever it determines that an insured credit union is:
(a) Engaging or has engaged in unsafe or unsound practices in conducting its business;
(b) In unsafe or unsound condition to continue as an insured credit union; or
(c) Violating or has violated any applicable law, rule, regulation, order, written condition imposed by the NCUA Board in response to any action on any application, notice, or other request by the credit union or institution-affiliated party, or any written agreement entered into with the NCUA Board.
[56 FR 37767, Aug. 8, 1991, as amended at 71 FR 67440, Nov. 22, 2006]