Okla. Stat. tit. 6, § 6-2001.2

Failure to comply with Commissioner's orders or requirements.

A. In addition to any other powers conferred by law, the State

Credit Union Board shall have the power to:

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1. Regulate its own procedures and practice, except as may be

hereafter provided by law;

2. Define any term not defined in Oklahoma Laws relating to

credit unions;

3. Adopt and promulgate reasonable and uniform rules and

regulations to:

a. govern the conduct, operation and management of credit

unions,

b. govern the examination, evaluation of assets and the

statements and reports of credit unions, and the form

on which credit unions shall report their assets,

liabilities and reserves, charge off their bad debts

and otherwise keep their records and accounts, and

c. govern the administration of the laws of this state

relating to credit unions.

Such rules or regulations shall serve to foster and maintain an

effective level of credit union services and the security of member

accounts. The provisions of the Administrative Procedures Act of

this state, as now or hereafter amended, are hereby expressly

adopted and incorporated herein as though a part of this provision,

and shall apply to all rules or regulations, procedures and orders

of the Board. Final orders of the Board may be appealed to the

Supreme Court of Oklahoma by any party directly affected and showing

aggrievement by the order;

4. Restrict the withdrawal of share or deposit accounts or both

from any credit union after having determined that circumstances

make such restriction necessary for the proper protection of

shareholders or depositors;

5. Issue cease and desist orders after having determined from

competent and substantial evidence that a credit union is engaged or

has engaged, or when the Board has reasonable cause to believe the

credit union is about to engage, in an unsafe or unsound practice,

or is violating or has violated or the Board has reasonable cause to

believe is about to violate, a material provision of any law, rule,

regulation or any condition imposed in writing by the Board or any

written agreement made with the Board;

6. Suspend from office and prohibit from further participation

in any manner in the conduct of the affairs of a credit union any

director, officer or committee member who has committed any

violation of a law, rule or regulation or of a cease and desist

order or who has engaged or participated in any unsafe or unsound

practice in connection with the credit union or who has committed or

engaged in any act, omission or practice which constitutes a breach

of that person's fiduciary duty as such director, officer or

committee member, when the Board has determined that such action or

actions have resulted or will result in substantial financial loss

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or other damage that seriously prejudices the interests of the

members;

7. Affirm, modify, reverse, and stay the enforcement of any

order or ruling of the State Banking Commissioner or Administrator

appointed pursuant to the provisions of subsection B of this section

relating to credit unions, their directors, officers, committee

members or employees;

8. Subpoena witnesses, compel their attendance, require the

production of evidence, administer oaths and examine any person

under oath in connection with any subject relating to a duty imposed

upon or a power vested in the Board;

9. Charge application fees for processing submissions by a

credit union to the Board, Commissioner or Administrator. The Board

may charge a fee for the items enumerated herein; provided, the

Board’s fee schedule shall not be limited solely to the following

submissions:

a. an application for a merger or acquisition,

b. an application to amend a credit union’s bylaws,

c. an application to be heard by the Board to add a

special employee group, or
y a

credit union to the Board, Commissioner or Administrator. The Board

may charge a fee for the items enumerated herein; provided, the

Board’s fee schedule shall not be limited solely to the following

submissions:

a. an application for a merger or acquisition,

b. an application to amend a credit union’s bylaws,

c. an application to be heard by the Board to add a

special employee group, or

d. an application to add a special employee group by

using any simplified expansion process.

The Board may adopt and promulgate, from time to time, a fee

schedule for the processing of submissions by credit unions. Any

payments received pursuant to the provisions of this paragraph shall

be deposited to the revolving fund for the State Banking Department

created in Section 211.1 of this title;

10. Charge and collect assessments from each credit union under

its supervision on each One Thousand Dollars ($1,000.00) of assets,

or major fraction thereof, at rates established by the Board. The

assessments shall be paid annually to the State Banking Department

no later than the fifth day of February in each year. All

assessments and all fees shall be deposited in the revolving fund

for the State Banking Department pursuant to the provisions of

Section 211.1 of this title. Effective January 1, 2007, and each

year thereafter, ten percent (10%) of all assessments collected

pursuant to this paragraph shall be deposited to the General Revenue

Fund of the State Treasury. The State Credit Union Board may charge

and collect assessments on an annual basis and may, in addition to

any annual assessment, charge and collect a special assessment from

each credit union, at rates established by the Board; and

11. Charge and collect from each credit union under its

supervision an annual fee of One Thousand Dollars ($1,000.00) which

shall be deposited in the Oklahoma State Banking Department

revolving fund created pursuant to Section 211.1 of this title.

B. The Commissioner may appoint an Administrator who, in

addition to such duties and authority as are conferred by Section

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2001 et seq. of this title, shall have such duties and authority as

the Commissioner may assign the Administrator. The bond of the

Administrator shall be the same as that set for the State Deputy

Banking Commissioner. In addition to other powers conferred by

Section 2001 et seq. of this title, the Commissioner shall have the

power to:

1. Delegate the duties of the Office of the State Banking

Commissioner under Section 2001 et seq. of this title to the

Administrator;

2. Exercise general supervision of credit unions organized

under the laws of this state;

3. Require credit unions to cease and desist from engaging in

any act or transaction, or doing any act in furtherance thereof,

which would constitute a violation of the provisions of Section 2001

et seq. of this title, or a lawful regulation issued thereunder, or

to cease and desist in engaging in any unsafe or unsound credit

union practice;

4. Suspend any officer, director or employee or committee

member who is found, after hearing, to be dishonest, reckless, unfit

to participate in the conduct of the affairs of the credit union, or

to have engaged or participated in any unsafe or unsound practice in

connection with the credit union, or to be practicing a continuing

disregard or violation of laws, rules, regulations or orders which

are likely to cause substantial loss to the credit union or likely

to seriously weaken the condition of the credit union. However, any

individual so suspended may within ten (10) days file a notice of

protest for the suspension with the Administrator and as soon as

possible thereafter, but in no event more than thirty (30) days, the

Board will review the order of the Commissioner and make such

findings as it deems proper, and pending that, the officer,
kely

to seriously weaken the condition of the credit union. However, any

individual so suspended may within ten (10) days file a notice of

protest for the suspension with the Administrator and as soon as

possible thereafter, but in no event more than thirty (30) days, the

Board will review the order of the Commissioner and make such

findings as it deems proper, and pending that, the officer,

employee, director or committee member shall not perform any of the

duties of such office; and

5. Charge a fee not to exceed Fifty Dollars ($50.00) per hour

and actual expenses for each examiner for actual time consumed by

the State Banking Department in making special examinations of a

credit union. A “special examination” shall be any examination

conducted in connection with a charter conversion, or a limited

scope examination conducted at a frequency more often than once each

eighteen (18) months, when deemed necessary by the Administrator and

the Commissioner. Payments received pursuant to this paragraph

shall be deposited in the revolving fund for the State Banking

Department pursuant to Section 211.1 of this title.

C. Upon failure of a credit union to comply with the

Commissioner's order or requirements, the Commissioner shall report

such failure to the Board for action with respect to suspension of

such credit union's certificate of authority to transact business.

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