Can you summarize Chapter 208-436 WAAC?

Short Summary

This document pertains to the rules governing supervisory approval of credit union investment practices. It applies to credit unions that wish to deposit or invest their capital, deposits, or surplus funds in a manner not specifically permitted by chapter 31.12 RCW. The document outlines the requirements for credit unions to make a written application to the director for authority to engage in the proposed investment practice. The application must include information such as the credit union’s name, proposed source of funds, detailed description of the type of deposit or investment, references to similar investments made by other state-chartered credit unions, and information showing that federally chartered credit unions are permitted to make the proposed investment. The credit union may also provide additional information to demonstrate the safety and prudence of the proposed investment. If the director finds that the applicant credit union proposes to make the same type of investment or deposit which one or more other federally chartered credit unions have previously received permission to make, the director shall grant the application unless he or she finds that the financial position or the state of management of the applicant credit union is such that the proposed investments or deposits would not be sound or prudent investment practices for the applicant credit union, in which case the director may instead grant the application conditionally, grant it in modified form, or deny the application.

Whom does it apply to?

Credit unions

What does it govern?

Rules governing supervisory approval of credit union investment practices

What are exemptions?

No exemptions are mentioned in the document.

What are the Penalties?

No specific penalties are mentioned in the document.

Jurisdiction

Washington

Source

Chapter 208-436 WAAC [https://reggi.cloud.regology.com/regulations/US-WAAC/US-WAAC_T_208_C_436]

• Credit Unions