§ 23-35-203 - Annual examination of credit unions. - Arkansas Statutes

23-35-203. Annual examination of credit unions.

(a) The State Credit Union Supervisor shall cause each credit union to be examined annually. Each credit union and all of its officers and agents shall be required to give representatives of the supervisor full access to all books, papers, securities, records, and other sources of information under their control. For the purpose of the examination, the representatives shall have power to subpoena witnesses, administer oaths, compel the giving of testimony, and require the submission of documents.

(b) A report of this examination shall be forwarded to the credit union after the completion of the examination. The report shall be reviewed at the next monthly meeting of the board of directors of the credit union and a reply, if requested by the supervisor, shall be forwarded by the board by the date requested by the supervisor.

(c) For the purpose of these examinations, each credit union shall pay an examination fee based upon the cost of performing the examination. Each credit union shall bear a proportionate share of the expenses of the supervisor, in accordance with schedules adopted by the supervisor.

(d) If there is any violation of this section by a credit union, the supervisor may fine a credit union ten dollars ($10.00) per day for ten (10) days. If the violation has not been corrected by the tenth day, he may take any action he deems necessary and appropriate under the provisions of this chapter.