12 USC 1790a - Board disapproval of directors, committee members, and senior executive officers of insured credit unions

U.S Code last checked for updates: May 06, 2024

§ 1790a.

Board disapproval of directors, committee members, and senior executive officers of insured credit unions

(a)

Prior notice required

An insured credit union shall notify the Board of the proposed addition of any individual to the board of directors or committee or the employment of any individual as a senior executive officer of such credit union at least 30 days before such addition or employment becomes effective, if the insured credit union—

(1)

has been chartered less than 2 years; or

(2)

is in troubled condition, as determined on the basis of such credit union’s most recent report of condition or report of examination.

(b)

Disapproval by Board

(c)

Exception in extraordinary circumstances

(1)

In general

(2)

No effect on disapproval authority of Board

(d)

Additional information

Any notice submitted to the Board by any insured credit union pursuant to subsection (a) shall include—

(1)

the information described in section 1817(j)(6)(A) of this title about the individual; and

(2)

such other information as the Board may prescribe by regulation.

(e)

Standard for disapproval

(f)

Definition regulations

(June 26, 1934, ch. 750, title II, § 212, as added Pub. L. 101–73, title IX, § 914(b), Aug. 9, 1989, 103 Stat. 485.)

cite as: 12 USC 1790a