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...

 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'!