FFIEC: Uniform Retail Credit Classification and Account Management Policy (65 FR 36903 June 12, 2000)

A credit union’s written loan workout policy must establish sound controls to ensure loan workout actions are appropriately structured. The NCUA suggests that in developing the written policy, the credit union board and management may consider similar parameters as those established in this FFIEC Policy. The FFIEC Policy sets forth specific limitations on the number of times a loan can be re-aged (for open-end accounts) or extended, deferred, renewed or rewritten (for closed-end accounts).