The Division of Credit Unions (Division) is repealing its state Regulatory Relief for Small Credit Unions rule (Chapter 208-424 WAC) based on a request from the Washington state credit union industry for the repeal. The Division is repealing this rule because the rule no longer complies with the Washington Credit Union Act (WCUA) and is out of date. In 2013, the WCUA was amended to allow all credit unions to hold six board meetings a year (RCW 31.12.225), which is fewer than the nine meetings authorized for small credit unions. The WCUA was also amended to allow all credit unions 90-days to hold a special membership meeting (RCW 31.12.195).
Rulemaking began August 25, 2016 with the filing of the CR-101 (WSR 16-18-013) and continued in November 2016 with the filing of CR-102 (WSR 16-22-079). No comments have been received by stakeholders. The agency hearing was held on December 6, 2016.
Repeal of the Rule Becomes Effective on February 4, 2017
On January 4, 2017, the Department of Financial Institutions (DFI) filed the final rule (CR-103, WSR 17-02-078) with the Washington State Register to repeal the Regulatory Relief for Small Credit Unions. The repeal on regulatory relief for small credit unions will be effective on February 4, 2017.
The CR-103 final rule for the Regulatory Relief for Small Credit Unions, and the Concise Explanatory Statement are attached. In addition, copies of these documents and the other rule-making documents pertaining to the repeal are available on the DFI’s website at: http://dfi.wa.gov/credit-unions/rulemaking.
If you have any questions regarding the rulemaking repeal of the Regulatory Relief for Small Credit Unions, please contact Linda Jekel, Director, Division of Credit Unions, at (360) 902-8778 or DCUDirector@dfi.wa.gov.