WSR 16-22-079 PROPOSED RULES DEPARTMENT OF
FINANCIAL INSTITUTIONS
(Credit Union Division)
[Filed November 1, 2016, 3:08 p.m.]
Original Notice.
Preproposal statement of inquiry was filed as WSR 16-18-013.
Title of Rule and Other Identifying Information: Repealing all rules under chapter 208-424 WAC promulgated through the Washington State Credit Union Act (WCUA) (chapter 31.12 RCW).
Hearing Location(s): Department of Financial Institutions, 150 Israel Road S.W., Olympia, WA 98501, (360) 902-8700, on December 6, 2016, at 1:30 - 2:30 p.m.
Date of Intended Adoption: January 4, 2017.
Submit Written Comments to: Cristina Diaz, Division of Credit Unions, 150 Israel Road S.W., P.O. Box 41200, Olympia, WA 98504-1200, e-mail cristina.diaz@dfi.wa.gov or dcu@dfi.wa.gov, fax (877) 330-6870, by December 5, 2016.
Assistance for Persons with Disabilities: Contact Cristina Diaz by December 5, 2016, (360) 902-8718.
Purpose of the Proposal and Its Anticipated Effects, Including Any Changes in Existing Rules: Chapter 208-424 WAC is not in compliance with recent amendments to WCUA and National Credit Union Administration (NCUA) policy interpretations. WAC 208-424-010 is no longer applicable because in September 2015, NCUA defined a small credit union as under $100 million in assets. WAC 208-424-020 is out of compliance with RCW 31.12.195, amended by chapter 34, Laws of 2013 (SB 5302) which now requires a credit union to hold its special membership meeting no later than ninety days after the secretary receives a valid request. WAC 208-424-030 is out of compliance with RCW 31.12.225, amended by chapter 34, Laws of 2013 (SB 5302), which requires a credit union to hold no less than six regular board meetings per year.
Reasons Supporting Proposal: We are repealing the rules because the industry requested the repeal. The rules are not in compliance with WCUA's amendments in the above citations, and NCUA's interpretations.
Rule is not necessitated by federal law, federal or state court decision.
Name of Proponent: Department of financial institutions, consumer services, governmental.
Name of Agency Personnel Responsible for Drafting, Implementation, and Enforcement: Linda Jekel, 150 Israel Road S.W., Olympia, WA 98501, (360) 902-8778.
No small business economic impact statement has been prepared under chapter 19.85 RCW. Repealing this rule will not require a credit union to take actions that are not already in WCUA.
A cost-benefit analysis is not required under RCW 34.05.328. Repealing this rule will not require a credit union to take actions that are not already in WCUA.
November 1, 2016
Linda Jekel, Director
Division of Credit Unions
REPEALER
The following chapter of the Washington Administrative Code is repealed:
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