Credit Unions Rulemaking
Rulemaking is the process government agencies must use to create, modify, or repeal rules in the Washington Administrative Code (WAC).
Rules are regulations, standards, or other statements of general applicability adopted by an agency to either:
- Implement, interpret, or make specific a law enforced or administered by an agency, or
- Prescribe or interpret an agency policy, procedure or practice requirement binding on persons outside the agency.
Rules are valid and binding on the persons they affect, and have the force of law unless amended, revised, or unless a court of competent jurisdiction determines otherwise.
Below you will find information about current Division of Credit Unions (DCU) rulemaking activity.
Current Rulemaking Activity
-
SHB 2770 Rulemaking - "Disclosure Summary"
The 2008 Washington Legislature passed SHB 2770. The legislation implements the recommendations of the Homeownership Task Force and impacts Banks, Credit Unions, Consumer Loan Companies, and Mortgage Brokers. -
Updated Fee Regulations Rulemaking
The Division of Credit Unions 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. Learn more about this rulemaking and view the bulletin sent out by the Division of Credit Unions explaining the rulemaking. -
Alternative Share Insurance Rulemaking
At the request of the Washington Credit Union League and five Washington credit unions, the Department of Financial Institutions (DFI) is now looking into regulatory standards for companies seeking to provide alternative share insurance in Washington. Visit the alternative share insurance rulemaking webpage for more information.
Updated Fee Regulations Rulemaking
The Division of Credit Unions 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.
Documents
Comments
Rulemaking Steps
Generally, rulemaking takes place in three distinctive steps based on filings required by the Office of the Code Reviser:
- CR-101 Pre-proposal Statement of Inquiry. At this stage, proposed text is usually not available. Comment is invited on whether rules in the areas identified in the CR-101 are needed and, if so, the content of those rules.
- A CR-102 Rulemaking Proposal is filed if it is decided to proceed. Proposed text is filed with the CR-102 and a comment period and public hearing are scheduled.
- After the comment period and public hearing, a CR-103 Rulemaking Order will be filed if it is decided to proceed with the rule. The final text is included with the CR-103. The newly adopted rules are generally effective 31 days after filing with the Code Reviser.
Once a rule has been adopted, it becomes a part of the Washington Administrative Code (WAC).
* This document is a PDF file, and you will need Adobe Acrobat Reader to view it. If you don't already have Acrobat Reader installed on your computer, you may download it for free from Adobe.
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