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Can you summarize DCCO Title 26, Chapter 5?
Banks and Other Financial Institutions. > Credit Unions.
Short Summary
The provided legal document governs the conversion of District of Columbia credit unions into federal credit unions. It states that any credit union organized under the District of Columbia Credit Unions Act may apply for conversion into a federal credit union by filing an organization certificate meeting the requirements of the Federal Credit Union Act. The Administrator of the National Credit Union Administration must approve the organization certificate. Upon approval, the credit union becomes a federal credit union and assumes all assets and obligations. The document also mentions certain exceptions to the Federal Credit Union Act, such as no fee imposition for conversion, liquidation of non-conforming loans or investments made prior to conversion, and the nullification of existing bylaws inconsistent with the Federal Credit Union Act. Additionally, it states that the District of Columbia Credit Unions Act is repealed and all organization certificates issued under it are revoked. The document does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Credit unions organized under the District of Columbia Credit Unions Act
What does it govern?
Conversion of District of Columbia credit unions into federal credit unions
What are exemptions?
No fee imposition for conversion, liquidation of non-conforming loans or investments made prior to conversion, nullification of existing bylaws inconsistent with the Federal Credit Union Act
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Washington, D.C.