3307426, 69U-110.002 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 3307426

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

FSC - Financial Institution Regulation

Chapter:

STATE CREDIT UNIONS

Overview

RULE:

69U-110.002	Definitions (Repealed)
69U-110.005	Application and Filing Fee
69U-110.0061	Bylaws
69U-110.008	Branches
69U-110.021	Notification to OFR after Elections or Appointments
69U-110.0211	Liability and Bond Insurance
69U-110.0212	Policies
69U-110.026	Supervisory/Audit Committee; Audit
69U-110.031	Powers
69U-110.038	Applications for Credit (Repealed)
69U-110.0381	Loans Secured by Real Estate
69U-110.0382	Credit Cards (Repealed)
69U-110.042	Investments (Repealed)
69U-110.043	Reserves
69U-110.0431	Depletion of Regular Reserves (Repealed)
69U-110.0432	Equity Plan Requirements (Repealed)
69U-110.044	Accounting Practices (Repealed)
69U-110.045	Reports to OFR
69U-110.050	Currency Reporting Compliance Requirements (Repealed)
69U-110.062	Capitalization Criteria for Conservatorship or Involuntary Liquidation Actions
69U-110.063	Credit Unions Liquidation Certificate and Maintenance of Records
69U-110.065	Merger
69U-110.066	Conversion
69U-110.068	Central Credit Unions (Repealed)

PURPOSE:

Chapter 2005-181, Laws of Florida, revises provisions contained in Chapters 655 and 657, Florida Statutes, relating to state-chartered financial institutions in general and the regulation of state-chartered credit unions in particular. In light of this law, the Office of Financial Regulation is proposing the adoption of new rules, and amendments to, or the repeal of, certain existing administrative rules governing the regulation of state-chartered credit unions to reflect and implement the statutory changes.

SUMMARY:

Chapter 2005-181, Laws of Florida, revises provisions contained in Chapters 655 and 657, Florida Statutes, relating to state-chartered financial institutions in general and the regulation of state-chartered credit unions in particular.   The law incorporates changes to provide consistency with the National Credit Union Administration guidelines and federal regulations; authorizes the Financial Services Commission to adopt rules to establish criteria under which the Office of Financial Regulation may place a credit union in involuntary liquidation; updates accounting requirements to conform with generally accepted accounting principles of the United States; revises procedures governing a merger of credit unions; removes specific powers of a credit union in favor of broader business powers; broadens the authority of the Office of Financial Regulation to issue an emergency order to require merger, conversion, or other appropriate action for a failing bank or trust company to apply to other financial institutions, including credit unions; and removes obsolete language relating to the Florida Credit Union Guaranty Corporation, which no longer exists.    The proposed rules update the current regulations governing state-chartered credit unions to implement and reflect these statutory changes.

RULEMAKING AUTHORITY:

120.54, 655.012(2), 657.005, 657.062, 657.063 FS.

LAW:

655.044, 655.045, 655.057, 655.60, 655.061, 657.005, 657.008, 657.021, 657.026, 657.028, 657.031, 657.038, 657.042, 657.043, 657.005, 657.0061, 657.062, 657.063, 657.064, 657.065, 657.066, 657.008 FS.

PRINT PUBLISH DATE:

12/15/2006 Vol. 32/50

COMMENTS:

From 12/15/2006 To 1/5/2007 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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