Procedures for requesting powers and authorities authorized in other states.
- (1) A credit union must send written notice to the director, by United States mail or by electronic delivery, of its intent to exercise a power or authority that it would have if it were an out-of-state credit union.
(2) The written request must provide the following information in order to be considered complete:
- (a) A description of the specific proposed powers or authorities and how the power or authority will serve the convenience and advantage of the credit union's members;
- (b) The state law citations upon which the powers or authorities are based;
- (c) A description of the policies, procedures, or other documents the credit union will use in implementing the powers or authorities;
- (d) A description of how the powers or authorities will impact the credit union's safety and soundness, including net worth and earnings; and
- (e) Any actions planned to mitigate the safety and soundness risks created by the requested powers and authorities.
(3) The director shall grant a parity request if the director finds:
- (a) The request is in accordance with the requirements of RCW 31.12.404;
- (b) The power or authority is in the interests of the members of the credit union and maintains the fairness of competition and parity between state-chartered credit unions and out-of-state credit unions; and
- (c) The power or authority can be implemented by the credit union in a safe and sound manner.
- (4) The director may ask the credit union to waive or extend the thirty day response time set forth in RCW 31.12.404(4).
- (5) Absent a waiver or extension, if the director takes no action on the request within thirty days of delivery of the notice, the right to exercise the power is deemed granted.
- (6) The director may attach restrictions or limitations on a credit union's new powers or authorities.
[Statutory Authority: RCW 31.12.516. WSR 19-23-045, § 208-400-040, filed 11/13/19, effective 12/14/19.]