(1) The director shall examine each credit union at least once every eighteen (18) months, unless the director determines with respect to a credit union that a less frequent examination schedule will satisfactorily protect the financial stability of the credit union and will satisfactorily assure compliance with the provisions of this chapter. The director shall examine a credit union more frequently whenever the director shall deem it necessary.
(2)  A report of examination conducted pursuant to subsection (1) of this section shall be forwarded to the chairman of the board of directors and the president or chief executive officer after the completion of the examination. The report shall be considered at the first meeting of the board of directors following its receipt. A reply to the director of finance shall be forwarded by the board of directors within fifteen (15) days of the meeting.
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Terms Used In Idaho Code 26-2136A

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Capital: means the shares of a credit union. See Idaho Code 26-2104
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Credit union: means a cooperative nonprofit corporation chartered under the provisions of this chapter. See Idaho Code 26-2104
  • Director: means the director of the department of finance of the state of Idaho. See Idaho Code 26-2104
  • Fiduciary: A trustee, executor, or administrator.
  • Oath: A promise to tell the truth.
  • person: includes a corporation as well as a natural person;
Idaho Code 73-114
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
    • (3)  Each credit union, including out-of-state and foreign credit unions permitted to operate in Idaho, and all of its officers and agents shall be required to give to representatives of the department of finance full access to review all books, papers, files, records, and other sources of information under their control, and retain copies of the same, and full access to personnel.
    (4)  Upon examination or investigation of a credit union, the director:
    (a)  May appraise and revalue the credit union’s investments; and
    (b)  May require the credit union to charge off or set up a special reserve for loans and investments and other assets.
    (5)  The director may make an examination and investigation into the affairs of:
    (a)  An out-of-state or foreign credit union permitted to operate in Idaho;
    (b)  A nonpublicly held organization, or its subsidiary, in which a credit union has a material investment;
    (c)  A publicly held organization in which the capital stock or equity is controlled by a credit union;
    (d)  A credit union service organization, or any subsidiary of a credit union service organization, in which a credit union has an interest;
    (e)  An organization that is not a credit union, out-of-state credit union, federal credit union, or foreign credit union and that has a majority interest in a credit union service organization in which a credit union has an interest;
    (f)  A sole proprietorship or organization primarily in the business of managing one (1) or more credit unions;
    (g)  A person or business providing any of the following services to a credit union or to a credit union service organization:
    (i)   Data processing services;
    (ii)  Activities that support financial services, including but not limited to lending funds transfer, fiduciary activities, trading activities, and deposit-taking; and
    (iii) Internet-related services, including but not limited to web services and electronic bill payments, mobile applications, system and software development and maintenance, and security monitoring; or
    (h)  A corporation or other business entity that provides alternative share insurance in accordance with section 26-2153, Idaho Code.
    The director shall have full access to all books, papers, files, records, personnel, and other sources of information under the control of persons described in this subsection.
    (6)  In connection with examinations and investigations, the director may:
    (a)  Administer oaths and examine under oath any person concerning the affairs of any credit union or of any person described in subsection (5) of this section; and
    (b)  Issue subpoenas to and require the attendance and testimony of any person at any place within this state and require witnesses to produce books, papers, files, records, and other sources of information.
    (7)  The director may accept in lieu of an examination under this section:
    (a)  The report of an examiner authorized to examine a credit union or an out-of-state, federal, or foreign credit union or other financial institution; or
    (b)  The report of an accountant, satisfactory to the director, who has made and submitted a report of the condition of the affairs of a credit union or an out-of-state, federal, or foreign credit union or other financial institution. The director may accept all or part of such a report in lieu of all or part of an examination. The accepted report or accepted part of the report has the same force and effect as an examination under this section.