SENATE/HOUSE FILE _____

BY  (PROPOSED DEPARTMENT OF COMMERCE/CREDIT UNION DIVISION BILL)

A BILL FOR

An Act relating to credit unions, including methods of voting by credit union members and the board of directors, electronic communications to certain credit union members, the composition of the board of directors, assessment of fees for examination and supervision, limited negotiated disclosures of certain confidential information, treatment of ownership shares, and superintendent management authority, and making penalties applicable.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 533.108, subsection 1, Code 2011, is amended to read as follows:
   1.
  a.  Records of the credit union division are public records subject to the provisions of chapter 22, except as otherwise provided in this chapter.
   b.  Papers, documents, writings, reports, reports of examinations and other information relating specifically to the supervision and regulation of a specific state credit union or of other persons by the superintendent pursuant to the laws of this state are not public records and shall not be open for examination or copying by the public or for examination or publication by the news media.
   c.  The superintendent or an employee of the credit union division shall not disclose such information
 
relating specifically to the supervision and regulation of a specific state credit union or of other persons in any manner to any person other than the person examined, except as otherwise authorized by this section
 
or section 533.113 or 533.308.
   d.  Notwithstanding the prohibition on disclosure pursuant to paragraph “c”, the superintendent or an employee of the credit union division may disclose information relating specifically to the supervision and regulation of a specific state credit union or of other persons if the credit union or other person consents in writing to the disclosure and the persons to whom the disclosures are made are subject to, or agree to comply with, standards of confidentiality comparable to those contained in this chapter.
    Sec. 2.  Section 533.112, Code 2011, is amended to read as follows:
   533.112  Annual
 
and individual fees —— examination fees —— delinquencies.
   1.  Each state credit union shall pay an annual fee
 
for examination and supervision as determined by the superintendent based on the actual cost of operating the credit union division.

   a.  The cost of operating the credit union division shall include but not be limited to costs and expenses for salaries and benefits, expenses and travel for employees, office facilities, supplies, equipment, and administrative costs and expenses incurred in the discharge of the duties imposed on the superintendent under this chapter.
   b.
  (1)  The cost of operating the credit union division shall also include but not be limited to the costs incurred due to additional time and other division resources required for any of the following:
   (a)  Performing services for the credit union that are customarily performed by the credit union.
   (b)  Performing services related to a particular examination that exceed estimates for an individual credit union’s examination based on factors including but not limited to the asset size of the credit union, the complexity of transactions to be examined, and the examination history of the credit union.
   (2)  An individual fee assessment for such costs incurred under this paragraph “b” may be made in addition to a credit union’s annual fee.
   c.  The
 
In establishing the structure of the fee schedule, the superintendent shall consider recommendations from the review board and from state credit unions in determining the amount of the annual fee.
   d.  The annual fee may be paid in one or more installments, as provided by rule by the superintendent.
   2.  Each state credit union, corporation, credit union service organization, or other person subject to an examination pursuant to section 533.113 shall pay an examination fee
 
as determined by the superintendent, which shall reflect but not be limited to the time required for the examination and the costs of the examination. The superintendent shall establish by rule an examination fee schedule.
   a.  The costs of the examination shall include but not be limited to costs and expenses for salaries and benefits, expenses and travel for employees, office facilities, supplies, equipment, and administrative costs and expenses incurred in the discharge of duties imposed upon the superintendent under this chapter.
   b.  The examination fee shall be due within thirty days of presentation of the fee statement to the corporation, credit union service organization, or other person examined by the division.
   3.  In addition to the annual fee and examination fee assessed pursuant to this section, the division may also assess a credit union, credit union service organization, corporation, or other person subject to an examination pursuant to section 533.133 for the expense of accountants, investigators, and other experts reasonably necessary to assist in the conduct of the examination, pursuant to section 533.113, subsection 1.
   4.
  a.  Failure of a state credit union, corporation, credit union service organization, or other person to pay a fee pursuant to subsection 1, or 2, or 3 shall result in the fee being considered delinquent and a penalty equal to five percent of the original fee may be assessed for each day or part of a day the payment remains delinquent.
   b.  A fee delinquency under this subsection by a corporation, credit union service organization, or other person may result in the superintendent collecting the delinquent fee and penalty from the state credit union owning shares or investments or having business transactions or a relationship with such corporation, credit union service organization, or other person.
   c.  A fee delinquency under this subsection may also constitute grounds for revocation of the certificate of approval of the credit union to operate in this state.
    Sec. 3.  Section 533.113, subsection 6, paragraph e, Code 2011, is amended by striking the paragraph.
    Sec. 4.  Section 533.201, subsections 7 and 8, Code 2011, are amended to read as follows:
   7.  Articles of incorporation may be amended by a favorable vote of a majority of the members present at a meeting, if that number constitutes a quorum and if the proposed amendment was contained in the notice of the meeting.
   8.  Bylaws
 
Articles of incorporation or bylaws may be amended by any of the following methods, upon a favorable vote of a majority of the board of directors selecting the method of voting:
   a.  The favorable vote of a majority of the members present at a meeting, if that number constitutes a quorum and if the proposed amendment was contained in the notice of the meeting.
   b.  The favorable vote of a majority of the members of the board.
   c.  By a majority vote of members voting by mailed or electronic ballot, ensuring the confidentiality of voters
 
votes remain confidential and secret from all interested parties, and that each member is only allowed to vote once, according to procedures specified by rule of the superintendent, requiring at least twenty days’ notice to all members
 
or as specified in the bylaws. An announcement shall be made to members of the results of the vote. Ballots shall be preserved for a reasonable period of time following the vote.
   d.  A combination of procedures as specified in paragraphs “a” and “c”, whereby members are allowed to vote either in person at a meeting or by mailed or electronic ballot, according to procedures specified by rule of the superintendent
 
or as specified in the bylaws.
   8.  If the proposed amendment receives a favorable majority of the total votes cast in person and by mailed or electronic ballot
 
under the method of voting selected under subsection 7, the
 
articles of incorporation or bylaws shall be
 
are amended
 
as proposed.

Notice shall be given to members of the results of the vote. Ballots of members shall be preserved for at least sixty days after the results are tallied and notice given to members, and until any challenge is resolved.
    Sec. 5.  Section 533.203, Code 2011, is amended to read as follows:
   533.203  Fiscal year —— membership meetings
 
—— voting by membership —— notice.
   1.  The fiscal year of all state credit unions shall end December 31.
   2.  Annual meetings shall be held, and special meetings may be held, in the manner indicated in the bylaws.
   a.  At all meetings, a
 
A member shall have one vote regardless of the number of or class of shares held by the member.
   b.  There shall be no voting by proxy.
   c.  A member other than a natural person may cast a single vote through a delegated agent.
   3.
  a.  The majority of members present at any meeting may vote to modify, amend, or reverse any act of the board of directors or instruct the board to take action not inconsistent with the articles, bylaws, or this chapter.
   b.  In order to be binding upon the board of directors, any action taken by the membership to modify, amend, or reverse an act of the board, or to instruct the board to take action, requires an affirmative vote of a majority of all eligible members obtained by submitting the modification, amendment, or reversal to the members by mail or electronic ballot, pursuant to rules adopted by the superintendent.

When a vote of the membership is required under the provisions of this chapter, the board of directors, by a favorable vote of the majority of the board, shall select one of the following methods for conducting that vote, unless a procedure for that vote is otherwise specified:
   (1)  The favorable vote of a majority of the members present at a meeting, if that number constitutes a quorum and if the proposed vote was contained in the notice of the meeting.
   (2)  By a majority vote of members voting by mailed or electronic ballot according to procedures specified by rule of the superintendent or as specified in the bylaws.
   (3)  A combination of procedures as specified in subparagraphs (1) and (2), according to procedures specified by rule of the superintendent or as specified in the bylaws.
   b.  Notice shall be given to members of the results of the vote. Ballots of members shall be preserved for at least sixty days after the results are tallied and notice given to members, and until any challenge is resolved.
   4.  Votes of the membership conducted in accordance with this chapter shall ensure that votes remain confidential and secret from all interested parties, and that each member is only allowed to vote once.
   5.  When notice to members is required under the provisions of this chapter, the board of directors may satisfy the notice requirement by sending the notice electronically to those members who have exercised an option to receive notices electronically.
   6.  Credit unions may send account statements and other communications electronically to those members who have exercised an option to receive communications electronically.
    Sec. 6.  NEW SECTION.  533.203A  Vote to modify, amend, or reverse act of board of directors —— instruction to take action.
   1.  The majority of members present at any meeting may vote to modify, amend, or reverse any act of the board of directors or instruct the board to take action not inconsistent with the articles, bylaws, or this chapter.
   2.  In order to be binding upon the board of directors, any action taken by the membership to modify, amend, or reverse an act of the board, or to instruct the board to take action, requires an affirmative vote of a majority of all eligible members obtained by submitting the modification, amendment, reversal, or instruction to the members for a vote, pursuant to the provisions of section 533.203.
    Sec. 7.  Section 533.204, Code Supplement 2011, is amended to read as follows:
   533.204  Election of board.
   1.  At the organizational meeting,
 
and at each annual meeting after initial organization, a board of directors of not less than nine members shall be elected to hold office for such. The board shall consist of at least seven members, but in every instance shall be composed of an odd number of directors. The directors shall serve staggered terms
 
of three years, as the bylaws provide and, so that an approximately equal number of terms expire at each annual meeting. A director shall serve until successors are
 
a successor is elected and qualified.
   2.  At each annual meeting, one member shall be elected to fill each position vacated by reason of an expiring term or other cause.
   3.  Pursuant to rules adopted by the superintendent, state credit unions may
 
The board of directors shall allow members to vote on the election of directors via electronic means including but not limited to the internet or telephone
 
according to the provisions of section 533.203.
   4.  A record of the names and addresses of the directors, officers, and committee persons shall be filed with the superintendent within ten days following each election
 
or any other change in the directors, officers, or committee persons.
   5.
  a.  A state credit union wishing to maintain a board of directors of less than nine members may apply to the superintendent for permission to reduce the required number of directors. An application to reduce the required number of directors under this subsection must demonstrate both of the following:
   (1)  The application is necessitated by a hardship or other special circumstance.
   (2)  A lesser number of directors is in the best interest of the state credit union and its members.
   b.  In no event shall the superintendent allow a state credit union to maintain fewer than seven directors on a state credit union board.
    Sec. 8.  Section 533.205, subsection 2, paragraph b, Code Supplement 2011, is amended to read as follows:
   b.  The board may also appoint alternate members of the credit committee
 
or the auditing committee.
    Sec. 9.  Section 533.208, subsection 3, Code 2011, is amended to read as follows:
   3.  Suspend by unanimous
 
majority vote any officer, director, or member of the auditing committee and call the members together to act on the suspension, if the auditing committee deems the action to be necessary to the proper conduct of the state credit union.

The suspension shall be put to a vote of the membership, according to the provisions of section 533.203. The members at the meeting may
 
vote to sustain the suspension and remove the officer, director, or member permanently or may
 
vote to reinstate the officer, director, or member.
    Sec. 10.  Section 533.210, subsections 3, 4, and 6, Code 2011, are amended to read as follows:
   3.  Any member may withdraw from the state credit union at any time, but advance notice of withdrawal
 
of shares or deposits may be required as provided in this section.
   4.  After deducting all amounts due from the member to the state credit union and the amount necessary to honor outstanding share drafts drawn against accounts of the member, all amounts paid on shares or as deposits of an expelled or withdrawing
 
withdrawn member, along with accrued dividends and interest to the date of expulsion or withdrawal, shall be paid to that member.
   6.  Withdrawing or expelled
 
Expelled or withdrawn members shall have no further rights in the state credit union. However, withdrawing or expelled
 
or withdrawn members shall not be released from any remaining liability to the state credit union because of the expulsion or withdrawal.
    Sec. 11.  Section 533.213, subsection 3, paragraph f, Code 2011, is amended to read as follows:
   f.  Sell all or part of its assets to another corporate central credit union and assume the liabilities of a selling corporate central credit union if the action is pursuant to a plan agreed upon by a majority of the board of directors and, in the case of the sale of all of its assets, the affirmative vote of a majority of its members either by mail or in person at a meeting called for that purpose
 
according to the provisions of section 533.203.
    Sec. 12.  Section 533.302, Code 2011, is amended to read as follows:
   533.302  Capital.
   1.  The capital of a credit union shall consist of the payments that have been made to it by the several members thereof on shares. A credit union may charge an entrance fee as may be provided by the bylaws.
   2.  A credit union may establish an equity share having a par value not to exceed one hundred dollars which shall be a part of the capital of the credit union and shall not be withdrawn or transferred except upon termination of
 
expulsion or withdrawal from membership in the credit union, as provided in section 533.210.
   3.  At the option of the credit union, the equity share may earn a dividend and may be insured.
    Sec. 13.  Section 533.307, Code 2011, is amended to read as follows:
   533.307  Account insurance.
   Except as provided in section 533.302, subsection 2
 
3, a credit union organized under this chapter, as a condition of maintaining its privilege of organization, shall acquire and maintain insurance to protect each shareholder and each depositor against loss of funds held on account by the credit union. The insurance shall be obtained from the national credit union administrator or from some other share guarantor or insurance plan approved by the Iowa commissioner of insurance and the superintendent, provided that each credit union shall acquire deposit insurance from the appropriate agency of the federal government.
    Sec. 14.  Section 533.308, subsection 2, Code 2011, is amended to read as follows:
   2.  The superintendent may furnish to any official of an insurance plan by which the accounts of a state credit union are insured or by which its employees and officials are bonded, any information relating to examinations, investigations, and reports of the status of that state credit union or its employees and officials for the purpose of facilitating the availability or continuation of the insurance or bond of the state credit union or resolution of a claim.

The superintendent and the insurance company shall, whenever possible, execute a confidentiality agreement regarding the information provided by the superintendent that imposes standards of confidentiality comparable to those required by this chapter.
    Sec. 15.  Section 533.308, Code 2011, is amended by adding the following new subsection:
   NEW SUBSECTION.  3.  A state credit union may furnish to any official of an insurance plan by which the accounts of the state credit union are insured or by which its employees and officials are bonded, any information regarding transactions of the state credit union, examinations, investigations, or reports of the status of the state credit union or its employees and officials for the purpose of facilitating the availability or continuation of the insurance or bond of the state credit union or resolution of a claim. The state credit union and the insurance company shall, whenever possible, execute a confidentiality agreement regarding the information provided by the state credit union that imposes standards of confidentiality comparable to those required by this chapter.
    Sec. 16.  Section 533.309, subsection 1, Code 2011, is amended to read as follows:
   1.  Ownership share account.  The ownership share account shall consist of an account balance held by the state credit union in accordance with the state credit union’s bylaws. Each member may acquire only one ownership share. In the case of a joint account, the joint account owners may acquire only one ownership share unless each joint account owner applies for and is accepted as an individual member. The state credit union shall not set off fees against a member’s ownership share.
    Sec. 17.  Section 533.325, subsection 1, Code 2011, is amended to read as follows:
   1.  The directors, officers, committee members, and employees of a state credit union shall hold in confidence all information regarding transactions of the state credit union, including information regarding transactions with its members and their personal affairs, except to the extent necessary in connection with making
 
any of the following:
   a.  Making, extending, or collecting a loan or line of credit, guaranteeing.
   b.  Guaranteeing
 
of member share drafts by third parties, or complying.
   c.  Communicating with an insurance company for the purpose of facilitating the availability or continuation of the insurance or bond of the state credit union or the resolution of a claim, pursuant to section 533.308, subsection 3.
   d.  Pursuant to a confidentiality agreement that is executed pursuant to section 533.108, subsection 1.
   e.  Complying
 
with the examination of credit union records by regulatory authorities or compliance.
   f.  Compliance
 
with an order from a court having jurisdiction over the state credit union.
    Sec. 18.  Section 533.401, subsection 1, Code 2011, is amended to read as follows:
   1.  With the approval of the superintendent, a state credit union may merge with another credit union under the existing certificate of approval of the other credit union if the merger is pursuant to a plan agreed upon by a majority of the board of directors of each credit union joining in the merger and the merger is approved by the affirmative vote of a majority of the members of the merging credit union either by mail or in person at a meeting called for the purpose of voting on the merger
 
according to the provisions of section 533.203.

At least twenty days’ notice shall be provided between the sending of notice and the scheduled conclusion of the vote.
    Sec. 19.  Section 533.401, subsection 3, paragraph c, Code 2011, is amended to read as follows:
   c.  At the meeting called to consider the merger, a
 
A majority of the votes received, by regular mail or in person, upon the question
 
according to the method of voting selected by the board of directors pursuant to section 533.203, were in favor of the merger.
    Sec. 20.  Section 533.403, subsection 1, Code 2011, is amended to read as follows:
   1.  A state credit union may convert into a federal credit union with the approval of the administrator of the national credit union administration and by the affirmative vote of a majority of the credit union’s members who vote on the proposal, according to the provisions of section 533.203. This vote, if taken, shall be at a meeting called for that purpose and shall be in the manner prescribed by the bylaws.
    Sec. 21.  Section 533.405, subsections 1, 2, and 6, Code 2011, are amended to read as follows:
   1.  At a special meeting called for that purpose, a
 
A state credit union may dissolve upon the affirmative vote of a majority of its members eligible to vote at the special meeting
 
according to the provisions of section 533.203.

At least twenty days’ notice shall be provided between the sending of notice and the scheduled conclusion of the vote.
   a.  Notice of the meeting’s purpose shall be contained in the meeting’s notice.
   b.  Any member eligible to vote and not present at the meeting may, within twenty days after the date on which the meeting was held, vote in favor of dissolution by signing a statement in a form approved by the superintendent. This vote shall have the same force and effect as if cast at the meeting.
   2.
  a.  The state credit union shall cease to do business except for the purposes of liquidation immediately upon giving
 
sending notice of the special meeting called for the members’ vote on dissolution.
   b.  The board of directors shall immediately notify the superintendent of the intention of the state credit union to dissolve
 
within three business days of a vote by a majority of the board of directors in favor of dissolution, and prior to sending notice of the members’ vote.
   c.  The state credit union shall not resume its regular business unless the dissolution fails to receive the required vote of the members or unless the members have revoked prior affirmative action to dissolve as provided for in subsection 6.
   6.
  a.  At any time prior to any distribution of its assets, a state credit union may revoke the voluntary dissolution proceedings by the affirmative vote of a majority of its members eligible to vote, according to the provisions of section 533.203. This vote, if taken, shall be at a special meeting called for that purpose in the manner prescribed by the bylaws.

At least twenty days’ notice shall be provided between the sending of notice and the scheduled conclusion of the vote.
   b.  The
 
Upon the conclusion of the vote, the board of directors shall immediately notify the superintendent of any such action to revoke voluntary dissolution proceedings.
    Sec. 22.  Section 533.502, subsection 2, Code 2011, is amended to read as follows:
   2.
  a.  The superintendent shall thereafter manage the property and business of the state credit union until such time as the superintendent may relinquish to the state credit union the management, upon such conditions as the superintendent may prescribe, or until the affairs of the state credit union are finally dissolved as provided in this chapter.

The superintendent may operate and direct the affairs of the state credit union in its regular course of business. The superintendent may also collect amounts due the state credit union and do such other acts as are necessary or expedient to conduct the affairs of the state credit union and conserve or protect its assets, property, and business.
   b.  The superintendent may appoint one or more persons, with powers specified in the certificate of appointment, to assist the superintendent in the duty of management, conservation, or dissolution and distribution of the business and property of a state credit union.
   c.  During the period of the superintendent’s management of the property and business of the state credit union, and prior to the time that the superintendent may apply to the district court for appointment as receiver, the superintendent may assess the state credit union for costs and expenses incurred by the division in the management of the state credit union. Costs and expenses shall include but not be limited to costs and expenses for salaries and benefits, expenses and travel for employees, office facilities, supplies, equipment, and administrative costs and expenses incurred in the management of the state credit union.
EXPLANATION
   This bill relates to matters under the purview of the credit union division of the department of commerce.
   The bill modifies provisions prohibiting disclosure of confidential information pertaining to the supervision and regulation of a specific state credit union or of other persons. The bill provides that, notwithstanding the general prohibition on disclosure, the superintendent of credit unions or an employee of the credit union division may disclose information relating specifically to the supervision and regulation of a specific state credit union or of other persons if the credit union or other person consents in writing to the disclosure and the persons to whom the disclosures are made are subject to, or agree to comply with, standards of confidentiality comparable to those contained in Code chapter 533. The bill references Code sections 533.113 and 533.308 as constituting exceptions to the general prohibition. In connection specifically to Code section 533.308, relating to the furnishing to officials of an insurance plan and specified information to facilitate the availability or continuation of insurance or a bond, or the resolution of a claim, the bill adds that the superintendent and the insurance company shall, whenever possible, execute a confidentiality agreement regarding the information provided by the superintendent.
   The bill specifies that the annual fees referenced in Code section 533.112 payable by state credit unions refer to one annual fee relating to examination and supervision, based on the actual cost of operating the credit union division. The bill provides that the cost of operating the credit union division shall include but not be limited to costs and expenses for salaries and benefits, expenses and travel for employees, office facilities, supplies, equipment, and administrative costs and expenses incurred in the discharge of the duties imposed on the superintendent under Code chapter 533. The bill provides that the cost of operating the credit union division shall also include but not be limited to the costs incurred due to additional time and other division resources required for either performing services for the credit union that are customarily performed by the credit union, or performing services related to a particular examination that exceed estimates for an individual credit union’s examination based on specified factors, and that an individual fee assessment for such costs may be made in addition to a credit union’s annual fee. The bill states that the annual fee may be paid in one or more installments, as provided by rule by the superintendent. 
   The bill also provides that a separate examination fee shall be payable by a corporation, credit union service organization, or other person subject to an examination pursuant to Code section 533.113 in an amount determined by the superintendent, which shall reflect but not be limited to the time required for the examination and the costs of the examination. The bill provides that the costs of the examination shall include components similar to the previously referenced fee payable by state credit unions including but not be limited to costs and expenses for salaries and benefits, expenses and travel for employees, office facilities, supplies, equipment, and administrative costs and expenses incurred in the discharge of duties imposed upon the superintendent. The bill provides that this examination fee shall be due within 30 days of presentation of the fee statement to the corporation, credit union service organization, or other person examined by the division. Further, the bill specifies that the assessment of a credit union, credit union service organization, corporation, or other person subject to an examination for the expense of accountants, investigators, and other experts reasonably necessary to assist in the conduct of the examination, is separate from and not included in the annual fee.
   The bill deletes a provision in Code section 533.309 that prohibits credit unions from setting off fees against a member’s ownership share. The bill modifies provisions contained in Code sections 533.210 and 533.302 relating to withdrawing members providing advance notice of the withdrawal of shares or deposits in the credit union, and referring to expelled or withdrawn members. 
   The bill additionally coordinates voting procedures throughout Code chapter 533 pursuant to modifications to Code section 533.203. The bill provides that when a vote is required, the board of directors of the credit union by majority vote shall select one of several alternative methods for conducting the vote, unless a procedure for a particular vote is otherwise specified. The alternative methods include by a vote of a majority of the members present at a meeting, if that number constitutes a quorum and if the proposed vote was contained in the notice of the meeting; by a majority vote of members voting by mailed or electronic ballot according to procedures specified by rule of the superintendent or as specified in the bylaws; or by a combination of these procedures as established by rule of the superintendent or as specified in the bylaws. The bill provides that notice shall be given to members of the results of the vote, and that ballots of members shall be preserved for at least 60 days after the results are tallied and notice given to members, and until any challenge is resolved. The bill further provides that voting shall remain confidential and secret from all interested parties, that each member is only allowed to vote once, that the board of directors may satisfy notice requirements by sending the notice electronically to members who have opted to receive notices electronically, and that credit unions may send account statements and other communications electronically to members who opt to receive communications electronically. Comparable provisions are included with reference to amending the articles of incorporation or the bylaws of a credit union, provided a majority of the board of directors votes to proceed with such an amendment. Additionally, the bill relocates current provisions regarding votes to modify, amend, reverse, or instruct the board of directors contained in Code section 533.203 to a separate Code section 533.203A, and specifies notice durations. The bill references the modified voting procedures with regard to several forms of voting in Code chapter 533, and provides applicable notice requirements.
   The bill addresses elections of the board of directors, modifying Code section 533.204 to refer to ongoing annual meetings, as well as the initial election of the board. Membership of the board is changed from not less than nine members to consisting of at least seven members, serving staggered terms of three years. The bill provides that the board may appoint an alternate member of the credit union’s auditing committee, in addition to currently authorized appointments to a credit committee; and changes the voting requirements for suspensions of any officer, director, or member of the auditing committee from a unanimous to a majority vote. 
   The bill provides, with reference to management of a state credit union by the superintendent under the extraordinary circumstances specified in Code chapter 533, that the superintendent may operate and direct the affairs of the state credit union in its regular course of business, to collect amounts due the state credit union, and do such other acts as are necessary or expedient to conduct the affairs of the state credit union and conserve or protect its assets, property, and business. The bill authorizes the superintendent to appoint one or more persons, with powers specified in the certificate of appointment, to assist the superintendent in the duty of management, conservation, or dissolution and distribution of the business and property of a state credit union. Additionally, the bill provides that during the period of the superintendent’s management, and prior to the time that the superintendent may apply to the district court for appointment as receiver, the superintendent may assess the state credit union for costs and expenses incurred by the division in the management of the state credit union. These costs and expenses shall include but not be limited to costs and expenses for salaries and benefits, expenses and travel for employees, office facilities, supplies, equipment, and administrative costs and expenses incurred in the management of the state credit union.
   The bill also deletes an outdated reference to the federal office of thrift supervision.