§ 533.107 — Credit union review board

Iowa § 533.107

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

Text

1. A credit union review board is created. The review board shall consist of seven
members, five of whom shall have been members in good standing for at least the previous
five years of either an Iowa state chartered credit union, or a credit union chartered under the
Federal Credit Union Act, 12 U.S.C. §1751 et seq., and having its principal place of business
in Iowa. Two of the members may be public members; however, at no time shall more than
five of the members be directors or employees of a credit union. The members shall serve
for three-year staggered terms beginning and ending as provided by section 69.19.
2. The members of the review board shall be appointed by the governor subject to
confirmation by the senate. The governor may appoint the members of the review board
from a list of nominees submitted to the governor by the credit unions located in this state.
3. The review board shall hold meetings at the call of the chairperson. Four members
constitute a quorum.
4. Each member of the review board shall receive actual and necessary expenses incurred
in the discharge of official duties. Each member of the review board may also be eligible to
receive compensation as provided in section 7E.6.
5. A member of the review board shall not take part in any action or participate in any
decision when the matter under consideration specifically relates to a credit union of which
the review board member is a member.
6. The review board may adopt rules pursuant to chapter 17A or take other action as it
deems necessary or suitable, to administer this chapter.