Proposed Fee Increase by Fiscal Growth Factor
November 19, 2007
The mission of the Division of Credit Unions (DCU) is to supervise state chartered credit unions for safety and soundness, in order to protect members’ financial interests. By setting the standards that accomplish this mission, the DCU helps maintain a positive business environment for the credit union movement in Washington State, adding value to the state charter.
Since the Department of Financial Institutions is funded by fees from the regulated entities it serves, the agency does not receive money from the state’s general fund. In order to continue to provide quality regulatory services, fees must occasionally be increased, to reflect economic reality. This update is authorized by RCW 31.12.516(6) and RCW 43.320.040. Fees have not been increased since 2001-2002.
The DCU is currently preparing to file updated fee regulations. The CR-101 (Preproposal statement of inquiry) (PDF)* will be published in the Washington State Register in November 2007. In December 2007, we expect to publish a draft of the new fee regulations, and stakeholders and other interested parties are encouraged to provide DCU with their comments about the draft.
The regulatory hearing for the CR-102 (Proposed Rulemaking) is expected to take place in Olympia in late February 2008. The estimated fee increase is 5.38%, the current fiscal year 2009 growth factor. See http://www.elc.wa.gov for more information about spending limits. The projected effective date for the fee increase is July 1, 2008, contingent on requirements under Initiative 960.
Rulemaking information is located on our website at: www.dfi.wa.gov/cu. If you have any questions, please contact Joanne Conrad at 360-902-8813 or Linda Jekel at 360-902-8778.
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