Ohio § 1761.08

§ 1761.08.

(A)(1) In order to permit the credit union share guaranty corporation to assess the financial

condition and performance of a credit union, upon the written request of the corporation,

the superintendent of credit unions or other credit union supervisory authority or

the national credit union administration may furnish to the corporation a copy of

unaudited financial statements filed by a participating credit union or a credit union

making application to participate in the corporation pursuant to divisions (B) and (C) of section 1733.32 of the Revised Code or a comparable state or federal statute or of any examination reports of the superintendent

or other credit union supervisory authority which were prepared pursuant to division (A) of section 1733.32 of the Revised Code or a comparable state or federal statute. (2) There shall be no liability on the part of, and no cause of action of any nature

shall arise against this state or any state, the superintendent of credit unions or

other credit union supervisory authority, or the national credit union administration

for the release of any information furnished to the corporation pursuant to this division. (3) Financial statements and analyses furnished to the corporation pursuant to division

(A) of this section are not public documents, and the information contained therein

is privileged and confidential to the corporation for its sole use in carrying out

its statutory functions. (B)(1) Each participating credit union shall submit to the credit union share guaranty corporation

quarterly, or more frequently as considered necessary by the corporation, a copy of

its financial statements, delinquent loan report, and any other information considered

necessary by the credit union share guaranty corporation in order to assess the financial

performance of the participating credit union.  The corporation may require that participating credit unions submit financial information

in the format required by the corporation. (2) Financial statements submitted to the corporation by participating credit unions

pursuant to division (B)(1) of this section are public documents. (C) Each participating credit union shall submit to the credit union share guaranty corporation

upon written request of the corporation any other information as is necessary to effect

the corporation's purposes. (D)(1) In addition to other powers conferred in this chapter a credit union share guaranty

corporation may do the following: (a) Appoint an independent certified public accountant or public accountant to prepare

an audit report containing audited financial statements together with such other information

as the corporation, in good faith, requires regarding the financial condition of any

participating credit union; (b) Upon notification to its participating credit union and after notice to the superintendent

of credit unions, or other credit union supervisory authority, or the national credit

union administration, send a specialized employee to investigate the operations of

a participating credit union. (2) Costs and expenses for an audit report or special investigation report under division

(D)(1)(a) of this section shall be paid by the corporation. (E)(1) Upon determination by the superintendent of credit unions or the credit union share

guaranty corporation that a participating credit union is operating in an unsafe or

unsound manner, or that financial statements, delinquent loan reports, and other data

received or examined by the corporation is unreliable or the participating credit

union investment in the corporation is in excess of five per cent of the corporation's

fund, the corporation shall require that an audit of the books and records of the

participating credit union be conducted.  The audit shall be completed in accordance with generally accepted auditing standards,

and include such testing of the records necessary to render an opinion of an independent

certified public accountant. (2) If the report, certificate, or opinion of the independent accountant, as described

in division (E)(1) of this section, is in any way qualified, the corporation shall

require the credit union to take such action as the corporation considers necessary

to permit an independent accountant to remove such qualification from the report,

certificate, or opinion.  If such qualification is not remedied within the time period designated, the corporation

shall report such qualification in writing to the superintendent within three days

thereof. (3) In addition to other action described in this division, the corporation may do the

following: (a) Recommend appropriate corrective measures to the operational policies and procedures

of the participating credit unions; (b) Enter into a written agreement of corrective action with any participating credit

union, which agreement may include the superintendent or appropriate credit union

supervisory authority or the national credit union administration; (c) Make appropriate recommendations to the superintendent or appropriate credit union

supervisory authority or the national credit union administration including the recommendation

that the participating credit union be liquidated or consolidated; (d) Submit reports and make recommendations to the superintendent of credit unions, other

credit union supervisory authority, or the national credit union administration regarding

the financial condition of any participating credit union.  Such reports and recommendations are not public documents. (4) There shall be no liability on the part of, and no cause of action of any nature

shall arise against, the corporation or its participating credit unions, directors,

officers, employees, or agents, or the superintendent or other credit union supervisory

authority or the national credit union administration, for any statements made by

them in any reports or recommendations made in accordance with division (E) of this

section. (F) When an examination or investigation of any participating credit union is considered

necessary for good cause shown by the superintendent of credit unions under this chapter,

the corporation shall pay to the superintendent of credit unions the cost thereof,

including the salary or other compensation paid to the persons making the examination

or rendering special services and overhead cost incurred in connection with the examination

or investigation as fixed by the superintendent.  In determining the costs of services or examinations, the superintendent may use

the estimated hourly cost for all persons performing services for, or examinations

of, the corporation for the fiscal year.  Travel expenses shall be paid by the division of financial institutions. (G) Neither the corporation nor any participating credit union, as an agent of the corporation

or of its participating credit unions, or any other person shall use information obtained

under division (A), (B), (C), (D), or (E) of this section for any purpose not authorized

by this section.  The conviction for violation of this division by any person located outside this

state shall be reported to the appropriate credit union supervisory authority or the

national credit union administration for prosecution under the laws of that jurisdiction.