WSR 10-01-062

EXPEDITED RULES

DEPARTMENT OF

FINANCIAL INSTITUTIONS
(Division of Credit Unions)

[ Filed December 10, 2009, 10:34 a.m. ]

Title of Rule and Other Identifying Information: Amendment of WAC 208-418-040, credit union quarterly assessments, to correct typographical error.

NOTICE

THIS RULE IS BEING PROPOSED UNDER AN EXPEDITED RULE-MAKING PROCESS THAT WILL ELIMINATE THE NEED FOR THE AGENCY TO HOLD PUBLIC HEARINGS, PREPARE A SMALL BUSINESS ECONOMIC IMPACT STATEMENT, OR PROVIDE RESPONSES TO THE CRITERIA FOR A SIGNIFICANT LEGISLATIVE RULE. IF YOU OBJECT TO THIS USE OF THE EXPEDITED RULE-MAKING PROCESS, YOU MUST EXPRESS YOUR OBJECTIONS IN WRITING AND THEY MUST BE SENT TO Linda Jekel, Director, Division of Credit Unions, Department of Financial Institutions, 150 Israel Road, Tumwater, WA 98504 , AND RECEIVED BY February 23, 2010.


Purpose of the Proposal and Its Anticipated Effects, Including Any Changes in Existing Rules: The purpose is to correct typographical errors in WAC 208-418-040.

Reasons Supporting Proposal: To correct typographical errors, clarifying the Washington Administrative Code section.

Statutory Authority for Adoption: RCW 31.12.516, 43.320.040, chapter 43.135 RCW.

Statute Being Implemented: Chapter 31.12 RCW.

Rule is not necessitated by federal law, federal or state court decision.

Name of Proponent: Department of financial institutions, governmental.

Name of Agency Personnel Responsible for Drafting: Cindy Fazio, 150 Israel Road S.W., Tumwater, WA 98504, (360) 902-8800; Implementation and Enforcement: Linda Jekel, 150 Israel Road S.W., Tumwater, WA 98504, (360) 902-8778.

December 10, 2009

Linda Jekel, Director

Division of Credit Unions

OTS-2877.1


AMENDATORY SECTION(Amending WSR 08-24-057, filed 11/26/08, effective 12/31/08)

WAC 208-418-040   Quarterly asset assessments.   (1) The director will charge each credit union a quarterly asset assessment at the rate set forth in subsection (2) of this section. Asset assessments will be due on January 1, April 1, July 1, and October 1. Asset assessments must be paid no later than thirty days after their due date. The assessments will be computed on total assets as of the prior June 30 for the October 1 and January 1 assessments, and as of the prior December 31 for the April 1 and July 1 assessments.

(2)
Credit Union's

Total Assets

Quarterly

Asset Assessment

over $500M $21,163 + (.00001729 x total assets over $500M)
over $100M up to $500M $5,883 + (.00003819 x total assets over $100M)
over $25M up to $100M 0.00005883 x total assets
over $10M up to $25M $1,296
over $2M up to $10M $863
over $500K up to $2M $575
up to $500K $0
M = Million K = Thousand

(3) Quarterly asset assessments are charged for the calendar quarter that begins on the due date of the assessment. No rebates will be made to credit unions that cease to be state-chartered during the quarter. A credit union converting to state charter will pay a prorated quarterly asset assessment for the quarter during which the conversion is completed.

(4) From time to time, the director may determine that asset assessments on an out-of-state credit union or foreign credit union are inappropriate relative to the level of examination and supervision of that credit union by the division. In that event, the director may charge the credit union hourly fees for examination and supervision of the credit union, including, but not limited to, offsite monitoring, in lieu of asset assessments. Such fees are due upon receipt of billing from the division.

[Statutory Authority: Chapter 43.135 RCW, RCW 43.320.040, 31.12.516(6), and 2008 c 285. 08-24-057, 208-418-040, filed 11/26/08, effective 12/31/08. Statutory Authority: RCW 31.12.426(1), 31.12.516(2), 43.320.040. 01-12-004, 208-418-040, filed 5/23/01, effective 6/23/01. Statutory Authority: 1996 c 274. 96-12-058, 208-418-040, filed 5/31/96, effective 7/1/96. 96-06-011, recodified as 208-418-040, filed 2/23/96, effective 6/1/96. Statutory Authority: RCW 31.12.535 and 31.12.545. 95-06-066, 419-18-040, filed 2/28/95, effective 3/31/95; 91-06-062, 419-18-040, filed 3/1/91, effective 4/1/91. Statutory Authority: RCW 31.12.545(1). 85-07-008 (Order 85-2), 419-18-040, filed 3/8/85. Statutory Authority: RCW 31.12.320. 83-20-027 (Order 83-4), 419-18-040, filed 9/26/83; 82-13-016 (Order 82-5), 419-18-040, filed 6/7/82.]

Washington State Code Reviser's Office