{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-2001.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-2001.2","heading":"Powers of Board - Administrator - Powers and duties -","body":"Failure to comply with Commissioner's orders or requirements.\n\nA. In addition to any other powers conferred by law, the State\n\nCredit Union Board shall have the power to:\n\n1. Regulate its own procedures and practice, except as may be\n\nhereafter provided by law;\n\n2. Define any term not defined in Oklahoma Laws relating to\n\ncredit unions;\n\n3. Adopt and promulgate reasonable and uniform rules and\n\nregulations to:\n\na. govern the conduct, operation and management of credit\n\nunions,\n\nb. govern the examination, evaluation of assets and the\n\nstatements and reports of credit unions, and the form\n\non which credit unions shall report their assets,\n\nliabilities and reserves, charge off their bad debts\n\nand otherwise keep their records and accounts, and\n\nc. govern the administration of the laws of this state\n\nrelating to credit unions.\n\nSuch rules or regulations shall serve to foster and maintain an\n\neffective level of credit union services and the security of member\n\naccounts. The provisions of the Administrative Procedures Act of\n\nthis state, as now or hereafter amended, are hereby expressly\n\nadopted and incorporated herein as though a part of this provision,\n\nand shall apply to all rules or regulations, procedures and orders\n\nof the Board. Final orders of the Board may be appealed to the\n\nSupreme Court of Oklahoma by any party directly affected and showing\n\naggrievement by the order;\n\n4. Restrict the withdrawal of share or deposit accounts or both\n\nfrom any credit union after having determined that circumstances\n\nmake such restriction necessary for the proper protection of\n\nshareholders or depositors;\n\n5. Issue cease and desist orders after having determined from\n\ncompetent and substantial evidence that a credit union is engaged or\n\nhas engaged, or when the Board has reasonable cause to believe the\n\ncredit union is about to engage, in an unsafe or unsound practice,\n\nor is violating or has violated or the Board has reasonable cause to\n\nbelieve is about to violate, a material provision of any law, rule,\n\nregulation or any condition imposed in writing by the Board or any\n\nwritten agreement made with the Board;\n\n6. Suspend from office and prohibit from further participation\n\nin any manner in the conduct of the affairs of a credit union any\n\ndirector, officer or committee member who has committed any\n\nviolation of a law, rule or regulation or of a cease and desist\n\norder or who has engaged or participated in any unsafe or unsound\n\npractice in connection with the credit union or who has committed or\n\nengaged in any act, omission or practice which constitutes a breach\n\nof that person's fiduciary duty as such director, officer or\n\ncommittee member, when the Board has determined that such action or\n\nactions have resulted or will result in substantial financial loss\n\nor other damage that seriously prejudices the interests of the\n\nmembers;\n\n7. Affirm, modify, reverse, and stay the enforcement of any\n\norder or ruling of the State Banking Commissioner or Administrator\n\nappointed pursuant to the provisions of subsection B of this section\n\nrelating to credit unions, their directors, officers, committee\n\nmembers or employees;\n\n8. Subpoena witnesses, compel their attendance, require the\n\nproduction of evidence, administer oaths and examine any person\n\nunder oath in connection with any subject relating to a duty imposed\n\nupon or a power vested in the Board;\n\n9. Charge application fees for processing submissions by a\n\ncredit union to the Board, Commissioner or Administrator. The Board\n\nmay charge a fee for the items enumerated herein; provided, the\n\nBoard’s fee schedule shall not be limited solely to the following\n\nsubmissions:\n\na. an application for a merger or acquisition,\n\nb. an application to amend a credit union’s bylaws,\n\nc. an application to be heard by the Board to add a\n\nspecial employee group, or\ny a\n\ncredit union to the Board, Commissioner or Administrator. The Board\n\nmay charge a fee for the items enumerated herein; provided, the\n\nBoard’s fee schedule shall not be limited solely to the following\n\nsubmissions:\n\na. an application for a merger or acquisition,\n\nb. an application to amend a credit union’s bylaws,\n\nc. an application to be heard by the Board to add a\n\nspecial employee group, or\n\nd. an application to add a special employee group by\n\nusing any simplified expansion process.\n\nThe Board may adopt and promulgate, from time to time, a fee\n\nschedule for the processing of submissions by credit unions. Any\n\npayments received pursuant to the provisions of this paragraph shall\n\nbe deposited to the revolving fund for the State Banking Department\n\ncreated in Section 211.1 of this title;\n\n10. Charge and collect assessments from each credit union under\n\nits supervision on each One Thousand Dollars ($1,000.00) of assets,\n\nor major fraction thereof, at rates established by the Board. The\n\nassessments shall be paid annually to the State Banking Department\n\nno later than the fifth day of February in each year. All\n\nassessments and all fees shall be deposited in the revolving fund\n\nfor the State Banking Department pursuant to the provisions of\n\nSection 211.1 of this title. Effective January 1, 2007, and each\n\nyear thereafter, ten percent (10%) of all assessments collected\n\npursuant to this paragraph shall be deposited to the General Revenue\n\nFund of the State Treasury. The State Credit Union Board may charge\n\nand collect assessments on an annual basis and may, in addition to\n\nany annual assessment, charge and collect a special assessment from\n\neach credit union, at rates established by the Board; and\n\n11. Charge and collect from each credit union under its\n\nsupervision an annual fee of One Thousand Dollars ($1,000.00) which\n\nshall be deposited in the Oklahoma State Banking Department\n\nrevolving fund created pursuant to Section 211.1 of this title.\n\nB. The Commissioner may appoint an Administrator who, in\n\naddition to such duties and authority as are conferred by Section\n\n2001 et seq. of this title, shall have such duties and authority as\n\nthe Commissioner may assign the Administrator. The bond of the\n\nAdministrator shall be the same as that set for the State Deputy\n\nBanking Commissioner. In addition to other powers conferred by\n\nSection 2001 et seq. of this title, the Commissioner shall have the\n\npower to:\n\n1. Delegate the duties of the Office of the State Banking\n\nCommissioner under Section 2001 et seq. of this title to the\n\nAdministrator;\n\n2. Exercise general supervision of credit unions organized\n\nunder the laws of this state;\n\n3. Require credit unions to cease and desist from engaging in\n\nany act or transaction, or doing any act in furtherance thereof,\n\nwhich would constitute a violation of the provisions of Section 2001\n\net seq. of this title, or a lawful regulation issued thereunder, or\n\nto cease and desist in engaging in any unsafe or unsound credit\n\nunion practice;\n\n4. Suspend any officer, director or employee or committee\n\nmember who is found, after hearing, to be dishonest, reckless, unfit\n\nto participate in the conduct of the affairs of the credit union, or\n\nto have engaged or participated in any unsafe or unsound practice in\n\nconnection with the credit union, or to be practicing a continuing\n\ndisregard or violation of laws, rules, regulations or orders which\n\nare likely to cause substantial loss to the credit union or likely\n\nto seriously weaken the condition of the credit union. However, any\n\nindividual so suspended may within ten (10) days file a notice of\n\nprotest for the suspension with the Administrator and as soon as\n\npossible thereafter, but in no event more than thirty (30) days, the\n\nBoard will review the order of the Commissioner and make such\n\nfindings as it deems proper, and pending that, the officer,\nkely\n\nto seriously weaken the condition of the credit union. However, any\n\nindividual so suspended may within ten (10) days file a notice of\n\nprotest for the suspension with the Administrator and as soon as\n\npossible thereafter, but in no event more than thirty (30) days, the\n\nBoard will review the order of the Commissioner and make such\n\nfindings as it deems proper, and pending that, the officer,\n\nemployee, director or committee member shall not perform any of the\n\nduties of such office; and\n\n5. Charge a fee not to exceed Fifty Dollars ($50.00) per hour\n\nand actual expenses for each examiner for actual time consumed by\n\nthe State Banking Department in making special examinations of a\n\ncredit union. A “special examination” shall be any examination\n\nconducted in connection with a charter conversion, or a limited\n\nscope examination conducted at a frequency more often than once each\n\neighteen (18) months, when deemed necessary by the Administrator and\n\nthe Commissioner. Payments received pursuant to this paragraph\n\nshall be deposited in the revolving fund for the State Banking\n\nDepartment pursuant to Section 211.1 of this title.\n\nC. Upon failure of a credit union to comply with the\n\nCommissioner's order or requirements, the Commissioner shall report\n\nsuch failure to the Board for action with respect to suspension of\n\nsuch credit union's certificate of authority to transact business.","path":["OK Code","Title 6"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os6.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"12247766cf6210141e05e4b59eb4527dd788babd556fa26348aceba0d092dee5","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-2001.1","next":"us-ok/okla.-stat.-tit.-6-6-2001.3"},"notice":"GroundRules: Original legal text. Not legal advice."}