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Can you summarize 17 PACS Chapter 15?
CREDIT UNIONS > OUT-OF-STATE CREDIT UNIONS
Short Summary
This legal document, found in the Pennsylvania Compiled Statutes under the section for Credit Unions, addresses the authorization for out-of-State credit unions to conduct business in Pennsylvania. The document outlines the criteria that must be met for such authorization, including being organized under a similar statute, being financially solvent, having required account insurance acceptable to the department, being effectively examined and supervised by the regulatory authority of its home state, and needing to conduct business in Pennsylvania to adequately serve its members in the state. The document also mentions an amendment made in 2002. Additionally, the document pertains to the supervision of out-of-state credit unions operating in Pennsylvania. The Department has the authority to examine out-of-state credit unions to the same extent as Pennsylvania credit unions are examined by the regulatory agency in the state where the out-of-state credit union is incorporated. Alternatively, the examination may be conducted pursuant to an agreement between the Department and the regulatory agency of the out-of-state credit union’s state of incorporation. The Department may also require the regulatory agency of the out-of-state credit union to furnish reports of examination regarding the out-of-state credit union as a condition for permitting it to operate in Pennsylvania. Furthermore, the document covers the revocation of authorization for out-of-State credit unions to conduct business in Pennsylvania. The document outlines the findings that may lead to revocation, including non-compliance with requirements, violation of Pennsylvania statutes or regulations or orders of the department, engagement in unsafe or unsound credit union practices, or the likelihood of substantially adverse impact on the financial, economic, or other interests of Pennsylvania residents. The document includes the effective dates of various amendments. No specific penalties for non-compliance or violation are mentioned in this document.
Whom does it apply to?
Out-of-State credit unions, the Department, regulatory agencies
What does it govern?
Authorization for out-of-State credit unions to conduct business in Pennsylvania, supervision of out-of-state credit unions operating in Pennsylvania, revocation of authorization for out-of-State credit unions to conduct business in Pennsylvania
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties for non-compliance or violation are mentioned.
Jurisdiction
Pennsylvania