Board Adopts Rule for Credit Unions to Remove Officials

By Titus, Nancy Raiden | THE JOURNAL RECORD, March 13, 1991 | Go to article overview

Board Adopts Rule for Credit Unions to Remove Officials


Titus, Nancy Raiden, THE JOURNAL RECORD


GD99;AGB;IP1,1.6;MC2;ITS;PS66,102;XP;END;

By Nancy Raiden Titus A rule clarifying the procedure for the state credit union administrator to remove credit union officers, directors and committee members was adopted Tuesday by the Oklahoma State Credit Union Board.

The board also heard discussion on a rule to change the method of assessing credit union fees and approved four membership expansion requests.

The board adopted Rule 25, which set out a procedure to be followed if the administrator deems the removal of an officer, director or committee member necessary for the health of the institution.

In such cases, the rule states that the administrator should provide a written order on the removal to the board of directors of the credit union. The board then has 10 days in which to remove the person, who can appeal the removal to the state credit union board.

If the credit union's board of directors does not remove the person after getting the written order, the administrator may suspend the person immediately. This provision triggers an automatic review by the state board.

``The idea behind this is that we needed something set down so that everyone understands how this will work,'' said Paul Foster, legal counsel for the Oklahoma State Banking Department, which oversees credit unions.

``Either we have the rule, or the administrator is just going to do it. It is better - for the industry and for the administrator - to have guidelines.''

The rule was discussed at the Feb. 26 meeting but was continued until Tuesday to give the industry more time for comment.

``We think we have satisfied most of the comments we have received about the rule,'' Foster said.

``There has not been a serious problem because of not having the rule,'' he said. But Wayne Osborn, credit union administrator, had said last month that there had been instances in which credit unions have refused to comply with similar requests from him.

Doug Eason, outside legal counsel for the Oklahoma Credit Union League, said the rule mirrors the powers given to the Oklahoma banking commissioner and the National Credit Union Administration.

The rule states that the removal order can apply to an individual determined to be ``reckless, unfit to participate in the conduct of the affairs of the credit union, or is practicing a willful and 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.''

Discussion focused on whether the administrator should remove the person directly or whether he should direct the institution's board or supervisory committee to remove the person.

Foster said the rule originally provided for the board to be involved, then it was changed to a direct order from the administrator. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Board Adopts Rule for Credit Unions to Remove Officials
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.