Iowa Admin. Code r. 189-2.9

Current through Register Vol. 47, No. 6, September 18, 2024

Rule 189-2.9 - Board of directors requirements

(1) The board of directors shall hold at least 12 regular meetings each calendar year. No more than one regular meeting shall be held in one calendar month.

(2) A quorum shall be required to undertake any credit union business and required at any meeting of the board of directors called by the superintendent pursuant to Iowa Code chapter 533.

(3) A director or committee member must be able to read and understand the credit union's balance sheet and income statement, have a working knowledge of basic finance and generally accepted accounting principles (GAAP) utilized in the credit union, be able to understand the risk found in depository institutions and credit union board governance, and understand the internal control structures of the credit union. If a director or committee member does not have the requisite skills when elected or appointed, the director or committee member must obtain these skills in a timely manner, not to exceed 12 months.

This rule is intended to implement Iowa Code sections 533.205(3)"c,"533.205(3)"g," and 533.113A.

Iowa Admin. Code r. 189-2.9

Amended by IAB August 28, 2019/Volume XLII, Number 5, effective 10/2/2019

Amended by IAB December 15, 2021/Volume XLIV, Number 12, effective 1/19/2022