(a) The organizers of the proposed credit union shall apply for insurance on share and deposit accounts from the National Credit Union Administration or any successor governmental agency.

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Terms Used In Hawaii Revised Statutes 412:10-106

  • Federal: means belonging to, part of, or related to the government of the United States of America. See Hawaii Revised Statutes 412:1-109
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
(b) No credit union shall transact any credit union business until it has received federal insurance of its share and deposit accounts.
(c) A corporate credit union shall be exempt from the requirements of this section.