§ 26-2145 — AUTHORITY TO EXERCISE FEDERAL POWERS

(1) Notwithstanding any other provision of law, but subject to the limitations provided for in this section, a credit union may engage in any activity that it could engage in, exercise any power it could exercise, or make any loan or investment that it could make if it were operating as a federal credit union or a credit union chartered by another state.
(2) Before engaging in any activity or exercising any power afforded under this section, a credit union shall first notify the director of its intent to do so. This notice shall be sent to the director by United States mail, postage prepaid, certified or registered, with return receipt requested, or via email to the director with confirmation of receipt. In either case, delivery is effective as of the date of the department’s confirmation of receipt. Should the director take no action on the request within twenty (20) days of delivery to the director, the right to engage in the action or power so requested shall be deemed granted.
(3) Should the director deny the request, the affected credit union shall have the right to request a hearing before the director, which hearing shall be held within thirty (30) days of the date of the denial.
(4) The director shall have the discretion to deny any request that is inconsistent with the purposes of this chapter.
(5) No such approval shall operate to deny the director of any of his authority under this chapter and such permitted activity shall be subject to regulation by the director.

Legislative History

[26-2145, added 1984, ch. 95, sec. 2, p. 221; am. 1997, ch. 111, sec. 3, p. 270; am. 2024, ch. 130, sec. 8, p. 527.]