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Can you summarize Chapter 208-440 WAAC?
Financial Institutions, Department of (See also Titles 50, 419, and 460) > Credit union participation in commercial arrangements with third parties.
Short Summary
This document governs the participation of credit unions in commercial arrangements with third parties. Credit unions are allowed to enter into arrangements with third parties to offer the third party’s products and services to the credit union’s members. These arrangements may include allowing third parties to offer products and services through the credit union, endorsing third party products and services, entering into group purchasing arrangements, receiving payment from third parties, and renting or leasing portions of their land and buildings to third parties. Before entering into any commercial arrangements, credit unions must adopt a written policy and evaluate potential risk of liability. They must also ensure that the arrangements are prudent and do not present safety and soundness risks. Compliance with applicable laws, including privacy laws, is required. This document does not apply to situations where a credit union provides its own products or services to members.
Whom does it apply to?
Credit unions
What does it govern?
Participation of credit unions in commercial arrangements with third parties
What are exemptions?
This document does not apply to situations where a credit union provides its own products or services to members.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Washington