Okla. Admin. Code § 180:10-5-9

Current through Vol. 42, No. 3, October 15, 2024

Section 180:10-5-9 - Prohibited acts and practices

The following is a list of acts which, if after notice and opportunity for hearing before the Board, pursuant to the Administrative Procedures Act, the Board determines that one or more such acts were committed by a credit union officer, employee, agent, director, or committee member, shall constitute acts rendering the individual unfit to participate in the conduct of the affairs of any credit union:

(1) To knowingly receive or possess any property of a credit union otherwise than in payment of a just demand or otherwise than as authorized by such credit union, and, with intent to deceive or defraud, to omit to make or cause an omission of a full and true entry thereof in its books and accounts, or concur in omitting to make any material entry thereof;

(2) To embezzle, abstract, or knowingly misapply any money, property, or thing of value of the credit union, with the intent to deceive or defraud the credit union;

(3) To knowingly make any false entry in any book, report, or statement of such credit union, or with the intent to deceive the Commissioner, any other regulatory agency, any auditor or any authorized representative appointed to examine the affairs of such credit union;

(4) To commit any unsafe or unsound practice which causes loss to a credit union or exposes the credit union to potential loss, which loss or potential loss threatens the safety and soundness of the credit union;

(5) To refuse or willfully fail to deliver or disclose to the Commissioner, his employees or appointed representative any examination report, report of condition, report of income and expenses, internal audit, account, statement, or document known by him to be fraudulent or false as to any material matter;

(6) To execute, or attempt to execute, any scheme or artifice to defraud a credit union to obtain credit, money, assets, securities, or other property owned by, or under the custody or control of a credit union;

(7) To willfully deny access to, or to fail to provide upon written request, information or documents required by the laws of Oklahoma or of the United States of America, to the Commissioner or his appointed representative.

(8) To engage in a pattern of conduct which constitutes a breach of the particular person's fiduciary duty to the credit union or credit union members.

(9) Any other act which after notice and hearing before the Board, is determined by the Board to have jeopardized the safety or soundness of the credit union.

Okla. Admin. Code § 180:10-5-9

Added at 11 Ok Reg 4185, eff 7-25-94; Amended at 26 Ok Reg 1413, eff 6-11-09