No. 35700 (5-year Review): Rule R337-10. Rule Designating Applicable Federal Law for Credit Unions Subject to the Jurisdiction of the Department of Financial Institutions  

  • DAR File No.: 35700
    Filed: 01/20/2012 08:35:48 AM

    NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

    Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

    The rule designates which one or more federal laws are applicable to a credit union subject to the jurisdiction of the department. The rule establishes that designated federal law may only be enforced by the department by taking action permitted under Title 7 and the applicable chapters set forth in Section 7-1-325. The statutory provision states that the ". . . department shall by rule . . . designate which one or more federal laws are applicable to an institution subject to the jurisdiction of the department."

    Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

    No supporting or opposing written comments have been received since the last notice of continuation.

    Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

    The rule establishes that designated federal law may only be enforced by the department by taking action permitted under Title 7 and the applicable chapters set forth in Section 7-1-325. The statutory provision states that the ". . . department shall by rule . . . designate which one or more federal laws are applicable to an institution subject to the jurisdiction of the department." Therefore, this rule should be continued.

    The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

    Financial Institutions
    Credit UnionsRoom 201
    324 S STATE ST
    SALT LAKE CITY, UT 84111-2393

    Direct questions regarding this rule to:

    Authorized by:

    Edward Leary, Commissioner

    Effective:

    01/20/2012


Document Information

Effective Date:
1/20/2012
Publication Date:
02/15/2012
Filed Date:
01/20/2012
Agencies:
Financial Institutions,Credit Unions
Authorized By:
Edward Leary, Commissioner
DAR File No.:
35700
Related Chapter/Rule NO.: (1)
R337-10. Rule Designating Applicable Federal Law for Credit Unions Subject to the Jurisdiction of the Department of Financial Institutions.