Washington State Department of Financial Institutions

DCU Bulletin
Stakeholder Meeting on Guidance Rule-Making Process

July 24, 2008

NO: B-08-09

The 2008 Washington State Legislature recently passed SHB 2770, Chapter 108, Laws of 2008. This legislation requests a permanent rule requiring financial institutions that act as residential mortgage lenders to adopt subprime lending policies and procedures that incorporate the principles contained in the federal “Interagency Guidance on Nontraditional Mortgage Product Risks” and the federal “Statement on Subprime Mortgage Lending” (“Guidance”).

The Division of Credit Unions (Division) is holding a stakeholder meeting on the rule-making process. You may attend in person or by teleconference as follows:

Date: Tuesday, August 12, 2008
Time: 1:30 pm
Location: Department of Financial Institutions
150 Israel Road SW
Tumwater, WA 98501
Teleconference: 1-877-298-8255; conference ID 7009517

The following documents will be discussed at the August 12th meeting:

  1. CR-101 Preproposal Statement of Inquiry (PDF)* (filed June 12, 2008 WSR #08-13-0571)
  2. Section 4 of SHB 2770
  3. The federal “Interagency Guidance on Nontraditional Mortgage Product Risks” (PDF)* and the federal “Statement on Subprime Mortgage Lending” (Guidance)
  4. Proposed text for the Guidance rule (PDF)*

The above four documents will be available in the next few days on the Division’s rule-making area on the DFI website. If you do not have access to the Internet, please contact the Division and we will mail hardcopies to you.

View a PDF version of this bulletin.

* This document is a PDF file, and you will need Adobe Acrobat Reader to view it. If you don't already have Acrobat Reader installed on your computer, you may download it for free from Adobe.