Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Wash DFI Disclose once-a-member policy in bylaws
OLYMPIA, Wash. (5/4/11)--“Once a member, always a member,” a principle that credit unions use to express their inclusiveness to consumers, must explicitly be described in state-chartered credit unions’ bylaws, according to new legal guidance issued by the Washington Department of Financial Institutions. The once-a-member, always-a-member policy does not apply to members who have closed their accounts and left a credit union’s field of membership, wrote Linda Jekel, director of credit unions for the state of Washington in DCU Interpretive Letter I-11-02. “This principle does not provide re-instatement for an individual after he terminated his membership with the credit union and no longer meets the field of membership requirements,” wrote Jekel. Washington state-chartered credit union can employ the “once-a-member” principle by adding it to their bylaws, Jekel added. She also advised boards of directors to approve any requirements for retaining memberships, such as maintaining a share account.


RSS





print
News Now LiveWire
Registration lottery for #CreditUnion #CherryBlossom Ten Mile Run opens Monday, Dec. 1 http://t.co/AGkKPof5Fy. Race is April 12
5 hours ago
The turkey hasn't even been served and #creditunions are already making plans for #GivingTuesday
7 hours ago
.@bankofamerica's $16.65 billion 'toxic mortgage' settlement finalized http://t.co/BIq1QyImXG
8 hours ago
RT @CUNA: #NussleReport: ICYMI: Revised RBC proposal in January w/a 90-day comment period #Fix RBC http://t.co/T4JcvWBDse
10 hours ago
.@TheNCUA release on Nov. prohibition orders out already. Here: http://t.co/YkA1QIYbYa
10 hours ago