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District of Columbia Code Division V. Local Business Affairs § 26-502.08. Application for share and deposit insurance.

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Each District credit union shall apply for insurance on its shares and deposits, as provided by NCUA or comparable insurance approved by the Commissioner. Any District credit union insured by NCUA shall comply with all federal requirements that apply to credit unions insured by NCUA, notwithstanding any contrary provisions of this subchapter.

(b)(1) A District credit union that has lost its commitment for share and deposit insurance shall, within 30 days of having lost that commitment, begin to liquidate, merge with an insured credit union, or apply in writing to the Commissioner for additional time to obtain another insurance commitment.

(2) The Commissioner may grant extensions of time to obtain a new insurance commitment upon satisfactory evidence that the District credit union is not operating in an unsafe or unsound manner and that the District credit union has made, or is making, a substantial effort to obtain a new insurance commitment, including substantial effort to achieve conditions necessary to obtain such a commitment.

(c) No person shall be granted a certificate of charter by the Commissioner to form a District credit union unless the person has obtained a commitment for insurance for its share and deposit accounts.

(d) The Commissioner may make reports of condition and examination findings available to, and may accept any report of examination made on behalf of, the appropriate insuring organization.

(e) A District credit union shall not be subject to this section if that District credit union's debt and equity capital consist primarily of funds from other credit unions and membership shares issued by another District credit union.

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Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 26-502.08. Application for share and deposit insurance. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-26-502-08/

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