This section is a summary of SUP 7.
The FSA's Handbook primarily contains provisions that apply to all credit unions. However, the FSA may judge it necessary or desirable to impose additional requirements on a credit union or amend the activities it has permission to undertake. Doing so enables the FSA to take account of a credit union's individual circumstances and assists the FSA in meeting its regulatory objectives.
The FSA expects to maintain a close working relationship with credit unions and expects that routine supervisory matters can be resolved by issuing guidance. However, the FSA may seek to vary a credit union'spermission:
if it is appropriate to act formally so that enforcement action can be taken if necessary;
so that a credit union can comply without breaking agreements with third parties.