Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 14 - Examination Reviews and Investigations › Rule 189-14.6 - Formal Investigations

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Initiation of formal investigations.
Formal investigations
			 shall begin only upon the issuance of a formal order of investigation signed by
			 the superintendent. Subpoenas for testimony and documents may be issued only
			 after a formal investigation has begun.
(2)
Issuance of formal order
			 A
formal order of investigation may be issued by the superintendent,
			 and a formal investigation may be made if the superintendent has a reasonable
			 basis to believe that there may be a violation of Iowa Code chapter 533 or that
			 the safety and soundness of a credit union may be threatened based on any of
			 the following: information received from a member of a credit union, from a
			 member of the public, from a federal or a state agency; from the examination of
			 filings, financial reports, or credit union business records; from an
			 examination review, or from some other occurrence or fact. A formal order of
			 investigation shall set forth the possible violations of law as well as a
			 general statement describing the factual basis for the violations. A formal
			 order shall also specify the division officers authorized to issue subpoenas in
			 the formal investigation.
(3)
Presiding officers.
Formal investigatory proceedings may be
			 held before the superintendent, a deputy superintendent, or any division
			 officer so designated by the superintendent in the formal order of
			 investigation.
(4)
Transcripts.
Transcripts, if any, of formal investigative
			 proceedings shall be recorded solely by the official reporter, or by any other
			 person or means designated by the division officer conducting the
			 investigation. Any witness, upon proper identification, shall have the right to
			 inspect the official transcript of the witness's own testimony at the
			 division's offices. A person who has submitted documentary evidence or has
			 testified as a witness in a formal investigative proceeding shall be entitled,
			 upon written request, and at the person's expense, to procure a copy of the
			 documentary evidence produced by the witness or a transcript of the witness's
			 testimony. However, the division may, for good cause, deny the
			 request.
(5)
Rights of
			 witnesses.
a. Any person who is
			 compelled or requested to furnish documentary evidence or testimony at a formal
			 investigative proceeding shall upon request be shown the division's formal
			 order of investigation. Copies of formal orders of investigation shall not be
			 furnished for their retention to those persons except with the express approval
			 of the superintendent. The superintendent shall not grant approval unless the
			 superintendent is satisfied that there exist reasons for approval which are
			 consistent both with the protection of privacy of persons involved in the
			 investigation and with the unimpeded conduct of the investigation.
b. Any person compelled to appear, or who
			 appears by request or permission of the division, at a formal investigative
			 proceeding may be accompanied, represented and advised by counsel. This means
			 that a witness testifying shall have the right to have an attorney present with
			 the witness during any formal investigative proceeding and to have the
			 attorney:
(1) Advise before, during, and after
			 the conclusion of the examination,
(2) Question the client/witness briefly at
			 the conclusion of the examination to clarify any of the answers the
			 client/witness has given, and
(3)
			 Make summary notes during the examination.
c. Witnesses shall be sequestered and, unless
			 otherwise permitted in the discretion of the division officer conducting the
			 investigation, no person other than the witness's counsel shall be permitted to
			 be present during the witness's examination.