Monday, August 7, 2023

North Carolina Administrator of Credit Unions - Enforcement Powers

In North Carolina, regulatory enforcement can be much more than a slap on the wrist...

 http://media.istockphoto.com/photos/aggressive-angry-dog-picture-id542218056?k=6&m=542218056&s=612x612&w=0&h=jSawPE-i2QHM-6i1YVCiDfuu4nFSTcAlvuIepnIUFk0=

 From N.C. state credit union statutes:

"§ 54-109.19.  Removal of officers."

"(a)  The Administrator of Credit Unions shall have the right and is hereby empowered to serve a written notice of her intention to remove from office any officer, director, committeeman or employee of any credit union doing business under Articles 14A through 15A of this Chapter who shall be found to be dishonest, incompetent, or reckless in the management of the affairs of the credit union, or who persistently violates the laws of this State or the lawful orders, instructions and regulations issued by the Administrator and/or the State Credit Union Commission."

  ...some "this"-type" folks might want to update their rabies shot, just sayin'!

7 comments:

  1. This will take real courage, praying for her ...

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    1. Would definitely be interested in a prayer vigil for our Credit Union. We need His Guiding Hand.

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  2. As Carrie Underwood would say- Jesus take the wheel

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    1. He;s not eligible unless approved by nominating committee

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    2. Nope he can't run. didn't get his application in in time and this board says you MUST fill out an application--even though by laws say 18, member and willing to serve! this board has added several illegal requirements. Credit report too. Bet He doesn't have one!

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