WSR 15-24-081
(Division of Credit Unions)
[Filed November 30, 2015, 8:38 a.m., effective December 31, 2015]
Effective Date of Rule: Thirty-one days after filing.
Purpose: Amending the rules in chapter 208-418 WAC to implement the Washington State Credit Union Act, chapter 31.12 RCW, to change the frequency of asset assessment fees collected by the division of credit unions.
Citation of Existing Rules Affected by this Order: Amending WAC 208-418-020 and 208-418-040.
Statutory Authority for Adoption: RCW 31.12.516, 43.320.040.
Adopted under notice filed as WSR 15-21-071 on October 20, 2015.
Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 2, Repealed 0.
Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.
Number of Sections Adopted on the Agency's Own Initiative: New 0, Amended 0, Repealed 0.
Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 2, Repealed 0.
Number of Sections Adopted Using Negotiated Rule Making: New 0, Amended 2, Repealed 0; Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 0, Amended 0, Repealed 0.
Date Adopted: November 30, 2015.
Linda K. Jekel, Director
Division of Credit Unions
AMENDATORY SECTION (Amending WSR 01-12-004, filed 5/23/01, effective 6/23/01)
WAC 208-418-020 Collection of fees.
Chapter 31.12 RCW authorizes the director to charge fees to credit unions and certain other persons in order to cover the costs of the operation of the division of credit unions and to establish a reasonable reserve for the division. As set forth in more detail in this chapter, the fees for this purpose shall consist of:
(1) ((Quarterly)) Semiannual asset assessments charged to credit unions;
(2) Charges to a credit union for costs incurred by the division for certain types of attorney general or special counsel assistance in regard to the credit union; and
(3) Certain other fees charged by the director.
The director may waive all or any portion of any fee payable by a credit union or other person.
AMENDATORY SECTION (Amending WSR 10-06-050, filed 2/24/10, effective 3/27/10)
WAC 208-418-040 ((Quarterly)) Semiannual asset assessments.
(1) The director will charge each credit union a ((quarterly)) semiannual asset assessment at the rate set forth in subsection (2) of this section. Asset assessments will be due on January ((1, April 1,)) 1st and July ((1, and October 1)) 1st. 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 30th for the ((October 1 and)) January 1st assessments, and as of the prior December 31st for the ((April 1 and)) July 1st assessments.
Credit Union's
Total Assets
Asset Assessment
over $500M
$((21,163 + (.00001729))
42,326 + (.00003458 x total assets over $500M)
over $100M up to $500M
$((5,883 + (.00003819)) 11,766 + (.00007638 x total assets over $100M)
over $25M up to $100M
.00011766 x total assets
over $10M up to $25M
over $2M up to $10M
over $500K up to $2M
up to $500K
M = Million K = Thousand
(3) ((Quarterly)) Semiannual asset assessments are charged for the ((calendar quarter)) semiannual period that begins on the due date of the assessment. No rebates will be made to credit unions that cease to be state-chartered during the ((quarter)) assessment period. A credit union converting to state charter will pay a prorated ((quarterly)) semiannual asset assessment for the ((quarter)) six months during which the conversion is completed.
(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)) off-site monitoring, in lieu of asset assessments. Such fees are due upon receipt of billing from the division.