§ 8D — Examination of affairs of foreign credit union or out-of-state federal credit union

Massachusetts § 8D

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title XXII: CORPORATIONS
• Ch. 171: CREDIT UNIONS

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Section 8D. The commissioner shall, in the manner prescribed in section 2 of chapter 167, examine any foreign credit union or out-of-state federal credit union that operates a branch in the commonwealth and shall inspect and examine the affairs of such a credit union, to the extent of its operations in the commonwealth, to ascertain its financial condition and whether it has complied with all applicable laws. The lawful charges incurred by reason of the examination shall be paid by the credit union examined. The commissioner shall preserve a full record of each such examination. Records and information contained in the report of any examination, other than information required by law to be published or to be open to the inspection of the public, shall be open only to the inspection of the commissioner, the commissioner's examiners and assistants and other officers of the commonwealth as may have occasion and authority to inspect the records in the performance of their official duties. Nothing in this section shall be construed to prohibit the required production of such records and information contained in examination reports before a court of this commonwealth or a master or auditor appointed by the court in a criminal or civil proceeding therein pending, affecting the branch in the commonwealth or out-of-state branch, its officers, directors or employees.Copies of reports of such examinations shall be furnished to the parent credit union of the branch examined for its use only and shall not be exhibited to any other person, organization or agency without the prior written approval of the commissioner. The commissioner may, in the commissioner's discretion, furnish to any credit union regulatory agency or law enforcement agency or the banking departments of other states such information, reports and statements relating to the institutions under the commissioner's supervision as the commissioner deems appropriate.The commissioner, in making the examination, shall have free access to the vaults, books and papers of foreign credit union or out-of-state federal credit union and may summon the directors, officers or agents thereof, and such other witnesses as deemed necessary for examination relative to the affairs, transactions and condition of such credit unions, and for that purpose is empowered to administer oaths.Notwithstanding anything in this section to the contrary, the commissioner may enter into cooperative agreements with credit union regulators in jurisdictions other than the commonwealth to facilitate the regulatory supervision of branches in the commonwealth and out-of-state branches including agreements relative to the coordination of examinations or joint participation in examinations of the branches and may accept reports of examinations by the regulators pursuant to such agreements. The commissioner may also enter into such agreements providing for enforcement actions against branches in the commonwealth and out-of-state branches. Any such agreement may include provisions relative to the amount and assessment of fees for an examination or enforcement actions. Nothing in this section shall be construed as limiting in any way the authority of the commissioner to independently conduct examinations of and enforcement actions against any branch in the commonwealth or out-of-state branch.