§ 1503 — Supervision by department

(a) General rule.--The department may examine an out-of-State credit union:

(1) to the same extent that a Pennsylvania credit union is examined by the regulatory agency with jurisdiction over credit unions in the state in which the out-of-State credit union is incorporated; or

(2) pursuant to an agreement between the department and the regulatory agency with jurisdiction over credit unions in the state in which the out-of-State credit union is incorporated.

(b) Reports of other examinations.--The department may require, as a condition for permitting an out-of-State credit union to operate or to continue to operate in this Commonwealth, that the regulatory agency with jurisdiction over the out-of-State credit union furnish reports of examination regarding the out-of-State credit union to the department.

Legislative History

(Dec. 9, 2002, P.L.1572, No.207, eff. 60 days) 2002 Amendment.Act 207 amended the section heading and subsec. (a).