District of Columbia § 26-510.07 Examinations.

District of Columbia Statutes

§ 26-510.07 — Examinations.

District of Columbia § 26-510.07

JurisdictionDistrict of Columbia

Title 26Banks and Other Financial Institutions.

Ch. 5Credit Unions.

Subch. ICredit Union Act of 2020.

Part JSupervision and Regulation.

This text of District of Columbia § 26-510.07 (Examinations.) is published on Counsel Stack Legal Research, covering District of Columbia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

D.C. Code § 26-510.07 (2026).

Text

(a)The Commissioner shall examine or cause to be examined each District credit union on a regular basis. A District credit union and any of its officers and agents shall give full access to all books, papers, securities, records, and other sources of information (collectively "sources of information") under their control to the Commissioner or the Commissioner's agents, unless the disclosure of these sources of information is prohibited by law.

(b)A report of the examination conducted pursuant to subsection (a) of this section ("examination report") shall be forwarded by the Commissioner or the Commissioner's designee to the District credit union's chair of the board within 30 days after completion. The examination report shall contain comments relative to the management of the affairs

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(a) The Commissioner shall examine or cause to be examined each District credit union on a regular basis. A District credit union and any of its officers and agents shall give full access to all books, papers, securities, records, and other sources of information (collectively "sources of information") under their control to the Commissioner or the Commissioner's agents, unless the disclosure of these sources of information is prohibited by law.

(b) A report of the examination conducted pursuant to subsection (a) of this section ("examination report") shall be forwarded by the Commissioner or the Commissioner's designee to the District credit union's chair of the board within 30 days after completion. The examination report shall contain comments relative to the management of the affairs of the District credit union and the general condition of District credit union's assets. The board of directors of the District credit union shall meet to consider and respond to matters contained in the examination report within 30 days of receipt of the report.

(c) All information contained in or related to the examination report prepared by, or on behalf of, the Commissioner shall be deemed the confidential property of the Department. No officer, employee, or agent of the Department or the District credit union may disseminate the contents of an examination report for any reason other than the business of the Department or the District credit union. Violation of this subsection constitutes a misdemeanor and upon conviction thereof the misdemeanant shall be fined not more than $ 1,000 for each violation. The contents of the examination report shall not be subject to subpoena.

(d) The Commissioner may accept an examination of the credit union made by the NCUA in lieu of making an examination of a District credit union. The cost of any examination under this subsection shall be borne by the District credit union; except, that the costs of any regular or special examination shall not be assessed more than once annually.

(e) The Commissioner shall adopt rules that ensure consistency and due process in the examination process. The Commissioner may also establish guidelines and provide formal guidance, interpretive letters, or other written materials that:

(1) Define the scope of the examination process; and

(2) Clarify examination items to be resolved.