WSR 02-14-038

PERMANENT RULES

DEPARTMENT OF

FINANCIAL INSTITUTIONS

[ Filed June 26, 2002, 2:54 p.m. ]

     Date of Adoption: June 25, 2002.

     Purpose: To provide appropriate regulatory relief for small credit unions (those with up to $10 million in total assets).

     Statutory Authority for Adoption: RCW 31.12.516 (2), (3), (4), 43.17.060, 43.320.040.

      Adopted under notice filed as WSR 02-11-010 on May 3, 2002.

     Changes Other than Editing from Proposed to Adopted Version: The proposed rule required small credit unions to have at least nine board meetings per year no more than eight weeks apart. The final rule will require small credit unions to have at least nine meetings per year no more than ten weeks apart.

     Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 0, Repealed 0.

     Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.

     Number of Sections Adopted on the Agency's Own Initiative: New 3, Amended 0, Repealed 0.

     Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 0, Repealed 0.

     Number of Sections Adopted Using Negotiated Rule Making: New 0, Amended 0, Repealed 0;      Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 0, Amended 0, Repealed 0.
     Effective Date of Rule: Thirty-one days after filing.

June 25, 2002

Mark Thomson

Acting Director

OTS-5666.1

Chapter 208-424 WAC

REGULATORY RELIEF FOR SMALL CREDIT UNIONS


NEW SECTION
WAC 208-424-010   Definition of small credit union.   For purposes of this chapter, a "small credit union" means a credit union with up to ten million dollars in total assets as of its most recently filed call report.

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NEW SECTION
WAC 208-424-020   Timing of special membership meetings of small credit unions.   In regard to timing of special membership meetings, the last sentence of RCW 31.12.195(3) states:

     "The designated time of the membership meeting must be no sooner than twenty, and no later than thirty days after the request is received by the secretary."

     A small credit union may vary from the last sentence of RCW 31.12.195(3) as provided in its bylaws, as long as it is a small credit union at the time the request for a special membership meeting is received by the secretary. However, the designated time of the special membership meeting must be no sooner than ten, and no later than one hundred twenty days, after the request is received by the secretary. In all other respects, a small credit union must comply with RCW 31.12.195.

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NEW SECTION
WAC 208-424-030   Frequency of regular meetings of board of directors of small credit unions.   In regard to timing of regular board meetings, RCW 31.12.225(5) states:

     "The board will have regular meetings not less frequently than once each month."

     A small credit union may vary from RCW 31.12.225(5) as provided in its bylaws. However, a small credit union must have at least nine regular board meetings each calendar year, and consecutive regular board meetings must be no more than ten weeks apart. In all other respects, a small credit union must comply with RCW 31.12.225.

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