Ask Reggi Your Question Now
Can you summarize Chapter 208-472 WAAC?
Financial Institutions, Department of (See also Titles 50, 419, and 460) > Credit union field of membership.
Short Summary
This document governs the field of membership (FOM) for credit unions. It specifies that credit unions must keep their FOM bylaws in the form of the model FOM bylaws prescribed by the division. Credit unions that have not converted to the model FOM bylaws must do so by a specified date. The document outlines the requirements for adding qualified occupational groups, associational groups, and communities to a credit union’s FOM bylaws based on the credit union’s CAMEL rating. It also allows credit unions to make other changes to their FOM bylaws, such as deleting exclusionary clauses, deleting FOM groups that no longer exist, and aggregating communities. The document mentions that individuals who were previously members of a credit union can continue to be members even if they no longer meet the FOM bylaws, subject to the credit union’s right to terminate their membership. The document provides guidelines for credit unions regarding their FOM bylaws and the addition of FOM groups.
Whom does it apply to?
Credit unions
What does it govern?
Field of membership for credit unions
What are exemptions?
This chapter does not apply to mergers where the continuing credit union is organized (or chartered) and operating under chapter 31.12 RCW. The continuing credit union may amend its FOM bylaws to add the FOM groups of the merging credit union. This chapter does not restrict FOM groups added to a credit union's bylaws prior to the effective date of the 2002 revisions to this chapter.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Washington