2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part J - Supervision and Regulation › § 26–510.03. Powers of Commissioner

§ 26–510.03. Powers of Commissioner.
(a) The Commissioner may prescribe rules to implement any provision of this subchapter, including defining any term not defined in this subchapter.
(b) The Commissioner may restrict withdrawals from share or deposit accounts, or both, of any District credit union, if the Commissioner determines that circumstances exist making a restriction necessary for the proper protection of shareholders or depositors.
(c) The Commissioner may issue a cease and desist order if the Commissioner has reasonable cause to believe that a District credit union or a foreign credit union operating in the District is engaged in, or is about to engage in, an unsafe or unsound practice or is violating, or has violated, a material provision of any law, rule, or condition imposed in writing by the Commissioner or written agreement made with the Commissioner.
(d) The Commissioner may suspend from office, or prohibit from participation in the conduct of the affairs of a District credit union, a District credit union director, committee member, or officer, if the Commissioner determines that:
(1) The District credit union director, committee member, or officer has:
(A) Committed any violation of a law, regulation, or a cease and desist order;
(B) Engaged or participated in any unsafe or unsound practice in connection with the District credit union; or
(C) Committed or engaged in any act, omission, or practice that constitutes a breach of that person's fiduciary duty as a director, officer, or committee member; and
(2) The conduct described in paragraph (1) of this subsection has resulted in, or will result in, substantial financial loss or other damage that seriously prejudices the interests of the District credit union's members.
(e) The Commissioner may prohibit a foreign credit union director, committee member, or officer from participation in the operation of a foreign credit union in the District, if the Commissioner determines that:
(1) The foreign credit union director, committee member, or officer has:
(A) Committed any violation of a law, regulation, or a cease and desist order;
(B) Engaged or participated in any unsafe or unsound practice in connection with the foreign credit union; or
(C) Committed or engaged in any act, omission, or practice that constitutes a breach of that person's fiduciary duty as a director, officer, or committee member; and
(2) The conduct described in paragraph (1) of this subsection has resulted in, or will result in, substantial financial loss or other damage that seriously prejudices the interests of the foreign credit union's members.
(f) The Commissioner shall have the power to subpoena witnesses and compel their attendance, to require the production of evidence, to administer oaths, and to examine any person under oath in connection with any hearing conducted by the Commissioner.
(g) The Commissioner may suspend the operations of a District credit union or foreign credit union operating in the District, appoint a conservator to take possession or control of the business and assets of a District credit union, and may involuntarily merge or involuntarily liquidate a District credit union, in accordance with this subchapter.
(h) The Commissioner may suspend the declaration of dividends and the payment of interest if the Commissioner has reasonable cause to believe that the District credit union or foreign credit union operating in the District is insolvent.
(i) The Commissioner shall not hold liable under this subchapter any District credit union, foreign credit union operating in the District, or other person for acts or omissions made in reliance on any rule, interpretation, or opinion issued by the Commissioner.
(j) The Commissioner may exercise all rights, authorities, and duties set forth in this subchapter.
(May 6, 2020, D.C. Law 23-86, § 1003, 67 DCR 3476.)