Washington Administrative Code
Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460)
Chapter 208-472 - Credit union field of membership
Section 208-472-020 - FOM bylaws; addition of FOM groups
Current through Register Vol. 24-06, March 15, 2024
(1) General. Each credit union must keep its FOM bylaws substantially in the form of the model FOM bylaws prescribed by the division. Credit unions that have not converted to the model FOM bylaws prior to . . . . . . . . (the effective date of the 2002 revisions to this chapter) must do so by December 31, 2002. Each credit union must maintain accurate, complete and up-to-date FOM bylaws.
(2) CAMEL 1s and 2s.
A credit union rated a composite CAMEL 1 or 2 by the division:
Additions made in accordance with this subsection (2)(a) are deemed approved by the director; and
(3) CAMEL 3s, 4s and 5s. A credit union rated a composite CAMEL 3, 4 or 5 by the division may not add the following FOM groups to its field of membership bylaws without the prior approval of its board of directors and the prior written approval of the director under WAC 208-472-025:
In general, the director will not approve:
(4) Other changes. A credit union may, upon approval of its board of directors, amend its FOM bylaws to:
The board may delegate the authority to delete FOM groups that no longer exist.
In amending its FOM bylaws under this subsection (4), other than deletions, the credit union must indicate in its bylaws the date that the board approved the amendment.
(5) A person that is a member of a credit union may continue to be a member even though the person is no longer within the field of membership bylaws of the credit union, subject to the credit union's right to terminate the person's membership. The family members (as determined by the credit union) of a credit union member continue to be eligible to join the credit union, even though the credit union member is no longer within the FOM bylaws of the credit union.
Statutory Authority: RCW 31.12.382, 31.12.516(2), (4),43.320.040. 02-04-094, § 208-472-020, filed 2/5/02, effective 3/8/02. Statutory Authority: RCW 42.320.040 [43.320.040] and31.12.535 . 96-17-071, § 208-472-020, filed 8/20/96, effective 9/20/96. 96-06-011, recodified as § 208-472-020, filed 2/23/96, effective 6/1/96. Statutory Authority: RCW 31.12.045,[31.12].115 and [31.12].535. 95-09-049, § 419-72-020, filed 4/17/95, effective 5/18/95. Statutory Authority: RCW 31.12.045(2), 31.12.115, 31.12.516 and 31.12.535. 89-24-085 (Order 89-3), § 419-72-020, filed 12/6/89, effective 1/6/90.