Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
029 - BUREAU OF FINANCIAL INSTITUTIONS
Chapter 134 - CREDIT UNION SERVICE CORPORATIONS
Section 029-134-I - AUTHORITY

Universal Citation: 02 ME Code Rules ยง 029-134-I
Current through 2024-38, September 18, 2024

Title 9-B M.R.S. §111 declares that it is the policy of the State to supervise financial institutions in a manner to assure their strength, stability, and efficiency and encourage development and expansion of financial services advantageous to the public welfare.

Title 9-B M.R.S.§131(37) gives the Superintendent the power to authorize by regulation a service corporation's engagement in any activity authorized under federal law for a service corporation owned or controlled by a federally- chartered credit union.

Title 9-B M.R.S.§215 gives the Superintendent the power to implement by regulation, any provision of law relating to the supervision of financial institutions.

Title 9-B M.R.S.§828 gives the Superintendent the authority to regulate state-chartered credit unions engaging in any activity which has been authorized under federal law or regulation for credit unions chartered by or otherwise subject to the jurisdiction of the federal government.

Title 9-B M.R.S.§864 authorizes a state-chartered credit union to invest in service corporations as defined in Section 131.

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