| (a) Supervisory Review. Unless otherwise notified by
the department, a credit union may exercise fiduciary powers on the
30th day after the credit union receives written confirmation from
the Department that the notice required under §91.6003 of this
title (relating to Notice Requirements) is complete and accepted for
filing. The Department will consider the following factors when reviewing
such a notice:
(1) The credit union's financial condition.
(2) The adequacy of the credit union's net worth position.
(3) The credit union's overall performance.
(4) The fiduciary powers the credit union proposes
to exercise.
(5) The availability and expertise of legal counsel.
(6) The experience and expertise of proposed trust
management personnel.
(7) The needs of the members to be served.
(8) Any other facts or circumstances that the Department
considers appropriate.
(b) Written Notice. Prior to expiration of the 30-day
period referred to in subsection (a) of this section, the commissioner
may give the credit union written notice of denial or consent, which
consent may include conditions.
(c) Acceptance of Conditions. Commencement of the exercise
of fiduciary powers constitutes a credit union's confirmation of acceptance
of all conditions imposed by the commissioner under subsection (b)
of this section and shall be considered an enforceable agreement against
the credit union for all purposes.
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