Subject of Possible Rule Making: Regulatory relief for small credit unions.

     Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 31.12.516 (2), (3), (4), 43.17.060, 43.320.040.

     Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: To alleviate unnecessary regulatory burden on the smallest credit unions - those with no more than $10 million in assets.

     Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: None.

     Process for Developing New Rule: Consultation with credit unions and their trade association.

     Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Parker Cann, Director of Credit Unions, 210 11th Street S.W., Room 300, P.O. Box 41200, Olympia, WA 98504-1200, phone (360) 902-8778, fax (360) 704-6978, e-mail pcann@dfi.wa.gov.

February 13, 2002

Mark Thomson

Acting Director

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