§ 11-30-117.5 — Share insurance required - confidentiality

Colorado § 11-30-117.5

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Credit Unions - General Provisions

Text

(1) Each credit union
shall apply for insurance on its shares and deposits as provided by the national
credit union administration board under section 201 of the Federal Credit Union
Act, 12 U.S.C. sec. 1781, or comparable insurance approved by the commissioner.
Credit unions with debt and equity capital consisting primarily of funds from other
credit unions shall not be subject to the requirements of this section.

(2) Any credit union which is denied a commitment for such insurance shall,
within thirty days of such denial, commence steps to liquidate or merge with an
insured credit union or shall apply in writing to the commissioner for an extension of
time to obtain an insurance commitment. The commissioner shall grant one or more
extensions of time to obtain the insurance commitment upon satisfactory evidence
that the credit union has made or is making a substantial effort to satisfy the
conditions precedent to the issuance of an insurance commitment.

(3) No credit union shall be granted a charter by the commissioner unless
such credit union has applied for insurance on its shares and deposits as provided in
this section.

(4) Neither the commissioner, the commissioner's deputy, nor any other
person appointed by the commissioner shall divulge any information acquired in the
discharge of the person's duties; except that:

(a) A person specified in the introductory portion to this subsection (4) may
divulge information acquired in the discharge of the person's duties if doing so is
made necessary by law or under order of court in an action involving the division or
in criminal actions;

(b) Any party entitled to appear in a hearing on an application for a
community credit union charter shall have access to the applicant's proposed
articles or amended articles of incorporation, application for charter, and proposed
bylaws;

(c) The commissioner may furnish information as to the condition of a credit
union to the national credit union administration board or its successors, a qualified
insuring organization, a liquidating agent appointed by the commissioner, a federal
home loan bank, a federal reserve bank, the division of banking, the executive
director of the department of regulatory agencies, or a department or division of
any other state having supervisory authority over credit unions and may accept any
report of examination made on behalf of such board, organization, liquidating
agent, bank, department, or division;

(d) The commissioner may give records or information in the commissioner's
possession to a licensing agency within the department of regulatory agencies
relating to possible misconduct by a person or entity licensed by said agency;

(e) The board, the commissioner, and their respective designees may
exchange information obtained by the division as to possible criminal violations of
any law relating to the activities of a credit union with the appropriate law
enforcement agencies; and

(f) Notwithstanding any provision of this article to the contrary, the
commissioner may disclose any information in the records of the division or
acquired by the commissioner in the discharge of the commissioner's duties that is
available from the national credit union administration board or its successors, or
the disclosure of which has been specifically authorized by the board of directors of
the credit union to which such information relates. Nothing in this section shall be
construed to authorize the board of directors of a credit union to waive any
privileges that belong solely to the financial services board, the division, or its
employees.

Legislative History

Source: L. 81: Entire section added, p. 616, � 2, effective July 1. L. 89: (4) amended, p. 611, � 4, effective April 19. L. 93: (4) amended, p. 1446, � 7, effective June 6. L. 94: (1) and (3) amended, p. 65, � 5, effective July 1. L. 99: (4) amended, p. 1009, � 2, effective August 4. L. 2004: (4) amended, p. 132, � 8, effective July 1. L. 2007: (4) amended, p. 2020, � 13, effective June 1. L. 2008: (4) amended, p. 179, � 1, effective August 5.