Other Powers

Effective October 1, 2009 DICO has the authority to issue specified compliance orders requiring a credit union to resolve specified weaknesses and deficiencies. In certain cases, DICO may also impose conditions of deposit insurance and impose administrative penalties. DICO has committed to administer these responsibilities in a fair and transparent manner, in accordance with established criteria.

Under the Act , DICO has a number of other powers that it may use as the circumstances require. These include the power to:

  • Impose conditions of deposit insurance
  • Impose an administrative penalty for failure to perform specified requirements
  • Apply to the court to set aside a restricted party transaction
  • Require a meeting of the directors of an insured institution