Credit Unions Weigh In on Proposed DC Credit Union Act

DC Credit Unions participated in a roundtable on Tuesday with the District's Department of Insurance, Securities and Banking (DISB).

DISB RT Group Pic

Associate Commissioner for Banking Brian Williams described the charter as an option for DC credit unions to have more flexibility and encouraged executives and board members to provide input as the legislative process moves forward. Among the issues discussed were examinations, field of membership, loans and low-income designations.

The DC Council is considering the Credit Union Act of 2019 which would authorize DISB to charter, supervise, regulate, examine and exercise other powers related to the operation of credit unions in the District.

The Advocacy Team has prepared a chart comparing provisions of the Federal Credit Union Act with the proposed DC Credit Union Act. You can view the comparison chart here.