Credit Unions Rulemaking
Rulemaking is the process government agencies must use to create, modify, or repeal rules in the Washington Administrative Code (WAC).
Rules are regulations, standards, or other statements of general applicability adopted by an agency to either:
- Implement, interpret, or make specific a law enforced or administered by an agency, or
- Prescribe or interpret an agency policy, procedure or practice requirement binding on persons outside the agency.
Rules are valid and binding on the persons they affect, and have the force of law unless amended, revised, or unless a court of competent jurisdiction determines otherwise.
Below you will find information about current Division of Credit Unions (DCU) rulemaking activity.
Current Rulemaking Activity
-
SHB 2770 Rulemaking - "GUIDANCE"
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”). -
SHB 2770 Rulemaking - "Disclosure Summary"
The 2008 Washington Legislature passed SHB 2770. The legislation implements the recommendations of the Homeownership Task Force and impacts Banks, Credit Unions, Consumer Loan Companies, and Mortgage Brokers. -
Updated Fee Regulations Rulemaking
The Division of Credit Unions is currently preparing to file updated fee regulations. -
Alternative Share Insurance Rulemaking
At the request of the Washington Credit Union League and five Washington credit unions, the Department of Financial Institutions (DFI) is now looking into regulatory standards for companies seeking to provide alternative share insurance in Washington. Visit the alternative share insurance rulemaking webpage for more information.
SHB 2770 Rulemaking - "GUIDANCE"
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”).
Documents
- CR-102 Rulemaking Proposal (PDF)* and Proposed Text (PDF)*
- CR-101 Preproposal Statement of Inquiry (PDF)*
- Section 4 of SHB 2770
- “Interagency Guidance on Nontraditional Mortgage Product Risks” (PDF)*
- “Statement on Subprime Mortgage Lending” (Guidance)
- Discussion Draft: Proposed text for the Guidance rule (PDF)*
Submit Comments
Comments are welcome and will continue to be received throughout the rulemaking process. To submit comments online, please use our rulemaking comment form. You may also comment by mail, fax, or email.
Audio from Meetings
Updated Fee Regulations Rulemaking
The Division of Credit Unions is currently preparing to file updated fee regulations.
The estimated fee increase is 5.57%, the current fiscal year 2009 growth factor. See http://www.elc.wa.gov for more information about spending limits. The projected effective date for the fee increase is December 31, 2008.
Documents
- CR-102 (PDF)*
- Proposed Text for Fee Increase Rule (PDF)*
- DFI Fund 300 Budgetary Information (PDF)* New!
- PowerPoint On Reasons for Fee Increase (PPT)
- Budget for July 1, 2007 through June 30, 2009 (PDF)*
- Fee Examples from Bulletin B-08-07
- CR-101 (PDF)*
- DCU Bulletin - Proposed Fee Increase by Fiscal Growth Factor
Submit Comments
Comments are welcome and will continue to be received throughout the rulemaking process. To submit comments online, please use our rulemaking comment form. You may also comment by mail, fax, or email.
Comments Received
Audio from Meetings
Rulemaking Steps
Generally, rulemaking takes place in three distinctive steps based on filings required by the Office of the Code Reviser:
- CR-101 Pre-proposal Statement of Inquiry. At this stage, proposed text is usually not available. Comment is invited on whether rules in the areas identified in the CR-101 are needed and, if so, the content of those rules.
- A CR-102 Rulemaking Proposal is filed if it is decided to proceed. Proposed text is filed with the CR-102 and a comment period and public hearing are scheduled.
- After the comment period and public hearing, a CR-103 Rulemaking Order will be filed if it is decided to proceed with the rule. The final text is included with the CR-103. The newly adopted rules are generally effective 31 days after filing with the Code Reviser.
Once a rule has been adopted, it becomes a part of the Washington Administrative Code (WAC).
* 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.
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