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UNITED STATES OF AMERICA Before The OFFICE OF THRIFT SUPERVISION In the Matter of: Liberty Federal Savings Bank Enid, Oklahoma ITS Docket No. 01532))))))ITS Order No.: WN10037 Effective Date: December
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Prompt corrective action liberty is a regulatory tool used by regulatory agencies to address and correct deficiencies in financial institutions before they become a threat to the institution's financial stability.
Financial institutions that are found to be in violation of regulatory standards are required to file prompt corrective action liberty.
Prompt corrective action liberty should be filled out following the guidelines and instructions provided by the regulatory agency.
The purpose of prompt corrective action liberty is to identify and address deficiencies in financial institutions in a timely manner to prevent them from becoming a threat to the institution's financial stability.
Information such as the nature of the deficiency, the actions taken to address it, and the timeline for correction must be reported on prompt corrective action liberty.
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