§ 533.113 — Examinations

Iowa § 533.113

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

Text

1. The superintendent may do any or all of the following:
a. Make or cause to be made an examination of a credit union whenever the

superintendent believes such examination is necessary or advisable, but in no event less
frequently than once during each twenty-four-month period.
b. Make or cause to be made such limited examinations at such times and with such
frequency as the superintendent deems necessary and advisable to determine the condition
of any state credit union and whether any person has violated the provisions of this chapter.
c. Make or cause to be made an examination of any corporation or credit union service
organization in which a state credit union owns shares or has made an investment.
d. Make or cause to be made an examination of any person having business transactions
or a relationship with any state credit union when such examination is deemed necessary
and advisable in order to determine whether the capital of the state credit union is impaired
or whether the safety of its deposits, its financial information or accounts, or its computer
systems or computer networks, is imperiled.
e. Accept, in lieu of the examination of a state credit union, or any corporation or
credit union service organization in which a state credit union owns shares or has made an
investment, or of any person having business transactions or a relationship with any state
credit union, an examination report prepared by a federal regulatory authority.
f. Accept, in lieu of the examination of a state credit union, an audit report conducted by
a certified public accounting firm selected from a list of firms previously approved by the
superintendent. The cost of the audit shall be paid by the state credit union.
g. Accept, in lieu of the examination of an out-of-state credit union which also conducts
business in this state, an examination report prepared by a state or federal regulatory
authority.
h. Retain, at the examinee’s expense, accountants, investigators, and other experts as
reasonably necessary to assist in the conduct of the examination. Any person so retained
shall serve in a purely advisory capacity at the direction of the superintendent.
2. A state credit union and all of its officers and agents shall give to the representatives of
the superintendent free and unimpeded access to all books, papers, securities, records, and
other sources of information under their control.
3. a. A report of examination shall be forwarded to the chairperson of a state credit union
within thirty days after the completion of the examination. Within thirty days of the receipt
of this report, a meeting of the directors shall be called by the state credit union to consider
matters contained in the report and the action taken shall be set forth in the minutes of the
board.
b. The report of examination of any affiliate or of any person examined as provided in
this subsection shall not be transmitted by the superintendent to any such affiliate or person
or to the board of directors of any state credit union unless authorized or requested by such
affiliate or person.
c. All reports of examinations, including any copies of such reports in the possession of
any person other than the superintendent or employee of the credit union division, including
any state credit union, agency, or institution to which any report of such examination
may be furnished under this section, or section 533.108 or 533.325, shall be confidential
communications, shall not be subject to subpoena from any person except as provided in
section 533.108, subsection 2, paragraph “b”, and shall not be published, shared, or made
public in any way by any person without the written authorization of the credit union
division and the execution of a confidentiality agreement between all of the parties pursuant
to section 533.108, subsection 1, paragraph “d”.
d. All reports of examinations, including any copies of such reports in the possession
of any person other than the superintendent or employee of the credit union division, shall
remain the exclusive property of the credit union division.
4. The superintendent may require any of the following state credit unions to submit to an
additional examination or to an independent audit performed by a certified public accounting
firm as provided in subsection 1, paragraph “f”, at the expense of the state credit union:
a. A state credit union where the records are inadequate.
b. A state credit union in which the books have not been balanced as of the end of the
month not less than thirty days previously.
c. A state credit union whose affairs are in an unfavorable condition.

5. Thesuperintendentmayfurnishacopyoftheexaminationreportandmaterialsrelating
to any or all examinations made of any state credit union and any affiliate of a state credit
union to any or all of the following, including any official or supervising examiner of any
office or regulatory authority:
a. The national credit union administration.
b. The federal deposit insurance corporation.
c. The federal reserve system.
d. The office of the comptroller of the currency.
e. The federal home loan bank.
f. Financial institution regulatory authorities of other states.
g. The financial crimes enforcement network of the United States department of the
treasury.
6. The superintendent may impose a penalty, after notice in writing and opportunity for
a hearing, for a violation of this section. If a state credit union fails to satisfactorily resolve
the matter within sixty days from receipt of such notice, the superintendent may impose a
penalty against the state credit union in an amount not to exceed one hundred dollars per
day per violation for each day that the violation remains unresolved.