WSR 16-18-013
[Filed August 25, 2016, 4:10 p.m.]
Subject of Possible Rule Making: The department of financial institutions (DFI) proposes repealing chapter 208-424 WAC, Regulatory relief for small credit unions, under the Washington State Credit Union Act, chapter 31.12 RCW.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 31.12.516, 31.12.195, and 31.12.225.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The current rule provided a definition of small credit union to be up to $10 million in total assets, flexibility for a small credit union to have fewer than twelve board meetings per year and gave a longer time before convening a special membership meeting of ninety days instead of thirty days. DFI is repealing this rule because the rule no longer complies with the Washington Credit Union Act (WCUA). See chapter 31.12 RCW. WCUA was amended (SB 5302, chapter 34, Laws of 2013) to allow all credit unions to hold six board meetings a year (RCW 31.12.225), instead of the nine meetings authorized for small credit unions. WCUA was also amended (SB 5302, chapter 34, Laws of 2013) to allow credit unions ninety days to hold a special membership meeting (RCW 31.12.195).
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: There are no federal or state agencies that regulate these subjects.
Process for Developing New Rule: Negotiated rule making.
Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Cristina Diaz, Division of Credit Unions, P.O. Box 41200, Olympia, WA 98504-1200, phone (360) 902-8718, e-mail, GovDelivery e-mail subscription at DFI web site
August 24, 2016
Linda Jekel, Director
Division of Credit Unions