§ 533.106 — Employees

Iowa § 533.106

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 533: CREDIT UNIONS

Text

1. a. The superintendent may appoint assistants, examiners, and other employees as
the superintendent considers necessary to the proper discharge of duties imposed upon the
superintendent by the laws of this state.
b. Pay plans shall be established for the credit union division employees, other than
clerical employees, who supervise and examine the accounts and affairs of credit unions
and other persons, subject to supervision and regulation by the superintendent, that are
substantially equivalent to those paid by the national credit union administration and other
federal supervisory agencies in this area of the United States.
2. a. A state credit union, or its officers, directors, or employees, shall not directly or
indirectly make a loan of money or property to the superintendent.
b. The superintendent shall not directly or indirectly accept a loan of money or property
from a state credit union, or its officers, directors, or employees.
3. a. Anemployeeofthecredituniondivision,otherthanthesuperintendent,mayborrow
money from a state credit union only on comparable terms and conditions to those ordinarily
extended to all members of the credit union. The employee shall notify the superintendent
of the acceptance of a loan from a state credit union.
b. The superintendent may restrict borrowing by employees from state credit unions if
the superintendent determines such borrowing will interfere with the functions of the credit
union division.
c. An employee shall not participate in the examination of a credit union where the
employee has a loan.
4. The superintendent or an employee of the credit union division, other than a member
of the review board, shall not perform any services for or be an officer, director, or employee
of a state credit union or any other entity supervised or regulated by the credit union division.
5. A person who violates subsections 1 through 4 shall be permanently disqualified from
acting as an officer, director, or employee of a state credit union and permanently disqualified
from acting as superintendent or an employee of the credit union division.
6. The superintendent or an employee of the credit union division who is convicted, or

an applicant for employment with the credit union division who has been convicted, of theft,
burglary, robbery, larceny, embezzlement, or other crime involving breach of trust, or a crime
involvingmoralturpitude, shallbeforeverdisqualifiedfromholdinganypositioninthecredit
union division.