DC Credit Union Act Approved by DC Council

The bill now moves to Mayor Muriel Bowser’s desk for approval.

The Credit Union Act of 2019 authorizes the DC Department of Insurance, Securities and Banking (DISB) to charter, supervise, regulate, examine and exercise other powers related to the operation of credit unions in the District.
The Advocacy Team has been working with DISB and the DC Council to advance the legislation which ultimately provides credit unions headquartered in DC more flexibility when it comes to examinations, field of membership, loans and low-income designations. The Association hosted a roundtable in January where DISB and DC credit unions had the opportunity for an open dialogue.

"This is a win for credit unions as it provides another option for credit unions to consider when determining how best to serve their members," said MD|DC Credit Union Association President/CEO John Bratsakis. "We appreciate the willingness of DISB to work with credit unions on this bill." 

You can view the chart prepared by the Association comparing the provisions of the Federal Credit Union Act with the DC Credit Union Act here.