Washington Code 31.12.413 – Low-income credit unions — Director’s approval required — Powers — Rules
Current as of: 2023 | Check for updates
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(1) A credit union may apply in writing to the director for designation as a low-income credit union. To qualify for approval of this designation, the credit union must provide evidence satisfactory to the director that at least fifty percent of a substantial and well-defined segment of the credit union’s members or potential primary members are low-income members.
Terms Used In Washington Code 31.12.413
- Capital: means a credit union's reserves, undivided earnings, and allowance for loan and lease losses, and other items that may be included under RCW 31. See Washington Code 31.12.005
- Credit union: means a credit union organized and operating under this chapter. See Washington Code 31.12.005
- Director: means the director of financial institutions. See Washington Code 31.12.005
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Organization: means a corporation, partnership, association, limited liability company, trust, or other organization or entity. See Washington Code 31.12.005
(2) Among other powers and authorities, a low-income credit union may:
(a) Issue secondary capital accounts approved in advance by the director upon application of the credit union; and
(b) Accept and maintain shares and deposits from nonmembers.
(3) The director may adopt rules for the organization and operation of low-income credit unions including, but not limited to, rules concerning secondary capital accounts and requiring disclosures to the purchasers of the accounts.