§ 54-109.20.  Additional authorities of the Administrator.

(a) In the event of a natural disaster or other national, regional, State, or local emergency, the Administrator may temporarily waive or suspend requirements for compliance by one or more credit unions with any provisions of this Chapter or with any rules if the Administrator deems it in the public interest.

(b) The Administrator may issue and serve upon a credit union an order to cease and desist from one or more unsafe or unsound practices or violations if, in the opinion of the Administrator, a credit union is engaging or has engaged, or there is reasonable cause to believe a credit union is about to engage, in an unsafe or unsound practice, or is violating or has violated, or there is reasonable cause to believe a credit union is about to violate, this Chapter or any other applicable statute, rule, regulation, or order. An order to cease and desist shall contain a statement of the facts constituting the alleged violations or unsafe or unsound practices, and the order may require, in terms that may be mandatory or otherwise, a credit union, its officers, directors, employees, or agents to cease and desist from the practices or violations. The order shall specify its effective date and shall contain a notice to the credit union of its right to a hearing on the order in accordance with rules adopted by the Administrator.

(c) The Administrator may conduct an investigation, including conducting background checks, of any credit union employee, officer, director, or committee member when considering applications for new charters, changes to those positions in credit unions in a troubled condition, a managing agent or manager in a conserved credit union, or when the Administrator has reason to believe the credit union employee, director, or committee member affected or is likely to affect the safety or soundness of the credit union.  (2026-31, s. 11(b).)