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Can you summarize 230 RICR 40-05-4?
Financial Institutions and Credit Unions > Credit Union General Provisions (230-RICR-40-05-4)
Short Summary
This regulation, part of the Rhode Island Code of Regulations, governs various aspects related to credit unions. It establishes the procedures and policies for credit union by-laws, requiring their approval by the Director. The regulation also outlines the eligibility criteria and qualifications for members of the credit union’s supervisory committee. It prohibits credit unions from offering more favorable loan terms to officers, directors, or committee members and requires compliance with federal deposit insurance rules and regulations. Additionally, the regulation mandates that credit unions maintain a written records retention and destruction program in accordance with applicable federal deposit insurance laws. Overall, this regulation aims to ensure proper governance and compliance within credit unions in Rhode Island.
Whom does it apply to?
Credit unions in Rhode Island
What does it govern?
Various aspects related to credit unions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Rhode Island