reglab/statecodes huggingface dataset:
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 5 - Debt Cancellation Products › Rule 189-5.12 - Exception for Guarantee Automobile Protection or Guarantee Asset Protection (GAP) and Other Debt Cancellation Products Offered by Credit Unions Through Unaffiliated, Nonexclusive Agents

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 Credit unions offering Guarantee Automobile Protection or Guarantee Asset
			 Protection (GAP) and other debt cancellation products through unaffiliated,
			 nonexclusive agents, most notably on vehicle loans made available through
			 automobile dealers, are exempt from compliance with respect to:
a. The requirement to notify the
			 superintendent of the existence of the Guarantee Automobile or Asset Protection
			 (GAP) or other types of debt cancellation products in subrule 5.3(5);
b. The requirement that a credit union which
			 offers a borrower a debt cancellation product without a refund also must offer
			 a borrower a bona-fide option to purchase a comparable debt cancellation
			 product that provides for a refund in subrule 5.5(1);
c. The requirement to provide the long-form
			 disclosure in rule 189-5.10 (533); and
d. The requirement to obtain a borrower's
			 written acknowledgment of receipt of disclosures in subrule 5.7(4).
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 6 - Branch Offices › Rule 189-6.1 - Establishment of Branch Offices

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Definition.
A branch office is determined to be a place where
			 ordinary services of the credit union are provided to the members.
(2)
Application.
A state
			 chartered credit union desiring to establish and operate a branch or
			 administrative office shall submit to the superintendent an "Application to
			 Establish a Branch or Office." A state chartered credit union owning an
			 interest in a credit union service organization shall submit to the
			 superintendent an "Application to Establish a Branch or Office" for any
			 building which is intended to be used primarily by the credit union or credit
			 union members, even if the building is owned by the credit union service
			 organization. The application and instructions for preparing and filing it are
			 furnished upon request. However, the superintendent may waive the application
			 requirement when in the superintendent's opinion the waiver is necessary or
			 desirable.
(3) Reserved for hearing
			 and notice.
(4)
Guidelines.
In determining whether or not approval of a branch
			 office should be granted, the superintendent will consider the following
			 factors:
a. Whether the establishment of a
			 branch office is reasonably necessary for service to, and is in the best
			 interest of, the applicant credit union's membership.
b. Whether the member population density and
			 other economic characteristics of the area primarily to be served by the
			 proposed office afford reasonable promise of adequate support for the
			 office.
c. Whether the capital
			 structure of the applicant credit union is adequate in relation to the costs
			 and anticipated increased business, if any, occasioned by the proposed branch
			 office.
d. Whether the operation
			 and management of the applicant credit union is such as will adequately provide
			 for a branch office operation.
e.
			 Such other factors as the superintendent determines appropriate or necessary in
			 determining an applicant credit union's ability to establish and operate a
			 branch office.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 6 - Branch Offices › Rule 189-6.2 - Change of Location of Branch Office

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A credit union desiring to move its
			 branch office shall submit to the superintendent an application to relocate a
			 branch office. The rules governing the establishment of a branch office shall
			 also govern the relocation of a branch office.
(2) If a credit union elects to cease
			 operations at a branch office facility such credit union shall notify the
			 superintendent at least 60 days prior to the effective date of ceasing such
			 operations.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 7 - Low-income Designated Credit Union › Rule 189-7.1 - Authority

Current through Register Vol. 47, No. 3, July 24, 2024
Iowa Code subsection 533.301(1)  grants a credit union the power to receive from its members, nonmembers where the credit union is serving predominantly low-income members, other credit unions, and federal, state, county, and city governments, payments on shares or as deposits.
Low-income designated credit unions must comply with the National Credit Union Administration (NCUA) Rules and Regulations applicable to all federally insured credit unions. In particular, NCUA Rules and Regulations, Parts 701.32, 701.34 and 705, apply specifically to low-income designated credit unions.
A low-income designated credit union has the same purpose as all other credit unions: to create a source of credit at a fair and reasonable rate of interest; to encourage habits of thrift among its members; and to provide the opportunity for people to use and control their savings for their mutual benefit. In addition, these credit unions have the additional requirement that a majority of their members must be at or below the income standards set by these rules.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 7 - Low-income Designated Credit Union › Rule 189-7.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
The following words and terms, when used in these rules, shall have the meaning indicated:
"Account"
or
"accounts"
means share, share draft, certificate and deposit accounts of a member (including public unit and nonmembers permitted by the Iowa Code) in a credit union which evidences money or its equivalent received or held by a credit union in the usual course of business and for which it has given or is obligated to give credit to the account of the member.
"Low-income member"
means those members who make less than 80 percent of the average for all wage earners as established by the Bureau of Labor Statistics, or those members whose annual household income falls at or below 80 percent of the median household income for the nation as established by the Census Bureau, or those members otherwise defined as low-income as determined by the superintendent and the National Credit Union Administration Board. The term "low-income member" also includes those members who are enrolled as full-time or part-time students in a university, college, high school, or vocational school.
"Member "
or
"members "
means those persons enumerated in the credit union's field of membership who have been elected to membership in accordance with the credit union's bylaws and the Iowa Code. It also includes those nonmembers permitted by the Iowa Code to maintain an account in a credit union, including nonmember financial institutions and nonmember public units and political subdivisions.
"Political subdivision "
means any subdivision of a public unit, as defined by this subrule, or any principal department of such public unit, (1) the creation of which subdivision or department has been expressly authorized by state statute, (2) to which some functions of government have been delegated by state statute, and (3) to which funds have been allocated by statute or ordinance for its exclusive use and control. It also includes drainage, irrigation, navigation improvement, levee, sanitary, school or power districts and bridge or port authorities and other special districts created by state statute or compacts between states. Excluded from the term are subordinate or nonautonomous divisions, agencies, or boards within principal departments.
"Predominantly"
means a majority greater than 50 percent.
"Public unit"
means the United States, any state of the United States, the District of Columbia, any commonwealth, zone, territory or possession of the United States, any county, municipality, or political subdivision thereof, or any Indian tribe as defined in Section 3(c) of the Indian Financing Act of 1974.
"Subordinated debt account"
means a debt having a claim against the issuer's assets that is lower in ranking, or junior to, other obligations, and is paid after claims to holders of senior securities are satisfied.
"Superintendent"
means the superintendent of credit unions for the credit union division of the Iowa department of commerce.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 7 - Low-income Designated Credit Union › Rule 189-7.3 - Low-income Designation Documentation

Current through Register Vol. 47, No. 3, July 24, 2024
A credit union requesting designation, or a group requesting a charter, as a low-income credit union must submit a written request for a low-income designation to, and receive approval from, the superintendent. The credit union or group must provide documentation supporting that the majority of the members, or potential members in the case of a newly organized credit union, meet the low-income designation.
In determining whether a credit union is or will be, in the case of a newly organized credit union, serving a low-income membership, any one of the following methods may be used:
(1)
Loan survey.
Based on a
			 100 percent survey of the loans, more than 50 percent of the credit union's
			 borrowers must qualify as low-income members.
(2)
Member survey.
Based on
			 a 100 percent survey of the current members, more than 50 percent of the credit
			 union's members must qualify as low-income members.
(3)
Zip code analysis.
Based
			 on a 100 percent survey of the zip code residence of all current members, more
			 than 50 percent of the credit union's current members must reside in defined
			 low-income zip codes, based on current U.S. Census Bureau's median household
			 income statistics.
(4)
Other methods.
Any other method determined by the
			 superintendent which shows reasonable evidence that more than 50 percent of the
			 credit union's members, or potential members in the case of a newly chartered
			 credit union, qualify as low-income or live in areas where a majority of the
			 residents are low-income.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 7 - Low-income Designated Credit Union › Rule 189-7.4 - Nonmember Deposits

Current through Register Vol. 47, No. 3, July 24, 2024
Low-income credit unions can receive nonmember shares and deposits from any source, including other financial institutions, public units, philanthropic individuals or groups such as churches and foundations, and the Community Development Revolving Loan Program. Nonmember account holders shall not have the rights and privileges afforded by Iowa Code chapter 533 to members of a credit union, and are limited in their involvement with a credit union to that specified by this rule.
(1)
Limitations.
Unless a greater amount has been approved by the
			 superintendent, the maximum aggregate amount of all public unit and nonmember
			 accounts shall not, at any given time, exceed 20 percent of the total shares
			 and deposits of the credit union or $1.5 million, whichever is
			 greater.
(2)
Exception to
			 limit.
Before accepting any public unit or nonmember accounts in
			 excess of 20 percent of total shares and deposits, the board of directors must
			 adopt a specific written plan concerning the intended use of these accounts and
			 forward a copy to, and receive approval from, the superintendent.
a. The plan must include:
(1) A statement of the credit union's needs,
			 sources and intended uses of public unit and nonmember shares and
			 deposits;
(2) Provision for
			 matching maturities of public unit and nonmember shares and deposits with
			 corresponding assets, or justification for any mismatch; and
(3) Provision for adequate income spread
			 between public unit and nonmember shares and corresponding assets.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 7 - Low-income Designated Credit Union › Rule 189-7.5 - Removal of Low-income Designation

Current through Register Vol. 47, No. 3, July 24, 2024
Once a credit union qualifies for low-income designation, it is presumed that the status will be retained. However, the income level of the field of membership may increase due to improvement in economic conditions, or the merger or expansion of the credit union. Documentation regarding continued low-income status eligibility will be reviewed during each regular examination of the credit union to ensure that the credit union continues to meet the standards established by this rule. Final decision regarding removal of low-income designation rests with the superintendent. Removals may be appealed to the credit union review board in a timely manner.
(1)
Reason for removal.
The
			 designation as a low-income credit union may be removed by the superintendent:
a. At the request of the credit union if it
			 is determined by the superintendent that to do so will not adversely affect the
			 members of the credit union and that the removal action would be in the public
			 interest; or
b. If, after notice to
			 the credit union and the opportunity for a hearing, the superintendent
			 determines that the credit union no longer meets the standards and limitations
			 established by this rule and that the removal action would be in the public
			 interest.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 7 - Low-income Designated Credit Union › Rule 189-7.6 - Receipt of Secondary Capital

Current through Register Vol. 47, No. 3, July 24, 2024
A low-income designated credit union may offer secondary capital accounts to nonnatural person members and nonnatural person nonmembers, subject to the approval of the superintendent. Prior to offering secondary capital accounts, the board of directors must adopt a plan for the use of the funds and forward a copy to, and receive approval from, the superintendent.
(1)
Terms and
			 conditions of a secondary capital account. A
secondary capital account
			 must be consistent with the following terms and conditions:
a. A secondary capital account contract
			 agreement must be executed between an authorized representative of the account
			 holder and the credit union, accurately disclosing the terms and conditions
			 consistent with this subrule. A copy of the agreement must be retained by the
			 credit union throughout the term of the agreement;
b. A secondary capital account must be
			 established as a subordinated debt account and may not be pledged as security
			 on any loan or other obligation with the credit union or any other
			 party;
c. Funds in a secondary
			 capital account must be subordinate to all other claims made upon the credit
			 union, including those of shareholders, creditors and the National Credit Union
			 Share Insurance Fund;
d. The stated
			 maturity of a secondary capital account must be at least five years, may not be
			 redeemed prior to its maturity, may be interest-bearing, and will not be
			 eligible for insurance coverage by any governmental or private
			 entity;
e. Funds in a secondary
			 capital account must be made available to cover operating losses realized by
			 the credit union which exceed the credit union's net available reserves and
			 undivided earnings, exclusive of the allowance for loan and investment losses
			 accounts. Losses are to be divided on a pro-rata basis among all secondary
			 capital accounts held by a credit union at the time of the loss and, to the
			 extent such funds are used, the credit union shall not restore or replenish the
			 account; and
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 7 - Low-income Designated Credit Union › Rule 189-7.7 - Funding Secondary Capital

Current through Register Vol. 47, No. 3, July 24, 2024
At least 30 days prior to funding any secondary capital
				agreement, a credit union shall notify the superintendent and provide the
				secondary capital account contract agreement, accurately disclosing the terms
				and conditions of the agreement, and due diligence completed by the credit
				union.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 8 - Accounts › Rule 189-8.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
"Account"
or
"accounts "
means shares, certificates or share draft accounts of a member in a credit union or a public unit which are approved under Iowa Code chapter 533.
"Member"
means a natural person or an entity within the field of membership who has become eligible for credit union services and has been accepted for membership by the credit union.
"Public unit"
means the United States, a state of the United States, a county, municipality or a political subdivision thereof.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 8 - Accounts › Rule 189-8.2 - Insurance Required

Current through Register Vol. 47, No. 3, July 24, 2024
All accounts of a credit union shall be insured in accordance with Iowa Code chapter 533. Credit unions shall provide notice to members of the amount and type of deposit insurance coverage on members' accounts at each main and branch office location. Information regarding insured deposits shall be made available to members upon request. The notice and information requested under this rule shall not limit the notice for information required by the credit union deposit insurer.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 8 - Accounts › Rule 189-8.3 - Authorized Accounts

Current through Register Vol. 47, No. 3, July 24, 2024
Credit unions are authorized to have accounts as provided under Iowa Code chapter 533 which are clarified and explained under this chapter and are consistent with the laws of the residence of the account holder. This shall include, but not be limited to: ownership accounts, trust accounts, executor accounts, corporate accounts, IRA and Keogh accounts, deferred compensation accounts, and public unit accounts.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 8 - Accounts › Rule 189-8.4 - Ownership Accounts

Current through Register Vol. 47, No. 3, July 24, 2024
Ownership accounts shall mean accounts owned by single individuals or their agents or nominees; accounts held by a guardian, custodian, or conservator for the benefit of a ward or minor; or accounts owned by more than one person whether as joint tenants with right of survivorship, as tenants in common, or by husband and wife as community property.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 8 - Accounts › Rule 189-8.5 - Trust Accounts

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Credit
			 unions shall receive trust accounts only as depositories and not as trustees of
			 trust accounts.
(2) Trust accounts
			 shall include irrevocable trust accounts, revocable trust accounts and
			 testamentary accounts. Testamentary accounts shall include tentative or
			 "Totten" trust accounts, payable-upon-death accounts, or any account which
			 evidences an intention that the funds of the account shall pass on the death of
			 the owner of the funds to a named beneficiary.
(3) To the extent required by law, funds held
			 in revocable trust accounts and testamentary accounts shall be subject to the
			 debts of the owner of the account and to inheritance tax. Within 30 days of
			 notice of the death of an owner of funds held in a revocable trust account or a
			 testamentary account, the credit union shall notify the executor of the
			 deceased owner's estate, or the beneficiary, of the existence and current
			 balance of the account.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 8 - Accounts › Rule 189-8.6 - Executor Accounts

Current through Register Vol. 47, No. 3, July 24, 2024
Executor accounts shall include accounts established for the purpose of administering funds held on deposit in the name of a decedent, either in the name of the decedent or in the name of an executor or administrator of the decedent's estate.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 8 - Accounts › Rule 189-8.8 - Ira and Keogh Accounts

Current through Register Vol. 47, No. 3, July 24, 2024
IRA and Keogh accounts shall include accounts of a participant or designated beneficiary of a trust or custodial account maintained pursuant to a pension or profit-sharing plan described and authorized by the U.S. Internal Revenue Code.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 9 - Real Estate Lending › Rule 189-9.1 - Real Estate Lending

Current through Register Vol. 47, No. 3, July 24, 2024
These rules shall apply to real estate-related loans either
				originated by a credit union or acquired by purchase, assignment or
				otherwise.
(1) The board of directors
			 of the credit union shall formulate and maintain a written real estate lending
			 policy that is appropriate for the size of the credit union and the nature and
			 scope of its operation. Each policy must be comprehensive and consistent with
			 safe and sound lending practices. The standards and limits established in the
			 policy must be reviewed and approved at least annually by the board. The real
			 estate lending policy should reflect the level of risk that is acceptable to
			 the board and should provide clear and measurable underwriting standards that
			 enable the credit union's lending staff to evaluate all relevant credit
			 factors. The real estate lending policy, at a minimum, should:
a. Establish loan portfolio diversification
			 standards.
b. Set appropriate terms
			 and conditions by type of real estate loan.
c. Establish loan origination and approval
			 procedures.
d. Establish prudent
			 underwriting standards which include clear and measurable loan-to-value
			 limitations.
e. Establish review
			 and approval procedures for exempted loans.
f. Establish loan administration
			 procedures.
g. Establish real
			 estate appraisal and evaluation programs.
h. Monitor the portfolio and provide timely
			 reports to the board of directors.
i. Establish conformance with secondary
			 market investor requirements where applicable.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 9 - Real Estate Lending › Rule 189-9.2 - Evidence of Title

Current through Register Vol. 47, No. 3, July 24, 2024
When lending for the purpose of acquisition or for the purpose of refinance of acquisition, when a new mortgage, deed of trust, or similar instrument is filed, the credit union shall obtain either:
1. A written legal opinion by an attorney
			 admitted to practice in the state in which the real estate is located showing
			 marketable title in the mortgagor and describing any existing liens and stating
			 that the credit union's mortgage, deed of trust, or similar instrument is a
			 first lien on the real estate; or
2. Title insurance written by an insurance
			 company licensed to do business in the state in which the real estate is
			 located describing any existing liens and insuring the title to the real estate
			 and the validity and enforceability of the mortgage, deed of trust, or similar
			 instrument as a first lien on the real estate.
This rule is intended to implement Iowa Code section
				533.315(4)
"a. "
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 10 - Corporate Central Credit Union › Rule 189-10.1 - Corporate Central Credit Union Powers

Current through Register Vol. 47, No. 3, July 24, 2024
A corporate central credit union established in accordance with Iowa Code chapter 533 shall have all the powers, restrictions, and obligations imposed upon or granted to a credit union established in accordance with that chapter, the additional powers permitted under Iowa Code section 533.213, and such other powers granted to federally chartered corporate central credit unions under Part 704 of the National Credit Union Administration Rules and Regulations.
This rule is intended to implement Iowa Code section 533.213.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 11 - Insolvency › Rule 189-11.2 - Factors Considered

Current through Register Vol. 47, No. 3, July 24, 2024
In determining whether a credit union is insolvent, the superintendent shall, among other things, consider the following:
1. Amount and length of delinquent
			 loans;
2. Available
			 reserves;
3. Source of operating
			 funds;
4. Book and market value of
			 assets; and
5. Current and expected
			 operating expenses.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 11 - Insolvency › Rule 189-11.3 - First Year of Operation

Current through Register Vol. 47, No. 3, July 24, 2024
A credit union in its first year of operation will not be subject to the insolvency provisions of rules 11.1(533) and 11.2(533) unless the extent of the insolvent condition threatens the safety and soundness of the credit union, or unless the credit union has violated a provision of Iowa Code chapter 533.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 12 - Votes of the Membership › Rule 189-12.1 - Voting Requirements and Eligibility

Current through Register Vol. 47, No. 3, July 24, 2024
(1) All elections
			 are determined by plurality vote.
(2) A member shall have one vote regardless
			 of the number of or class of shares held by the member. Jointly held ownership
			 shares are entitled to one vote, and joint tenants shall not be permitted to
			 cast more than one vote per ownership share jointly held.
(3) Members shall not vote by
			 proxy.
(4) A member other than a
			 natural person may cast a single vote through a delegated agent.
(5) Members shall be at least 16 years of age
			 by the date of the meeting in order to vote, sign nominating petitions, or sign
			 petitions requesting special meetings.
(6) Members shall be at least 18 years of age
			 by the date of the meeting where the election or appointment will occur in
			 order to hold an elected or appointed position.
(7) The quorum for membership votes shall be
			 no less than twice the members of the board of directors, plus two, as recorded
			 in the credit union's bylaws.
(8)
			 Member voting shall be conducted in accordance with rules 189-12.2 (533) and
			 189-12.3 (533) and any specific voting requirements established for individual
			 substantive voting.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 12 - Votes of the Membership › Rule 189-12.2 - Voting Procedures

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Vote by
			 board of directors.
The board of directors shall, by majority vote,
			 select the method of voting for any vote of the membership, in accordance with
			 Iowa Code section 533.203. Each credit union member shall have a meaningful
			 opportunity to vote in a membership vote.
(2)
Election committee.
The
			 board shall appoint an election committee of not fewer than five members, none
			 of whom may have a vested interest in the substantive vote and no more than two
			 of whom may be from the board of directors.
a.
			 It is the duty of the election committee to oversee balloting, to tabulate
			 votes or cause the votes to be tabulated by an independent vendor, to ensure
			 that each member shall only be allowed to vote once, and to ensure that
			 multiple ballots submitted by the same member are disqualified.
b. Prior to any meeting where voting is also
			 scheduled to take place, the election committee shall tally all properly cast
			 ballots and take the tallies to the meeting. If no meeting is scheduled for
			 voting, the election committee shall tally the votes and certify the vote count
			 to the board no later than five days after the closing date of balloting for
			 ballots submitted other than in person during voting at a meeting held for the
			 purpose of voting, and shall publish the results in accordance with rule
			 189-12.12 (533). The election committee shall elect a chairperson from among the
			 committee members. The chairperson of the election committee shall announce the
			 results of the vote at the meeting of the membership.
c. No member or agent of the election
			 committee shall reveal the manner in which any member voted.
d. If the board of directors, by majority
			 vote, has elected to utilize electronic voting, the election committee shall
			 test the integrity of the electronic voting system at regular intervals during
			 the election period. In the event of a malfunction of the electronic voting
			 system, the board may in its discretion order the election to be held in
			 another form, consistent with Iowa Code section 533.203.
e. For electronic ballots, it is the duty of
			 the election committee to verify, or cause to be verified, the name and credit
			 union account number of the voter as registered in the electronic voting
			 system.
f. For mail-in ballots,
			 including absentee ballots, it is the duty of the election committee to verify,
			 or cause to be verified, the name and credit union account number of the voter
			 as they appear on the identification form; to place the verified identification
			 form and the sealed ballot envelope in a place of safekeeping pending the count
			 of the vote; and, in the case of a questionable or challenged identification
			 form, to retain the identification form and sealed ballot envelope together
			 until the verification or challenge has been resolved.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 12 - Votes of the Membership › Rule 189-12.3 - Voting Methods and Requirements

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Mailed
			 ballots.
If the board of directors, by majority vote, has elected to
			 conduct the election in whole or in part by mailed ballot, then the secretary
			 shall send with the notice of balloting a mail-in ballot.
a. The secretary shall include the following
			 materials for balloting:
(1) One ballot,
			 clearly identified as the ballot meeting the specific requirements of the topic
			 of voting.
(2) One ballot envelope
			 clearly marked "ballot" with instructions that the completed ballot shall be
			 placed in that envelope and sealed.
(3) One identification form to be completed
			 by the voter to include the name, address, signature, and credit union account
			 number of the voter.
(4) One
			 mailing envelope in which the voter, following instructions provided, shall
			 insert the sealed "ballot" envelope and the identification form. The mailing
			 envelope shall be preaddressed for return to the election committee.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 12 - Votes of the Membership › Rule 189-12.4 - Specific Voting Requirements for the Board of Directors Elections

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Nominating committee.
If
			 the board has determined that voting for directors at the annual meeting will
			 be conducted other than only in-person voting at the meeting, then at least 120
			 days before each annual meeting, the chairperson of the board shall appoint a
			 nominating committee of three or more members, none of whom are directors
			 currently eligible for reelection or their immediate family members.
a. It is the duty of the nominating committee
			 to nominate at least one member for each vacancy, including for any
			 unexpired-term vacancy, for which elections are being held and to obtain a
			 signed certificate from the members nominated that they agree to the placing of
			 their names in nomination, will accept office if elected, and will cooperate
			 with any background check required by the credit union.
b. The nominating committee shall file its
			 nominations with the secretary of the credit union board of directors at least
			 90 days before the annual meeting.
c. Nominations made by the nominating
			 committee are not subject to the petition process in subrule 12.4(2).
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 12 - Votes of the Membership › Rule 189-12.5 - Specific Election Procedures for the Board of Directors Elections

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Vote by board of
			 directors.
The board of directors shall, by majority vote, select the
			 method of voting for the membership vote for the election of directors, in
			 accordance with Iowa Code section 533.203. Each credit union member shall have
			 a meaningful opportunity to vote in a membership vote. The board of directors
			 shall vote to conduct the vote in whole by electronic voting only if all
			 members have access to an electronic voting device. If the number of members
			 who have opted to receive notices electronically is less than all members, the
			 board may provide access to an electronic device in each credit union office
			 for the members to vote electronically in order to satisfy the access
			 requirement. Otherwise, the board shall also conduct the vote in part by
			 mail-in ballot or in person at the annual meeting, pursuant to the requirements
			 of this rule.
(2)
Notice of
			 balloting.
In addition to the requirements in subrule 12.2(3), the
			 notice of balloting for board of directors elections shall include the
			 following:
a. The notice of balloting shall
			 state the names of the candidates for the board of directors. The name of each
			 candidate shall be followed by a brief statement of the candidate's
			 qualifications and biographical data in a form approved by the board of
			 directors.
b. If the board of
			 directors elected to accept additional nominations by petition, then the notice
			 of balloting shall state that additional nominations shall not be taken from
			 the floor at the annual meeting. In this event, the board may vote to conduct
			 the election in any form permitted by Iowa Code section 533.203.
c. If the board of directors did not elect to
			 accept additional nominations by petition, then the notice of balloting shall
			 state that additional nominations will be taken from the floor at the annual
			 meeting. In this event, the board may only vote to conduct the election in
			 person at the annual meeting, and not by mail-in ballot, electronic voting,
			 absentee voting, or any combination permitted by Iowa Code section
			 533.203.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 12 - Votes of the Membership › Rule 189-12.6 - Vote to Amend Bylaws or Articles of Incorporation

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Requirements.
Voting on amendments of bylaws and articles of
			 incorporation shall be conducted in accordance with Iowa Code section 533.201.
			 All amendments shall be approved by the superintendent before the amendments
			 become effective.
(2)
Vote
			 by board of directors.
If the board of directors has elected upon a
			 favorable vote of the majority that the board of directors shall vote on the
			 amendment, then the amendment is adopted by a favorable vote of the majority of
			 the board.
(3)
Membership
			 vote.
The board of directors may vote to conduct the vote on the
			 amendment by a method other than a majority vote of the board of directors, as
			 provided in Iowa Code section 533.201.
(4)
Election committee.
If
			 the board of directors votes to conduct the vote on the amendment by a method
			 other than a majority vote of the board of directors, as provided in Iowa Code
			 section 533.201, then the board shall appoint an election committee of not
			 fewer than five members, none of whom may be directors.
(5)
Preservation of ballots.
Ballots shall be preserved according to the requirements of rule
			 189-12.11 (533). The 60-day retention period required by subrule 12.11(2) shall
			 run from the date of final approval or denial of the amendment by the
			 superintendent.
(6)
Submission to superintendent.
The board of directors shall
			 submit the amendment to the superintendent for approval before the amendment
			 becomes effective. The board shall submit the following documentation in
			 support of its request for approval:
a. A
			 certified copy of the board minutes which contain the recommendation to submit
			 the amendment to a vote of the membership.
b. A certified copy of the notices provided
			 to members.
c. A certified copy of
			 any ballots provided to members.
d.
			 A certified statement, including the vote count, that a majority of the
			 eligible members voted in favor of the proposed amendment.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 12 - Votes of the Membership › Rule 189-12.8 - Specific Voting Requirements Regarding Merger

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Vote by board of directors.
A state credit union that seeks to
			 merge with another credit union shall proceed pursuant to a plan agreed upon by
			 a favorable vote of a majority of directors.
(2)
Subsequent vote of the
			 membership.
Following a vote by the board of directors to merge with
			 another credit union, the board shall submit the merger to a vote of the
			 membership of the merging credit union unless the superintendent finds that an
			 emergency exists justifying the waiver of the membership vote.
a. The board of the continuing credit union
			 shall, within ten days of voting to merge, notify the superintendent of the
			 merger vote.
b. After the
			 superintendent has given preliminary approval to the merger, the board of the
			 merging credit union shall submit the issue within 60 days to all eligible
			 voters of record as of the date of the vote by the board of
			 directors.
c. The approval of the
			 merger is not final until approved by the superintendent after the membership
			 vote of the merging credit union.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 12 - Votes of the Membership › Rule 189-12.9 - Specific Voting Requirements for Voluntary Dissolution

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Vote of board of directors.
A state credit union that seeks to
			 dissolve shall proceed pursuant to a plan agreed upon by a favorable vote of a
			 majority of directors. Within ten days of the vote and prior to sending notice
			 of the membership vote, the board of directors shall notify the superintendent
			 of the intention to dissolve.
(2)
Subsequent vote of the membership.
Following a vote by the
			 board of directors to dissolve, the board shall submit the dissolution to a
			 vote of the membership.
a. The board shall
			 submit the issue to the membership within 60 days of voting to
			 dissolve.
b. The board shall submit
			 the issue to all eligible voters of record as of the date of the vote by the
			 board of directors.
c. The board of
			 directors shall, by majority vote, select the method of voting for the
			 membership vote, in accordance with Iowa Code section 533.203. Each credit
			 union member shall have a meaningful opportunity to vote in a membership vote.
			 The board of directors shall vote to conduct the vote in whole by electronic
			 voting only if all members have access to an electronic voting device. If the
			 number of members who have opted to receive notices electronically is less than
			 all members, the board may provide access to an electronic device in each
			 credit union office for the members to vote electronically in order to satisfy
			 the access requirement. Otherwise, the board shall also conduct the vote in
			 part by mail-in ballot or in person at a meeting held for the purpose of
			 voting, pursuant to the requirements of this rule.
d. The approval of the dissolution is not
			 final until the superintendent issues a certificate of dissolution.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 12 - Votes of the Membership › Rule 189-12.10 - Specific Voting Requirements to Remove or Reinstate an Officer, Director, or Member of the Auditing Committee

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Auditing committee vote.
If the auditing committee deems the
			 action to be necessary to the proper conduct of the state credit union, the
			 auditing committee may suspend, by majority vote, any officer, director, or
			 member of the auditing committee.
(2)
Subsequent vote of
			 membership.
Following a vote by the auditing committee to suspend an
			 officer, director, or member of the auditing committee, the suspension shall be
			 put to a vote of the membership.
a. The
			 members may vote to sustain the suspension and remove the officer, director, or
			 auditing committee member permanently or may vote to reinstate the officer,
			 director, or auditing committee member.
b. The board of directors shall meet to
			 determine the method of voting for the membership vote and shall, within 30
			 days of the date of the auditing committee's vote, submit the issue to all
			 eligible voters of record as of the date of the auditing committee's meeting.
			 The board of directors shall, by majority vote, select the method of voting for
			 the membership vote, in accordance with Iowa Code section 533.203. Each credit
			 union member shall have a meaningful opportunity to vote in a membership
			 vote.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 12 - Votes of the Membership › Rule 189-12.11 - Preservation of Ballots

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Immediately upon
			 certification of the results of the vote by the election committee, any written
			 ballots shall be sealed and appropriately labeled. Electronic vote results
			 shall be saved electronically.
(2)
			 All ballots and voting results shall be retained by the credit union for at
			 least 60 days, and until any disputes are resolved.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 12 - Votes of the Membership › Rule 189-12.12 - Reporting the Results of the Vote to the Membership

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Posting of results.
Except as otherwise provided for a
			 membership vote, the board shall inform the membership of the results of the
			 vote by conspicuously posting notice in each credit union office for a period
			 of 60 days.
(2)
Publication
			 of results.
Except as otherwise provided for a membership vote, in
			 addition to posting the results in each credit union office, the board shall
			 also communicate the results to the membership by at least one of the following
			 methods:
a. Include the results in the next
			 mailing of the member's statement of account.
b. Include the results in the credit union
			 newsletter.
c. Include the results
			 in the sponsor's newsletter.
d.
			 Post a notice on the credit union's website.
e. Place a notice in a newspaper of general
			 circulation within the geographic area of operation of the credit
			 union.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 12 - Votes of the Membership › Rule 189-12.13 - Specific Voting Requirements for the Sale of Assets by Corporate Central Credit Union

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Board
			 of directors' vote.
A corporate central credit union that seeks to
			 sell all of its assets to another corporate credit union shall proceed pursuant
			 to a plan agreed upon by a favorable vote of a majority of directors. The board
			 shall notify the superintendent within ten days.
(2)
Subsequent vote of the
			 membership.
Following a vote by the board of directors to approve a
			 plan to sell all of the corporate central credit union's assets to another
			 corporate credit union, the board shall submit the plan to a vote of the
			 membership.
a. The board shall submit the
			 issue within 60 days of voting to approve the plan to all eligible voters of
			 record as of the date of the vote by the board of directors.
b. The board of directors shall, by majority
			 vote, select the method of voting for the membership vote, in accordance with
			 Iowa Code section 533.203. Each credit union member shall have a meaningful
			 opportunity to vote in a membership vote.
c. The approval of the sale is not final
			 until approved by the superintendent after the membership vote.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 13 - Powers of Superintendent in Control of Credit Union › Rule 189-13.1 - Powers of Superintendent or Special Deputy Superintendent

Current through Register Vol. 47, No. 3, July 24, 2024
When the superintendent takes control of a credit union pursuant to Iowa Code sections 533.501 and 533.502, the superintendent or the superintendent's special deputy shall have the power to operate and direct the affairs of the credit union in its regular course of business which shall include, but not be limited to:
1.
			 Approval, disapproval and administration of loans;
2. Approval, disapproval and administration
			 of deposits and investments;
3.
			 Approval, disapproval and administration of borrowing;
4. Making, administering and terminating
			 contracts;
5. Purchase, sale and
			 disposal of real and personal property;
6. Filing and defending legal actions and
			 claims;
7. Hiring, supervising and
			 firing employees, agents and consultants;
8. Causing examinations and audits;
			 and
9. Taking any actions necessary
			 to maintain insurance and protect property.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 13 - Powers of Superintendent in Control of Credit Union › Rule 189-13.2 - Surrender of Control

Current through Register Vol. 47, No. 3, July 24, 2024
The superintendent shall determine when the superintendent's control shall cease unless such right to control expires as provided by Iowa Code sections 533.501 and 533.502. Upon determining that control shall cease, the superintendent shall either turn the control of the credit union back to the board of directors of the credit union or shall seek a receivership.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 14 - Examination Reviews and Investigations › Rule 189-14.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
"Division officer"
means the superintendent, deputy superintendent or any division employee authorized by the superintendent under Iowa Code section 533.505 to subpoena witnesses, to compel their attendance, to administer oaths, to examine any person under oath and to require the production of books and records.
"Examination review "
means the review of a division field examination before the superintendent at the division's office.
"Formal investigative proceeding"
means the taking of subpoenaed testimony of a witness by a division officer
"Formal order of investigation "
means the written order of the superintendent which indicates the reason for the formal investigation as well as the division personnel appointed division officers.
"Warning"
means a written direction by the superintendent, or by a division employee on behalf of the superintendent, to cease acts or practices violative of Iowa Code chapter 533 or which threaten the safety and soundness of a credit union.
Iowa Administrative Code › Agency 189 - Credit Union Division › Chapter 14 - Examination Reviews and Investigations › Rule 189-14.2 - Application of Rules

Current through Register Vol. 47, No. 3, July 24, 2024
The rules of this chapter shall apply only to examination reviews and investigations conducted by the division. They do not apply to inquiries conducted by the division regarding chartering or employee group applications, or to hearings, appeals or rule-making proceedings. Further, these rules in no way limit the authority granted to the division or the superintendent by Iowa Code chapter 533.