Idaho Code
Chapter 21 - IDAHO CREDIT UNION ACT
Section 26-2108 - POWERS.

26-2108. POWERS. A credit union shall have power to:
(1) Make contracts;
(2) Sue and be sued in the name of the credit union;
(3) Own, hold, or use any real or personal property or any interest therein that is necessary or incidental to the credit union’s operations, subject to the provisions of this chapter;
(4) Require the payment of an entrance or membership fee of any applicant admitted to membership;
(5) Receive from its members payments on shares and deposits of any type;
(6) Pay dividends or interest on shares and deposits as provided for in this chapter;
(7) Make loans to its members in accordance with this chapter and purchase or otherwise acquire, in whole or in part, obligations of its members. A credit union may only purchase or otherwise acquire obligations of its members that it could enter into directly with the members;
(8) Charge interest and other fees on loans, impose fees and charges in connection with the accounts and services provided to members, including fees for failure to meet obligations to the credit union, and recover costs, including attorney’s fees and court costs, incurred in collecting amounts owed to the credit union, subject to other applicable law;
(9) Borrow money in an aggregate amount not to exceed fifty percent (50%) of its members’ shares and deposits, plus undivided earnings;
(10) Deposit funds in federally insured banks and savings and loan companies and in state or federal credit unions and otherwise invest funds as provided in this chapter;
(11) Lease tangible personal property to its members;
(12) Hold membership in other state or federally chartered credit unions and in trade or other associations related to the credit union’s business;
(13) Receive funds as shares or deposits from a state or federal credit union, bank, savings bank, savings and loan association, or any other type of depository institution;
(14) Receive deposits from the federal government, a state, or any political subdivision of the federal government or a state, or a corporation or other entity established by either;
(15) Establish and operate electronic service facilities to provide services in accordance with this chapter. An electronic service facility that is not operated by personnel on the premises at which the electronic service facility is located is not a branch office for the purposes of section 26-2143, Idaho Code;
(16) Make charitable contributions that are reasonable in amounts in relation to the credit union’s financial circumstances;
(17) Indemnify its directors, supervisory committee members, officers, employees, and others in accordance with provisions in its bylaws that are consistent with the Idaho business corporation act;
(18) Provide financial counseling services to its members, including but not limited to investment counseling or advice and debt counseling;
(19) Act as an insurance producer, employ insurance producers, or enter into other arrangements with insurance producers to offer any type of insurance to members in accordance with the Idaho insurance code;
(20) Join, make deposits in or loans to, or purchase shares of any federal reserve bank, federal home loan bank, or central liquidity facility established under federal or state law;
(21) Receive funds as shares or deposits from a deferred compensation plan or other retirement plan that serves any of the credit union’s members or potential members;
(22) Sell, pledge, discount, or otherwise dispose of, in whole or in part, obligations of its members and service obligations of which it has disposed;
(23) Offer tax return preparation and filing services for its members;
(24) Enter into joint marketing, networking, or referral arrangements to facilitate members’ purchases of goods and services from third parties. Such arrangements may include compensation to the credit union, subject to applicable law;
(25) Guarantee the signature of a member in connection with a transaction that involves tangible or intangible property in which a member has or seeks to acquire an interest;
(26) Perform any of the following services for any person in an underserved area, as designated in 12 CFR 1026.35(b)(2)(iv)(B), that does not have an established relationship with a financial institution or for any person in any area if the credit union has been designated as a low-income credit union as that term is defined in 12 CFR 701.34:
(a) Cashing and selling checks, drafts, or money orders;
(b) Purchasing and selling foreign currencies in exchange for United States currency;
(c) Wire transfers; and
(d) Financial counseling services;
(27) Sell all or part of its assets, purchase all or part of the assets and assume all or part of the liabilities of another credit union, out-of-state credit union, or federal credit union, subject to the approval of the director; and
(28) Exercise such incidental powers as are necessary or convenient to enable the credit union to conduct the business of a credit union or to otherwise fulfill the purposes for which it was organized, in accordance with this chapter.

History:
[26-2108, added 2022, ch. 78, sec. 4, p. 218.]

Structure Idaho Code

Idaho Code

Title 26 - BANKS AND BANKING

Chapter 21 - IDAHO CREDIT UNION ACT

Section 26-2101 - SCOPE.

Section 26-2102 - PURPOSE.

Section 26-2103 - SUPPLEMENTARY GENERAL PRINCIPLES OF LAW APPLICABLE.

Section 26-2104 - DEFINITION AND USE OF TERMS.

Section 26-2105 - ORGANIZATION.

Section 26-2106 - AMENDMENT TO ARTICLES OF INCORPORATION AND BYLAWS — APPROVAL OF DIRECTOR — PROCEDURE.

Section 26-2107 - RESTRICTIONS.

Section 26-2108 - POWERS.

Section 26-2109 - POWER TO ACQUIRE AND HOLD REAL PROPERTY.

Section 26-2110 - MEMBERSHIP.

Section 26-2111 - EXPULSION AND WITHDRAWAL FROM FIELD OR MEMBERSHIP.

Section 26-2112 - FISCAL YEAR.

Section 26-2113 - MEMBER VOTING.

Section 26-2113A - ANNUAL MEMBERSHIP MEETINGS.

Section 26-2113B - SPECIAL MEMBERSHIP MEETINGS.

Section 26-2114 - BOARD OF DIRECTORS — ELECTION OF DIRECTORS — TERMS — VACANCIES — MEETINGS — RULES.

Section 26-2114A - BOARD MEMBERS — QUALIFICATIONS.

Section 26-2114B - OFFICIALS — FIDUCIARY DUTY — RELIANCE ON INFORMATION.

Section 26-2115 - OFFICERS.

Section 26-2116 - BOARD OF DIRECTORS — POWERS AND DUTIES.

Section 26-2117 - PENALTIES FOR OFFICIAL MISCONDUCT.

Section 26-2118 - CREDIT COMMITTEE — APPOINTMENT — DUTIES.

Section 26-2119 - LOANS.

Section 26-2120 - LIMIT ON LOAN AMOUNT — LOANS TO ONE BORROWER.

Section 26-2120A - LIMIT ON LOAN MATURITY.

Section 26-2121 - SUPERVISORY COMMITTEE — MEMBERSHIP — TERMS — VACANCIES.

Section 26-2121A - SUPERVISORY COMMITTEE DUTIES.

Section 26-2121B - SUSPENSION OF MEMBERS OF THE BOARD BY SUPERVISORY COMMITTEE — FOR CAUSE.

Section 26-2121C - SUSPENSION OF MEMBERS OF THE BOARD OR SUPERVISORY COMMITTEE BY BOARD — FOR CAUSE.

Section 26-2121D - REMOVAL OF DIRECTOR OR SUPERVISORY COMMITTEE MEMBER.

Section 26-2122 - COMPENSATION — CREDIT UNION MANAGER, EMPLOYMENT.

Section 26-2123 - SHARES AND CERTIFICATES OF DEPOSIT.

Section 26-2124 - JOINT ACCOUNTS.

Section 26-2125 - MINORS.

Section 26-2126 - TRUST ACCOUNTS.

Section 26-2127 - INVESTMENT OF FUNDS.

Section 26-2128 - LIQUIDITY REQUIREMENTS.

Section 26-2129 - RESERVE REQUIREMENTS.

Section 26-2130 - DIVIDENDS.

Section 26-2131 - SHARE REDUCTION.

Section 26-2132 - MERGER.

Section 26-2133 - REPORTS — FINANCIAL AND STATISTICAL DATA.

Section 26-2134 - APPLICATION FEES.

Section 26-2135 - BOOKS AND RECORDS.

Section 26-2136 - FEES.

Section 26-2136A - EXAMINATIONS AND INVESTIGATIONS REPORTS — ACCESS TO RECORDS — OATHS — SUBPOENAS.

Section 26-2136B - EXAMINATION REPORTS AND SPECIFIED OTHER INFORMATION CONFIDENTIAL — EXCEPTIONS — PENALTY.

Section 26-2136C - DISCLOSURE OF CONFIDENTIAL INFORMATION BY THE DEPARTMENT — PENALTY.

Section 26-2137 - FALSE REPORTS.

Section 26-2138 - TAXATION.

Section 26-2139 - CONVERSION.

Section 26-2140 - CEASE AND DESIST ORDER — PENALTY.

Section 26-2140A - CONSERVATORSHIP.

Section 26-2140B - SUSPENSION OR REMOVAL OF DIRECTORS, SUPERVISORY COMMITTEE MEMBERS, OFFICERS, OR EMPLOYEES — PROHIBITION OF FUTURE EMPLOYMENT.

Section 26-2141 - APPOINTMENT OF RECEIVER — CONDITIONS — PROCEEDING — BOND — REPORTING SCHEDULE — SUBROGATION OF FEDERAL AGENCY TO RIGHTS OF DEPOSIT OWNERS.

Section 26-2141A - RECEIVER — DUTIES — POWERS.

Section 26-2142 - VOLUNTARY AND/OR INVOLUNTARY LIQUIDATION.

Section 26-2143 - HEAD OFFICE AND BRANCH OFFICES.

Section 26-2144 - ADMINISTRATION, RULES AND REGULATIONS.

Section 26-2145 - AUTHORITY TO EXERCISE FEDERAL POWERS.

Section 26-2146 - INVESTMENT IN SERVICE CORPORATION.

Section 26-2147 - CREDIT UNIONS JOINTLY HOLDING STOCK — EFFECT OF WITHDRAWAL BY ONE CREDIT UNION.

Section 26-2148 - DUTY OF CREDIT UNION SERVICE CORPORATION NOT TO DISCRIMINATE — BURDEN OF PROOF.

Section 26-2149 - PROHIBITED ACTIVITIES.

Section 26-2150 - CUSTOMER-CREDIT UNION COMMUNICATION TERMINAL.

Section 26-2151 - CUSTODIAL ACCOUNTS.

Section 26-2152 - INTERSTATE CREDIT UNIONS — APPROVAL — PERMIT — FEES — SUPERVISION.

Section 26-2153 - SHARE AND DEPOSIT INSURANCE.

Section 26-2154 - CREDIT UNIONS ELIGIBLE AS DEPOSITORIES.

Section 26-2155 - DESIGNATION OF DEPOSITORY — REPORTING OF RESERVES AND UNDIVIDED EARNINGS.

Section 26-2156 - BOND COVERAGE.

Section 26-2157 - AUTHORITY OF DIRECTOR TO CALL AND ATTEND SPECIAL MEETING OF THE BOARD.

Section 26-2170 - DEFINITION, PURPOSE AND RESTRICTIONS, IDAHO CORPORATE CREDIT UNION.

Section 26-2171 - ORGANIZATION — IDAHO CORPORATE CREDIT UNION.

Section 26-2172 - AMENDMENTS — IDAHO CORPORATE CREDIT UNION.

Section 26-2173 - CORPORATE POWERS — IDAHO CORPORATE CREDIT UNION.

Section 26-2174 - MEMBERSHIP IN THE IDAHO CORPORATE CREDIT UNION.

Section 26-2175 - EXPULSION AND/OR WITHDRAWAL FROM THE FIELD OF MEMBERSHIP OF THE IDAHO CORPORATE CREDIT UNION.

Section 26-2176 - MEETINGS AND ELECTIONS OF THE IDAHO CORPORATE CREDIT UNION.

Section 26-2177 - OFFICIAL FAMILY — IDAHO CORPORATE CREDIT UNION.

Section 26-2178 - OFFICERS — IDAHO CORPORATE CREDIT UNION.

Section 26-2179 - BOARD OF DIRECTORS — IDAHO CORPORATE CREDIT UNION.

Section 26-2180 - LOANS TO MEMBER CREDIT UNIONS — IDAHO CORPORATE CREDIT UNION.

Section 26-2181 - COMPENSATION — CORPORATE OFFICERS.

Section 26-2182 - SHARES AND DEPOSITS.

Section 26-2183 - RESERVE ALLOCATIONS — IDAHO CORPORATE CREDIT UNION.

Section 26-2184 - DIVIDENDS — IDAHO CORPORATE CREDIT UNION.

Section 26-2185 - APPLICABLE PROVISIONS OF THE IDAHO CREDIT UNION ACT.

Section 26-2186 - TAXATION — IDAHO CORPORATE CREDIT UNION.

Section 26-2187 - CONSTRUCTION AGAINST REPEAL.

Section 26-2188 - SEVERABILITY.