{"data":{"id":"us/12-cfr-715.11","jurisdiction":"us","citation":"12 CFR 715.11","heading":"Sanctions for failure to comply with this part.","body":"(a) Sanctions. Failure of a supervisory committee and/or its independent compensated auditor or other person to comply with the requirements of this section, or the terms of an engagement letter required by this section, is grounds for:\n(1) The regional director to reject the supervisory committee audit and provide a reasonable opportunity to correct deficiencies;\n(2) The regional director to impose the remedies available in § 715.12, provided any of the conditions specified therein is present; and\n(3) The NCUA Board to seek formal administrative sanctions against the supervisory committee and/or its independent, compensated auditor pursuant to section 206(r) of the Federal Credit Union Act, 12 U.S.C. 1786(r).\n(b) State Charters. In the case of a federally-insured state chartered credit union, NCUA shall provide the state regulator an opportunity to timely impose a remedy satisfactory to NCUA before exercising it authority under § 741.202 of this chapter to impose a sanction permitted under paragraph (a) of this section.","path":["Title 12—Banks and Banking","CHAPTER VII—NATIONAL CREDIT UNION ADMINISTRATION","SUBCHAPTER A—REGULATIONS AFFECTING CREDIT UNIONS","PART 715—SUPERVISORY COMMITTEE AUDITS AND VERIFICATIONS"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-12.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:16Z","sha256":"bc05de16e4a43eeac7cf94422a7ae984c8f52d5259e5007039bf1191f2e1fddc","source_id":"us-cfr","stale":true,"prev":"us/12-cfr-715.10","next":"us/12-cfr-715.12"},"notice":"GroundRules: Original legal text. Not legal advice."}