Washington State Department of Financial Institutions

Division of Credit Unions

Interpretive Letters Index

(Formerly Known as Opinions)

(Includes DCU Interpretive Letters or Opinions issued since January 1, 1995)

Corporate governance: RCW 31.12.105 -.367

I-13-04, Credit union owned life insurance

I-11-04, Board member life insurance

I-11-01, Whether a director emeritus is eligible for expense reimbursement for travel or training expenses, or qualifies for insurance benefits

I-10-02, Summary of 2010 Bill (EHB 2830)

I-09-01, RCW 31.12.365 (2) permitting reimbursement for reasonable expenses for directors and supervisory committee members (official volunteers)

I-08-04rr, Board Absences

I-08-01, Credit Union "associate" board members

I-05-10, Gifts of minimal value (RCW 31.12.365)

I-05-08, Use of the name “credit union” in a URL by a non-credit union.

I-05-05, Conflict of interest, credit union board or supervisory committee candidates.

I-05-02, Credit union may grant loans to its employees at more favorable terms than granted to its members, except employees who are also members of the credit committee. (Replaces O-96-14)

I-05-01, Use of Proxy by Members of Credit Union Board of Directors

I-04-05, Can board of directors meet in an executive session and exclude the supervisory committee members?

I-04-03, Effect of Conversion from federal chartered credit union to Washington state chartered credit union

I-04-01, Member Petition For Special Meeting

O-02-2, A Director May Not Hold More Than One Board Officer Position, Except For Board Treasurer And Secretary

O-01-5, Bond Coverage Which Meets Minimums Established in NCUA Rules Is Generally Adequate Under Washington State Credit Union Act

O-01-4, Credit Unions May Use Electronic Voting Methods To Elect Directors and Supervisory Committee Members, As Permitted By Their Bylaws

O-00-4, Interim Director Appointed To Fill A New Board Seat May Serve Only Until The Next Annual Meeting Of Members

O-00-1, "Spouses" as used in RCW 31.12.365(2) includes Spousal Equivalents such as Domestic Partners

O-99-1, Board Member Health Insurance

O-98-11, Cancelled

O-98-6, Approval of Progressive Financial Institutions Bond

O-97-14, Board charge-off of losses

O-97-13, Voting rights of Board Chair

O-97-12, Disqualification of director for absence

O-97-6, Gifts for retiring directors and supervisory committee members

O-97-3, Federal parity for state credit unions; NCUA Part 741; supervisory committees and member business loans

O-97-1, Cancelled

O-96-20, Counting mail ballots to reach quorum at membership meeting

O-96-19, Telephone conferencing for board meetings

O-96-14, Loans to credit union employees and officials (Updated-See I-05-02)

O-96-8, Incentive pay for share and deposit accounts

O-96-7, Reimbursement for director’s expense for substitute teacher

O-96-3, Provisions applicable to loans to directors, officers, and employees

Definitions under Washington State Credit Union Act: RCW 31.12.005

Examination and supervision: RCW 31.12.516 -.724

Federal law issues (Federal Credit Union Act, NCUA rules, etc.)

I-13-02, State Credit Union Investments in Employee Benefit Trusts

I-13-01, Use of the Term "Audit Committee" in Credit Union Bylaws

I-04-02, Credit Union serve as Treasury tax and loan depositories

O-98-2, Requirement for submission of Form FI 6002, 1997 Economic Census, to U.S. Department of Commerce

O-97-7, Political contributions

O-96-11, Authority to serve as tax and loan depository for U.S. Treasury

Investments: RCW 31.12.436 - .438

I-10-04, Use of a CUSO to Take Assignment of a Delinquent Mortgage Loan and Foreclose, Hold and Dispose of Collateral with Environmental Risks

I-10-03, Investment in Real Estate

I-08-05r, Cancelled and Superseded by Bulletin B-11-05 (pdf)

I-05-11, Sallie Mae investments

I-05-09, DCU authority over a CUSO subsidiary

I-07-05, Conditions of approval for receipt of Visa, Inc. “restructuring” stock

I-07-06, Conditions of approval for ownership of MasterCard Class A shares

O-98-3, Investment in real property primarily for own use (RCW 31.12.438)

O-97-15, Credit Union Service Organization (CUSO) investment-Changes in ownership and purpose

O-97-5, Investment in Federal Home Loan Bank bonds

O-95-4, Investment in the Exchange/Electronic Data Systems Corporation Proposed Joint Venture

Member accounts: RCW 31.12.416 - .418

I-08-03, Clarity Of Consumer Disclosure On Interest Vs. Dividend Payment

I-07-01, Establishing No-Interest/Dividend Accounts for Members Lacking a Taxpayer Identification Number

I-04-04, Credit unions are authorized to act as trustee or custodian for Health Savings Accounts

O-01-1, State credit unions can receive deposits as revocable living trust accounts

O-96-8, Incentive pay for share and deposit accounts

Member loans: RCW 31.12.426 - .428

I-14-01, SBA Loans

I-11-03, Definition of Vice President

I-10-05, NCUA Regulation Flex in 12 C.F.R. 742.4 and personal guarantees for MBLs

I-08-02r, SUSPENDED

I-07-02, Clarifying what constitutes a MBL construction loan under Chapter 208-460 WAC

I-05-12, Payday lending and refunding application fee deposits

I-05-07, CUSO payday lending

I-05-06, Credit union payday lending

I-05-04, MBL loan calculation

O-97-8, Cancelled

O-97-3, Federal parity for state credit unions; NCUA Part 741; supervisory committees and member business loans

O-95-2, Multi-family loans as member business loans

O-01-3, Summary of Major Differences Between Washington’s MBL Rule (As Approved by NCUA Board) and NCUA’s MBL Rule

Membership/FOM: RCW 31.12.382 - .388

I-11-02, May an individual be re-instated as a member under the “once a member, always a member” principle

O-02-04, New Field of Membership (FOM) Rules Effective March 8, 2002

O-01-06, Non-US Citizens In A Credit Union’s Field of Membership May Join The Credit Union; and Credit Union CUSOs May Serve Non-Member IRnet Customers, Subject to RCW 31.12.436(8)

O-99-3, Once a member, always a member

O-99-4, Family members of primary member may join credit union even though primary member ceases to be part of FOM group

O-98-9, Taking former employees of occupational groups as members

O-96-21, Payment of membership fee or purchase of shares to join a credit union

O-96-16, Response to comments on community FOM application

O-96-13, Removal of streamlined senior groups from FOM

O-96-12, Using SOG procedure to add small occupational groups within 25 mile radius across state lines

O-96-5, FOM issues: family members and SOGs

O-96-1, Response to comments on community FOM application

O-95-A, Direct marketing in FOM community

O-95-1, Response to comments on community FOM application

Mergers, conversions, and voluntary liquidations; out-of state credit unions doing business in Washington: RCW 31.12.461 - .474

I-07-04, Offers to make dividend payments during merger situations

O-98-10, Effective date of credit union mergers

O-97-17, Effective date of merger of state credit unions or merger of federal into state credit union

O-96-2, Requirements for out-of-state credit union to do business in Washington

Miscellaneous

I-07-03, Use of the word Credit Union in name

I-05-08, Use of the name “credit union” in a URL by a non-credit union

O-98-4, Summary of new 1997 Washington State Credit Union Act, Chapter 31.12 RCW, effective January 1, 1998

O-98-7, Disclosure of records to state law enforcement agencies

O-96-17, Continued validity of Chapter 208-440 WAC (participation in commercial business activities)

O-96-15, Sublease of space to travel agent under Chapter 208-440 WAC

O-96-10, Application of Chapter 208-440 WAC to credit union programs

O-96-9, Imaging of documents

O-96-6, Division does not protect servicemarks

O-95-3, Use of the term "credit union" in the name of a company that is not a credit union

Organization of new credit unions: RCW 31.12.015 -.085

Powers (including parity powers): RCW 31.12.402 -.413

I-10-01, Contemporaneous Use of Official Credit Union Name and Assumed Trade Name

I-09-04, The Extent to Which Credit Unions Can Accept Government Sub-grant Funds

I-09-02, Pledge of Credit Union assets

I-05-03, Can a Credit Union act as an insurance agent or broker to sell insurance to it's members?

O-02-03, Credit Unions Possess Authority To Enter Into Arrangements with Third Parties To Sell Investment and Insurance Products To Members, Subject To Compliance With Applicable Regulatory Pronouncements

0-02-05, Whether Washington State Chartered Credit Unions Can Sell and Finance Debt Cancellation Contracts

O-02-01, State Credit Unions May Close for Four Consecutive Days After Appropriate Mitigation of Risks

O-01-8, Credit Unions Possess Incidental Powers through Two Sources: State Parity Provision (RCW 31.12.404) and State Incidental Powers Provision (RCW 31.12.402(23))

O-01-06, Non-US Citizens In A Credit Union’s Field of Membership May Join The Credit Union; and Credit Union CUSOs May Serve Non-Member IRnet Customers, Subject to RCW 31.12.436(8)

O-01-02, A State Credit Union May Accept Federal Public Funds, But May Not Accept State Public Funds

O-00-03, Credit Unions May Accept Deposits from Nonmember Credit Unions

O-98-8, Control of non-profit charitable organization

O-98-5, Signature guarantee program

O-97-4, Authority of state chartered credit union to conduct business on overseas military installations

O-97-3, Federal parity for state credit unions; NCUA Part 741; supervisory committees and member business loans

O-97-2, Incidental powers of credit unions with regard to charitable or community contributions

O-96-11, Authority to serve as tax and loan depository for U.S. Treasury

Taxation

I-09-03, Clarification of "Master Business License" and related exemption issues for Credit Unions

O-96-4, Exemption from payment of state business and occupation taxes

WAC

O-98-12, WAC 208-444-020 Prohibited Fees.