Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Wash DFI Disclose once-a-member policy in bylaws
OLYMPIA, Wash. (5/4/11)--“Once a member, always a member,” a principle that credit unions use to express their inclusiveness to consumers, must explicitly be described in state-chartered credit unions’ bylaws, according to new legal guidance issued by the Washington Department of Financial Institutions. The once-a-member, always-a-member policy does not apply to members who have closed their accounts and left a credit union’s field of membership, wrote Linda Jekel, director of credit unions for the state of Washington in DCU Interpretive Letter I-11-02. “This principle does not provide re-instatement for an individual after he terminated his membership with the credit union and no longer meets the field of membership requirements,” wrote Jekel. Washington state-chartered credit union can employ the “once-a-member” principle by adding it to their bylaws, Jekel added. She also advised boards of directors to approve any requirements for retaining memberships, such as maintaining a share account.


RSS print
News Now LiveWire
.@USATODAYmoney @fileneresearch pre-retirement capability study http://t.co/xvXqwKEbjj. See #NewsNow for report recap http://t.co/pUXrSQFlju
39 minutes ago
.@fairwindscu @UCF neck and neck in @OBJUpdate #BrandMadness http://t.co/D8YrKamEX7
58 minutes ago
.@TheNCUA to consider separate IRR proposal in response to RBC comments See #NewsNow http://t.co/m7fJcPCmzQ
1 hours ago
You get an extra hour this weekend. How to use it? Try these 12 money tasks via @MainStr http://t.co/wtv5qDkELD
1 hours ago
#Halloween, #creditunions, a boo-tiful pair #NewsNow http://t.co/h0ZfAcN9PW
2 hours ago