Idaho Bills

Amends, repeals, and adds to existing law to revise the regulations for credit unions.

The purposes of this legislation are to grant authority to the Director to issue enforcement actions directly to a creditunion,provideforconfidentialityofexaminationreportsandotherconfidentialinformation,andauthorize credit unions to act as a custodian or fiduciary for tax-advantaged savings plans. Specifically, amendments are proposed to (1) reorganize and update provisions relating to examinations and investigation reports, and to authorize the director to examine and investigate the affairs of a subsidiary of a credit union, credit union serviceorganization,andthird-partyserviceproviders,(2)addanewsectiontoprovidefortheconfidentialityof examination reports and confidential communication, provide for circumstances where disclosing confidential information is authorized, and imposing penalties violations, (3) authorizes the Director to issue cease and desist orders and suspension or removal orders directly to a credit union or affected person, and to prohibit future employment by a credit union, (4) amend provisions authorizing the Director to appoint a receiver and to outline the powers and duties of a receiver, (5) amend the provision relating to voluntary or involuntary liquidation of a credit union to remove an outdated reference to the Idaho Credit Union League Stabilization Fund,(6)amendprovisionoftheacttoallowstate-charteredcreditunionstoactasacustodianorfiduciarytothe same extent as a federal credit union for the purpose of offering tax-advantaged savings plans, and (7) add new sections authorizing the Director to call for a special meeting of the board of directors and to attend meetings of the board. The proposed amendments relating to enforcement actions will provide for the Department of Finance to meet national accreditation standards.