DFI Issues Request for Comments on Semi-Annual Assessment Fee Collection

The Washington State Department of Financial Institutions’ Division of Credit Unions (DFI) recently published a bulletin calling for comments on proposed changes to chapter 208-418 WAC, which would change the collection of assessment fees from quarterly to twice per year.

“Our survey of state chartered credit unions shows that twice yearly assessments would be better for credit unions, and would help DFI ensure that account sweeps are less likely,” said John Trull, AVP of Regulatory Advocacy for the Northwest Credit Union Association.

Trull also pointed out that this comment period is a good opportunity for dialogue between credit unions and DFI about assessments more generally. Credit unions are encouraged to file comments on the proposed changes. And in those comments they can include thoughts on other changes they might like to see to assessments, such as to the formula or other elements.

The comment period closes October 14. Comments can be sent in any of the following ways:

  • By email, send to: dcu@dfi.wa.gov;
  • By fax, send to: 1.877.330.6870; or
  • By letter, mail to: Division of Credit Unions PO Box 41200 Olympia, WA 98504, Attn: Linda Jekel, Director of Credit Unions

More information can be found in the DFI bulletin here.

Questions about this story? Contact James Pearson: 206.340.4790, jpearson@nwcua.org.

Posted in Advocacy News.