ARC 8418C - Iowa Administrative Rules

Notice of Intended Action

Credit union review board—meeting frequency, 1.3(2)

Untitled document

ARC 8418C

CREDIT UNION DIVISION[189]

Notice of Intended Action

Proposing rulemaking related to credit union review board meeting frequency
and providing an opportunity for public comment

The Credit Union Division hereby proposes to amend Chapter 1, “Description of Organization,” Iowa Administrative Code.

Legal Authority for Rulemaking

This rulemaking is proposed under the authority provided in Iowa Code section 533.104.

State or Federal Law Implemented

This rulemaking implements, in whole or in part, 2024 Iowa Acts, Senate File 2385, and Iowa Code section 533.107.

Purpose and Summary

This proposed rulemaking updates subrule 1.3(2) in accordance with changes to Iowa Code section 533.107, which call for the deletion of the quarterly Credit Union Review Board requirements.

Regulatory Analysis

A Regulatory Analysis for this rulemaking was published in the Iowa Administrative Bulletin on October 2, 2024. A public hearing was held on the following date(s):

●October 22, 2024

Fiscal Impact

This rulemaking has no fiscal impact to the State of Iowa.

Jobs Impact

After analysis and review of this rulemaking, no impact on jobs has been found.

Waivers

Any person who believes that the application of the discretionary provisions of this rulemaking would result in hardship or injustice to that person may petition the Division for a waiver of the discretionary provisions, if any, pursuant to 189—Chapter 23.

Public Comment

Any interested person may submit written comments concerning this proposed rulemaking, which must be received by the Division no later than 4:30 p.m. on December 17, 2024. Comments should be directed to:

Hannah Kerling
Credit Union Division
200 East Grand Avenue, Suite 370
Des Moines, Iowa 50309-1827
Phone: 515.725.0505
Email: hannah.kerling@iowa.gov

Public Hearing

A public hearing at which persons may present their views orally or in writing will be held as follows:

December 17, 2024
1:30 to 2 p.m.

Google Meeting Link
Or dial: (US) +1 540.680.3842
PIN: 135 013 027#

Persons who wish to make oral comments at the public hearing may be asked to state their names for the record and to confine their remarks to the subject of this proposed rulemaking.

Any persons who intend to attend the public hearing and have special requirements, such as those related to hearing or mobility impairments, should contact the Division and advise of specific needs.

Review by Administrative Rules Review Committee

The Administrative Rules Review Committee, a bipartisan legislative committee which oversees rulemaking by executive branch agencies, may, on its own motion or on written request by any individual or group, review this rulemaking at its regular monthly meeting or at a special meeting. The Committee’s meetings are open to the public, and interested persons may be heard as provided in Iowa Code section 17A.8(6).

The following rulemaking action is proposed:

ITEM 1.Amend subrule 1.3(2) as follows:

1.3(2) Credit union review board. The credit union review board is composed of seven members who are appointed by the governor and approved by the senate. With the exception of four members first appointed as of January 1, 1979, board members serve for a three-year term. The board may adopt, amend, and repeal rules or take other action it deems necessary or suitable to effect the provisions of the credit union law. The board meets at least four times each year and special meetings may be called by the chairperson. A majority of the members of the board shall constitute a quorum to transact business.