WSR 17-02-078 PERMANENT RULES DEPARTMENT OF FINANCIAL INSTITUTIONS (Division of Credit Unions) [Filed January 4, 2017, 8:40 a.m., effective February 4, 2017] Effective Date of Rule: Thirty-one days after filing.
Purpose: Chapter 208-424 WAC is not in compliance with recent amendments to the Washington Credit Union Act 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 WAC 208-424-010 is no longer applicable because in September 2015, NCUA defined a small credit union as under $100 million in assets.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.
Citation of Existing Rules Affected by this Order: Repealing WAC 208-424-010, 208-424-020, and 208-424-030.
Adopted under notice filed as WSR 16-22-079 on November 1, 2016.
Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 0, Repealed 3.
Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.
Number of Sections Adopted on the Agency's Own Initiative: New 0, Amended 0, Repealed 0.
Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 0, Repealed 3.
Number of Sections Adopted Using Negotiated Rule Making: New 0, Amended 0, Repealed 3; Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 0, Amended 0, Repealed 0.
Date Adopted: January 4, 2017.
Linda Jekel, Director
Division of Credit Unions
REPEALER
The following chapter of the Washington Administrative Code is repealed:
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