Iowa Administrative Code

Iowa Code section 12B.10 for use by the treasurer of state and the treasurer of each political subdivision in determining qualifying commercial paper investments are Moody’s Investors Services and Standard & Poor’s. This rule is intended to implement Iowa Code section 12B.10. [AR…

Iowa Code section 524.103 means a corporation organized under Iowa Code chapter 524, a corporation organized under 12 U.S.C. §21, a corporation organized under 12 U.S.C. §1464, or an out-of-state bank as defined in Iowa Code section 524.103. The general definition of “bank” as se…

final guidelines adopted by the Federal Deposit Insurance Corporation, the Federal Reserve System, and the Department of the Treasury. This rule shall apply to real estate loans either originated by the state bank or acquired by purchase, assignment, or otherwise. 9.2(1) Written …

9.3(1) Definitions. For purposes of this rule, the term: “Aggregate rentals payable” shall include the total of minimum lease payments (net of unearned income) that the lessee is obligated to make or can be required to make plus any guarantee of the residual value or of rental pa…

methods whereby the public may obtain forms, instructions, and information regarding credit unions.

personnel who discharge the duties and responsibilities imposed upon the superintendent by the laws of this state. The superintendent has general supervisory and regulatory authority over all state chartered credit unions. 1.3(1) Central organization—superintendent. The superinte…

superintendent is available at the offices of the credit union division during usual business hours, 8 a.m. to 4 p.m. daily, excluding Saturdays, Sundays and holidays. Copies of the forms and instructions are also available at the credit union division’s Web site at https://credi…

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 …

liquidated, would not equal the amount necessary to pay off the liability of the credit union.

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.

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. These rules are intended to implement Iowa…

12.1(1) All elections are determined by plurality vote. 12.1(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 v…

of the auditing committee. 12.10(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 committe…

12.11(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. 12.11(2) All ballots and voting results shall be retained by the cre…

12.12(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. 12.12(2) Publication of results. Except as otherw…

12.13(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…

Iowa-chartered credit union that seeks to convert to another charter type shall comply with the conversion procedures, including a vote of the membership, as provided in 189—Chapter 3. [ARC 0938C, IAB 8/7/13, effective 9/15/13; ARC 6091C, IAB 12/15/21, effective 1/19/22] These ru…

12.2(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.…

[ARC 0938C, IAB 8/7/13, effective 9/15/13; ARC 6091C, IAB 12/15/21, effective 1/19/22]

12.4(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 …

12.5(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 vot…

12.6(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. 12.6(2) Vote by board of directors. I…

directors or to instruct the board to take action. 12.7(1) Vote of members at meeting. The majority of members present at any meeting may vote to modify, amend, or reverse any act of the board of directors or instruct the board to take action not inconsistent with the articles of…

12.8(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. 12.8(2) Subsequent vote of the membership. Following a vote by the board of director…

12.9(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 shal…

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 …

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 sh…

“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…

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 divisi…

14.3(1) Based on the division’s examination of a credit union, the superintendent may, by written notice, request a credit union or its directors to appear at an examination review at the division’s office. 14.3(2) If a credit union or its directors fail to appear at an examinati…

division receives an indication 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, or from a …

preliminary investigatory proceedings. Examination reviews and preliminary informal investigations shall be nonpublic. Transcripts of any examination review or informal investigatory proceeding may be officially recorded as provided for in subrule 14.6(4).

14.6(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. 14.6(2) Issuance…

investigation. After an examination, an examination review, or an informal or formal investigation, the division may take one or more of the following actions as consistent with Iowa Code chapter 533: issue a warning; conduct an examination review or an informal or formal investi…

examination review or in a preliminary or formal investigation may, on the person’s own initiative, submit a written statement to the division which sets forth the person’s interests and position with regard to the subject matter involved.

division’s examinations or investigations, contested cases, or lawsuits, the division staff, with the superintendent’s authorization, may discuss the disposition of the matters with persons involved. A disposition may be by consent, by settlement, or in some other manner; however…

15.2(1) An application for a credit union organized and duly qualified as a credit union in a reciprocal state to establish a branch office in Iowa shall be submitted on a form furnished by the superintendent. 15.2(2) The application may be obtained by writing the Superintendent,…

exhibits: 15.3(1) Reserved. 15.3(2) A schedule of interest rates to be charged on loans to be made to the residents of this state, a statement that the applicant understands the provisions of Iowa Code chapter 537, and a copy of that portion of the applicable law under which the …

superintendent, the board of directors shall commit the credit union to furnish to the superintendent the following: 15.5(1) The names of the officers, within 15 days after the board of directors elects the officers of the credit union. At this time, the credit union shall also n…

15.6(1) Each credit union operating in this state pursuant to these rules and Iowa Code section 533.115 shall pay an annual registration fee of $1,000 plus $250 for each branch or office located in Iowa to the superintendent on or before February 1 of each year. 15.6(2) If paymen…

15.7(1) Within 60 days of the receipt of the application and all required exhibits the superintendent shall transmit in writing a decision granting or denying the application. 15.7(2) In the case of approval of the application the superintendent shall issue a Certificate of Appro…

15.8(1) A foreign credit union desiring to move its branch office within the state of Iowa shall be required by 15.3(17) and this rule to notify the superintendent at least 60 days prior to the date the office is moved; except in the event of dissolution of the credit union the 6…

the merger, a portion of the field of membership, assets, liabilities, shares, and capital of one credit union is transferred to another credit union. A spin-off of a well-defined segment or branch of a credit union’s membership to another credit union is an option undertaken to …

off must file, in addition to other merger documents detailed by the division, a plan that addresses the following points, at a minimum, in support for their spin-off plan: 16.2(1) Why the spin-off is being requested. 16.2(2) What part of the field of membership is to be spun off…

current monthly financial statements from both credit unions and a copy of the proposed voting ballot. 16.3(1) Membership notice and voting requirements shall be the same as for regular mergers under rule 189—12.6(533), with certain exceptions. Only those members directly affecte…

the following definitions apply as used in these rules: “Adjusted trading” means selling an investment to a counterparty at a price above its current fair value and simultaneously purchasing or committing to purchase from the counterparty another investment at a price above its c…

17.1(1) These rules implement the authority of credit unions organized in accordance with Iowa Code chapter 533 to engage in investment and deposit activities which would be permitted if the credit union were federally chartered in accordance with Iowa Code sections 533.301(5)“j”…