EXPEDITED RULES
FINANCIAL INSTITUTIONS
(Division of Credit Unions)
Title of Rule and Other Identifying Information: Amendment of WAC 208-418-040, credit union quarterly
assessments, to correct typographical error.
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 | ||
(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.]