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:

1. Implement, interpret, or make specific a law enforced or administered by an agency, or
   
   
2. 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.

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Other Real Estate Owned (OREO)

Subject of possible rulemaking: Requirements and standards for state-chartered credit unions in the mitigation of losses for loans collateralized by real property, or real property acquired as a result of loan defaults, and the management, marketing, sales and accounting practices required when dealing with "other real estate owned," typically from foreclosed properties.

Rulemaking Documents

• Proposed Text (PDF)*
• CR-102 (PDF)*
• CR-101 (PDF)*

Audio From October 28, 2009 Rulemaking Hearing

Listen to the Complete Meeting (Streaming - Windows Media)

Comments Received

• Bruce Cramer, CEO Of O Bee - Comments On FASB 66 (PDF)*
  Dated July 31, 2009
• Lisa Sanborn, CPA - Comments On Accounting Issues (PDF)*
  Dated July 30, 2009
• Bryan Mogensen , CPA - Comments On GAAS (PDF)*
  Dated July 30, 2009
• Randy Lowell (PDF)*
  Dated June 30, 2009
• Mike Ryan - Miller Nash LLP (PDF)*
  Dated May 15, 2009

Documents from September 01, 2009 OREO Taskforce Meeting

• September 1 Meeting Minutes (PDF)*
• September 1 Meeting Agenda (PDF)*
• 4th Discussion Draft OREO Rule (PDF)*
• Cost Projection Sample 1 (Excel)**
• Foreclosure Policy Sample 1 (PDF)*
• Foreclosure Policy Sample 2 (PDF)*
• Foreclosure Policy Sample 3 (PDF)*

Documents from July 30, 2009 OREO Taskforce Meeting

• July 30 Meeting Minutes (PDF)*
• July 30 Meeting Agenda (PDF)*
• 3rd Discussion Draft OREO Rule (PDF)*
• Request for CPA Comments and Guidance - Group 1 (PDF)*
• Request for CPA Comments and Guidance - Group 2 (PDF)*

Documents from June 30, 2009 OREO Taskforce Meeting

• June 30 Meeting Minutes (PDF)*
• June 30 Meeting Agenda (PDF)*
• 2nd Discussion Draft OREO Rule (PDF)*
• Texas Admin. Code - Rule 12.91 (PDF)*
  
• Utah Admin. Code - Rule R339-6 (PDF)*
  
• OTS Section 251 Real Estate Owned and Repossessed Assets (PDF)*
  
• Washington WAC 458-61A-208 (PDF)*

Documents from May 21, 2009 OREO Taskforce Meeting

• May 21 Meeting Minutes (PDF)*
  
• May 21 Agenda (PDF)*
  
• 1st Discussion Draft OREO Rule (PDF)*
  
• Taskforce Group (PDF)*
  
• DCU Bulletin - B-09-04
  
• FDIC Guidance on Other Real Estate
  
• NCUA Letter to Credit Unions 08-CU-25 (PDF)*
  
• Home Valuation Code Of Conduct (PDF)*
  
• Home Valuation Code Of Conduct Press Release (PDF)* 
• Home Valuation Code of Conduct Email from WCUL (PDF)*
  

Documents from April 29, 2009 OREO Taskforce Meeting

• April 29, 2009 Meeting Minutes (PDF)*
• April 29, 2009 Agenda (PDF)*
• CR-101 (PDF)*
• OREO Bulletin B-09-03
• List Of Issues (PDF)*
• Taskforce Group (PDF)*

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Completed Rulemaking Archive

Completed Rulemaking Archive
Information and documents from completed rulemaking activity.

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Rulemaking Steps

Generally, rulemaking takes place in three distinctive steps based on filings required by the Office of the Code Reviser:

1. 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.
2. 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.
3. 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.

** This document is a Microsoft Excel file, and you will need Microsoft Excel or Excel Viewer to open it. If you don't have Microsoft Excel installed on your computer, you may download the Excel Viewer for free from Microsoft.

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