Regulatory Alerts2017-04-11
Idaho Department of Finance Interpretive Statement on Credit Union Parity Requests
The Idaho Department of Finance issued Interpretive Statement 2017-01 to establish procedures for state-chartered credit unions seeking parity with federal or other state charters under Idaho Code § 26-2145. The guidance mandates that credit unions provide detailed information regarding proposed powers, including safety and soundness impacts, to allow the Department to evaluate requests against public interest and statutory purposes. The statement outlines the Department's authority to attach conditions to approvals, the requirement to comply with referenced laws, and the credit union's right to request a hearing if a parity request is denied.
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