Kansas § 17-2272 - When administrator may enter into informal agreement with credit union; confidentiality of such agreement

§ 17-2272. When administrator may enter into informal agreement with credit union; confidentiality of such agreement

17-2272. When administrator may enter into informal agreement with credit union; confidentiality of such agreement. (a) The administrator may enter into an informal agreement with any credit union for a plan of action to address possible safety or soundness concerns, violations of law or any weakness displayed by the credit union if the administrator determines that the credit union displays:(1) Possible safety and soundness concerns or is violating, has violated or is about to violate any law, rules and regulations or order of the administrator resulting in a less than satisfactory condition but not to a degree requiring a formal administrative action; or(2) any weakness that if not properly addressed and corrected would reasonably be expected to result in future safety and soundness concerns, violations of law or rules and regulations and further deterioration in the condition of the credit union.(b) The adoption of an informal agreement authorized by this section shall not be subject to the provisions of K.S.A. 77-501 et seq. or K.S.A. 77-601 et seq., and amendments thereto. Any informal agreement authorized by this section shall not be considered an order or any other agency action and shall be considered confidential examination material pursuant to K.S.A. 17-2227, and amendments thereto.(c) This section shall be a part of and supplemental to the state credit union code.History: L. 2024, ch. 11, § 3; July 1.