PERMANENT RULES
FINANCIAL INSTITUTIONS
Date of Adoption: May 23, 2001.
Purpose: To increase assessments and fees paid by credit unions and other parties to the Division of Credit Unions.
Citation of Existing Rules Affected by this Order: Repealing WAC 208-418-060; and amending WAC 208-418-020, 208-418-040, 208-418-050, and 208-418-070.
Statutory Authority for Adoption: RCW 31.12.426(1), 31.12.516(2), 43.320.040.
Adopted under notice filed as WSR 01-07-082 on March 21, 2001.
Changes Other than Editing from Proposed to Adopted Version: Based on comments received, the division changed the rule in its final version to limit to two the number of automatic annual increases in the rate of assessment/fees: One on July 1, 2001, and one on July 1, 2002.
Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 0, Repealed 0.
Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.
Number of Sections Adopted on the Agency's Own Initiative: New 3, Amended 4, Repealed 1.
Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 0, Repealed 0.
Number of Sections Adopted Using Negotiated Rule Making:
New 0,
Amended 0,
Repealed 0;
Pilot Rule Making:
New 0,
Amended 0,
Repealed 0;
or Other Alternative Rule Making:
New 0,
Amended 0,
Repealed 0.
Effective Date of Rule:
Thirty-one days after filing.
May 23, 2001
John L. Bley
Director
OTS-4715.4
NEW SECTION
WAC 208-418-010
Definitions.
Unless the context clearly
requires otherwise, as used in this chapter:
(1) "Credit union" includes a Washington credit union, an out-of-state credit union and a foreign credit union.
(2) "Foreign credit union" means a credit union organized and operating under the laws of another country or other foreign jurisdiction, that is operating a branch in Washington in accordance with RCW 31.12.471.
(3) "Hourly fee" means a fee of $57.42 per hour per examiner or other staff person of the division.
(4) "Out-of-state credit union" means a credit union organized and operating under the laws of another state or U.S. territory or possession, that is operating a branch in Washington in accordance with RCW 31.12.471.
(5)(a) "Total assets" of a Washington credit union includes all assets of the credit union as reported on the credit union's most recent form 5300 or similar financial report.
(b) "Total assets" of an out-of-state or foreign credit union is derived from the following fraction:
| Total assets x in-state branch shares and deposits |
| Total shares and deposits |
"Total assets" and "shares and deposits" include respectively all assets and shares and deposits as reported on the credit union's most recent form 5300 or similar financial report.
(6) "Washington credit union" means a credit union organized and operating under chapter 31.12 RCW.
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(1) Quarterly asset assessments charged to credit unions;
(2) Charges to a credit union for costs incurred by the division for certain types of attorney general or special counsel assistance in regard to the credit union; and
(3) Certain other fees charged by the director.
((Fees must be paid no later than thirty days after their
due date.)) The director may waive all or any portion of any fee
payable by a credit union or other ((party based on the ability
of the credit union or party to pay the fee)) person.
[Statutory Authority: 1996 c 274. 96-12-058, § 208-418-020, filed 5/31/96, effective 7/1/96. 96-06-011, recodified as § 208-418-020, filed 2/23/96, effective 6/1/96. Statutory Authority: RCW 31.12.535 and 31.12.545. 95-06-066, § 419-18-020, filed 2/28/95, effective 3/31/95. Statutory Authority: RCW 31.12.320. 83-20-027 (Order 83-4), § 419-18-020, filed 9/26/83; 82-13-016 (Order 82-5), § 419-18-020, filed 6/7/82.]
| (2) | Credit Union's Total Assets |
Quarterly Asset Assessment |
over $500M |
$(( assets over $500M |
|
over $100M up to $500M |
$(( |
|
over $(( |
(( |
|
over $10M up to $(( |
$(( |
|
over $2M up to $10M |
$(( |
|
over $(( |
$(( |
|
up to $(( |
$0 |
|
(( |
.0000252 x total assets)) |
|
M = Million K = Thousand |
||
(4) ((For the purpose of this chapter, "total assets"
includes all assets held by a Washington chartered credit union
whether held within this state or a branch in another state, and
assets of foreign credit unions held through branches within the
state of Washington, as reported on the credit union's form 5300
or similar financial report. However, the director may waive any
assessment on assets held by Washington chartered credit unions
through branches in other states based upon reciprocal agreements
with the other state's regulatory authority. As used in this
chapter, "foreign credit union" means a credit union chartered
under the laws of another state or a foreign country.)) From time
to time, the director may determine that asset assessments on an
out-of-state credit union or foreign credit union are
inappropriate relative to the level of examination and
supervision of that credit union by the division. In that event,
the director may charge the credit union hourly fees for
examination and supervision of the credit union, including, but
not limited to, off-site monitoring, in lieu of asset
assessments. Such fees are due upon receipt of billing from the
division.
[Statutory Authority: 1996 c 274. 96-12-058, § 208-418-040, filed 5/31/96, effective 7/1/96. 96-06-011, recodified as § 208-418-040, filed 2/23/96, effective 6/1/96. Statutory Authority: RCW 31.12.535 and 31.12.545. 95-06-066, § 419-18-040, filed 2/28/95, effective 3/31/95; 91-06-062, § 419-18-040, filed 3/1/91, effective 4/1/91. Statutory Authority: RCW 31.12.545(1). 85-07-008 (Order 85-2), § 419-18-040, filed 3/8/85. Statutory Authority: RCW 31.12.320. 83-20-027 (Order 83-4), § 419-18-040, filed 9/26/83; 82-13-016 (Order 82-5), § 419-18-040, filed 6/7/82.]
(2) The division will notify a credit union before the division incurs expense for legal assistance which may be charged to the credit union under this section.
[Statutory Authority: 1996 c 274. 96-12-058, § 208-418-050, filed 5/31/96, effective 7/1/96. 96-06-011, recodified as § 208-418-050, filed 2/23/96, effective 6/1/96. Statutory Authority: RCW 31.12.535 and 31.12.545. 95-06-066, § 419-18-050, filed 2/28/95, effective 3/31/95; 91-06-062, § 419-18-050, filed 3/1/91, effective 4/1/91. Statutory Authority: RCW 31.12.320. 83-20-027 (Order 83-4), § 419-18-050, filed 9/26/83.]
(a) An hourly fee will be charged to a ((party)) person
other than a credit union or a subsidiary of one or more credit
unions for each electronic data processing examination of the
((party)) person by the division of credit unions.
(b) An hourly fee will be charged to a credit union for the processing of the credit union's application to add a community group to its field of membership.
(c) An hourly fee will be charged to a credit union for a
fraud investigation of the credit union and/or ((its related
parties)) persons involved with the credit union by the division.
(d) An hourly fee will be charged to ((a)) an out-of-state
or foreign credit union for ((an on-site)) examination and
supervision by the division under WAC 208-418-040(4).
(e) An hourly fee will be charged to ((a)) an out-of-state
or foreign credit union for the processing of the credit union's
application to ((do business)) operate a branch in this state.
(f) An hourly fee will be charged to other divisions or agencies for examinations, investigations, or similar undertakings performed on their behalf by the division.
(2) ((As used in this section, "hourly fee" means a fee of
$55.82 per hour per examiner or other staff person of the
division.
(3))) In addition, the director will charge a credit union
or other person for the actual cost incurred by the division for
an examination or investigation of the credit union ((and/or its
related parties)) or person performed under personal services
contract by third parties.
(((4))) (3) Charges under this section are due upon receipt
of billing from the division.
[Statutory Authority: 1996 c 274. 96-12-058, § 208-418-070, filed 5/31/96, effective 7/1/96. 96-06-011, recodified as § 208-418-070, filed 2/23/96, effective 6/1/96. Statutory Authority: RCW 31.12.535 and 31.12.545. 95-06-066, § 419-18-070, filed 2/28/95, effective 3/31/95; 91-06-062, § 419-18-070, filed 3/1/91, effective 4/1/91. Statutory Authority: RCW 31.12.545(1). 85-07-008 (Order 85-2), § 419-18-070, filed 3/8/85. Statutory Authority: RCW 31.12.320. 83-20-027 (Order 83-4), § 419-18-070, filed 9/26/83.]
(1) On July 1, 2001, and July 1, 2002, the fee and assessment rates under WAC 208-418-010(3) and 208-418-040, as increased in the prior fiscal year, will increase by a percentage rate equal to the fiscal growth factor for the then current fiscal year. As used in this section, "fiscal growth factor" has the same meaning as the term is defined in RCW 43.135.025.
(2) The director may round off a rate increase under subsection (1) of this section. However, no rate increase may exceed the applicable fiscal growth factor.
(3) By June 1 of each year, the director will make available a chart of the new rates that will take effect on the immediately following July 1.
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(1) The credit union program fund exceeds the projected acceptable minimum fund balance level approved by the office of financial management; and
(2) That such course of action would be fiscally prudent.
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The following section of the Washington Administrative Code is repealed:
| WAC 208-418-060 | One-time special assessment for fiscal 1997. |