Regulatory Alerts2020-07-30
Idaho Department of Finance Guidance Statement 2020-05-FIB: Credit Union Parity Requests
The Idaho Department of Finance issued Guidance Statement 2020-05-FIB to outline the procedures for state-chartered credit unions seeking parity with federal or other state credit unions under Idaho Code § 26-2145. The guidance mandates that applicants provide detailed submissions regarding safety and soundness, financial impacts, and legal citations to facilitate the Department's evaluation of proposed powers. It further clarifies that approved requests are subject to restrictions and that denied requests grant credit unions the right to request a hearing.
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