Regulatory Alerts2018-09-05 | I-18-02I-18-02 — Verification of Members' Accounts
The Washington Department of Financial Institutions issued Interpretive Letter I-18-02 to clarify that state-chartered credit unions are not required to verify member accounts annually. The regulator determined that the 2017 amendment to RCW 31.12.335(1)(c) was not intended to impose stricter standards than federal deposit insurance requirements. Consequently, credit unions must perform account verifications at least once every two years in compliance with 12 CFR §§ 741.202(b) and 715.8(a).
Share