§ 533.113

533.113 Examinations. 1. The superintendent may do any or all of the following:a. Make or cause to be made an examination of a credit union whenever the superintendent believes such examination is necessary or advisable, but in no event lessfrequently than once during each twenty-four-month period. b. Make or cause to be made such limited examinations at such times and with such frequency as the superintendent deems necessary and advisable to determine the conditionof any state credit union and whether any person has violated the provisions of this chapter. c. Make or cause to be made an examination of any corporation or credit union service organization in which a state credit union owns shares or has made an investment. d. Make or cause to be made an examination of any person having business transactions or a relationship with any state credit union when such examination is deemed necessaryand advisable in order to determine whether the capital of the state credit union is impairedor whether the safety of its deposits, its financial information or accounts, or its computersystems or computer networks, is imperiled. e.

ne whether the capital of the state credit union is impairedor whether the safety of its deposits, its financial information or accounts, or its computersystems or computer networks, is imperiled. e. Accept, in lieu of the examination of a state credit union, or any corporation or credit union service organization in which a state credit union owns shares or has made aninvestment, or of any person having business transactions or a relationship with any statecredit union, an examination report prepared by a federal regulatory authority. f. Accept, in lieu of the examination of a state credit union, an audit report conducted by a certified public accounting firm selected from a list of firms previously approved by thesuperintendent. The cost of the audit shall be paid by the state credit union. g. Accept, in lieu of the examination of an out-of-state credit union which also conducts business in this state, an examination report prepared by a state or federal regulatoryauthority. h. Retain, at the examinee’s expense, accountants, investigators, and other experts as reasonably necessary to assist in the conduct of the examination.

red by a state or federal regulatoryauthority. h. Retain, at the examinee’s expense, accountants, investigators, and other experts as reasonably necessary to assist in the conduct of the examination. Any person so retainedshall serve in a purely advisory capacity at the direction of the superintendent. 2. A state credit union and all of its officers and agents shall give to the representatives of the superintendent free and unimpeded access to all books, papers, securities, records, andother sources of information under their control. 3. a. A report of examination shall be forwarded to the chairperson of a state credit union within thirty days after the completion of the examination. Within thirty days of the receiptof this report, a meeting of the directors shall be called by the state credit union to considermatters contained in the report and the action taken shall be set forth in the minutes of theboard. b. The report of examination of any affiliate or of any person examined as provided in this subsection shall not be transmitted by the superintendent to any such affiliate or personor to the board of directors of any state credit union unless authorized or requested by

d as provided in this subsection shall not be transmitted by the superintendent to any such affiliate or personor to the board of directors of any state credit union unless authorized or requested by suchaffiliate or person. c. All reports of examinations, including any copies of such reports in the possession of any person other than the superintendent or employee of the credit union division, includingany state credit union, agency, or institution to which any report of such examinationmay be furnished under this section, or section 533.108 or 533.325, shall be confidentialcommunications, shall not be subject to subpoena from any person except as provided insection 533.108, subsection 2, paragraph 'b', and shall not be published, shared, or madepublic in any way by any person without the written authorization of the credit uniondivision and the execution of a confidentiality agreement between all of the parties pursuantto section 533.108, subsection 1, paragraph 'd'. d. All reports of examinations, including any copies of such reports in the possession of any person other than the superintendent or employee of the credit union division, shallremain the exclusive property of the

of examinations, including any copies of such reports in the possession of any person other than the superintendent or employee of the credit union division, shallremain the exclusive property of the credit union division. 4. The superintendent may require any of the following state credit unions to submit to an additional examination or to an independent audit performed by a certified public accountingfirm as provided in subsection 1, paragraph 'f', at the expense of the state credit union: Sat Dec 23 01:31:07 2023 Iowa Code 2024, Section 533.113 (21, 0) §533.113, CREDIT UNIONS 2 a. A state credit union where the records are inadequate.b. A state credit union in which the books have not been balanced as of the end of the month not less than thirty days previously. c. A state credit union whose affairs are in an unfavorable condition.5. The superintendent may furnish a copy of the examination report and materials relating to any or all examinations made of any state credit union and any affiliate of a state creditunion to any or all of the following, including any official or supervising examiner of anyoffice or regulatory authority: a. The national credit union administration.b.

ny affiliate of a state creditunion to any or all of the following, including any official or supervising examiner of anyoffice or regulatory authority: a. The national credit union administration.b. The federal deposit insurance corporation.c. The federal reserve system.d. The office of the comptroller of the currency.e. The federal home loan bank.f. Financial institution regulatory authorities of other states. g. The financial crimes enforcement network of the United States department of the treasury. 6. The superintendent may impose a penalty, after notice in writing and opportunity for a hearing, for a violation of this section. If a state credit union fails to satisfactorily resolvethe matter within sixty days from receipt of such notice, the superintendent may impose apenalty against the state credit union in an amount not to exceed one hundred dollars perday per violation for each day that the violation remains unresolved. 2007 Acts, ch 174, §13; 2012 Acts, ch 1020, §3; 2016 Acts, ch 1030, §2; 2017 Acts, ch 12, §1Referred to in §533.108, 533.112, 537.2305 Sat Dec 23 01:31:07 2023 Iowa Code 2024, Section 533.113 (21, 0)