This is a special Archive Thursday episode of With Flying Colors. In this conversation with Todd Miller and Steve Farrar, we dive into what happens when a credit union is downgraded to a CAMEL Code 3.

We explore how NCUA approaches Code 3 institutions, what extra exams and follow-ups to expect, the impact of documents of resolution and regional director letters, and why boards and management must act decisively to restore stability.

Packed with decades of insider perspective, this episode is a must-listen for anyone wanting to understand the practical realities of moving from a 1 or 2 to a 3.