§ 23-35-202 — Authority of State Credit Union Supervisor - Rules and regulations

(a) All state-chartered credit unions shall be supervised and regulated by the State Credit Union Supervisor acting pursuant to the authority delegated by this chapter. The supervisor shall be responsible for the enforcement of this chapter and the credit union bylaws, and he or she shall have the authority to adopt rules governing credit unions in a manner consistent with this chapter and other statutes of Arkansas. (b) The supervisor may, irrespective of any limitations in this chapter and subject to other Arkansas law, make reasonable rules authorizing a credit union to exercise any of the powers conferred upon a federally chartered credit union doing business in this state which is subject to the regulations of the National Credit Union Administration, if the supervisor finds that the exercise of the power: (1) Serves the public convenience and advantage; and (2) Equalizes and maintains the quality of competition between state-chartered credit unions and federally chartered credit unions. This includes, but it is not limited to: (A) The offering of the various types of accounts offered by federal credit unions; (B) Designation of the legal relationships of an account holder; (C) Adoption of any dividend paying date or other procedure or practice of paying dividends; (D) Adoption of any business practice, procedure, method, or system authorized for federal credit unions; and (E) The making of any loan or investment that a federal credit union doing business in this state is authorized to make.

Legislative History

Amended by Act 2019, No. 315,§ 2486, eff. 7/24/2019. Acts 1971, No. 132, § 40; 1979, No. 85, § 1; A.S.A. 1947, § 67-940.