Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-418 - Fees charged to credit unions and other persons › Section 208-418-040 - Semiannual asset assessments

Current through Register Vol. 24-14, July 15, 2024
(1) The
					director will charge each credit union a semiannual asset assessment at the
					rate set forth in subsection (2) of this section. Asset assessments will be due
					on January 1st and July 1st. Asset assessments must be paid no later than
					thirty days after their due date. The assessments will be computed on total
					assets as of the prior June 30th for the January 1st assessments, and as of the
					prior December 31st for the July 1st assessments.
(2)
Credit Union's Total Assets
Semiannual Asset Assessment
over $500M
$ 42,326 + (.00003458 x total assets over $500M)
over $100M up to $500M
$ 11,766 + (.00007638 x total assets over $100M)
over $25M up to $100M
.00011766 x total assets
over $10M up to $25M
$ 2,592
over $2M up to $10M
$ 1,726
over $500K up to $2M
$ 1,150
up to $500K
$0
M = Million K = Thousand
(3)
					Semiannual asset assessments are charged for the semiannual period that begins
					on the due date of the assessment. No rebates will be made to credit unions
					that cease to be state-chartered during the assessment period. A credit union
					converting to state charter will pay a prorated semiannual asset assessment for
					the six months during which the conversion is completed.
(4) From time to time, the director may
					determine that asset assessments on an out-of-state credit union or foreign
					credit union are inappropriate relative to the level of examination and
					supervision of that credit union by the division. In that event, the director
					may charge the credit union hourly fees for examination and supervision of the
					credit union, including, but not limited to, off-site monitoring, in lieu of
					asset assessments. Such fees are due upon receipt of billing from the
					division.
Statutory Authority:
							RCW
							   31.12.516,
							43.320.040, and chapter 43.135
							RCW. 10-06-050, §
										208-418-040, filed 2/24/10,
							effective 3/27/10. Statutory Authority: Chapter 43.135 RCW,
							RCW
							   43.320.040,
							31.12.516(6), and
							2008 c 285. 08-24-057, §
										208-418-040, filed 11/26/08,
							effective 12/31/08. Statutory Authority:
							RCW
							   31.12.426(1),
							31.12.516(2),
							43.320.040. 01-12-004, §
										208-418-040, filed 5/23/01,
							effective 6/23/01. Statutory Authority: 1996 c 274. 96-12-058, §
										208-418-040, filed 5/31/96,
							effective 7/1/96. 96-06-011, recodified as §
										208-418-040, filed 2/23/96,
							effective 6/1/96. Statutory Authority: RCW 31.12.535 and
							
											31.12.545. 95-06-066, §
							419-18-040, filed 2/28/95, effective 3/31/95; 91-06-062, § 419-18-040,
							filed 3/1/91, effective 4/1/91. Statutory Authority:
							RCW
							   31.12.545(1). 85-07-008
							(Order 85-2), § 419-18-040, filed 3/8/85. Statutory Authority: RCW
							31.12.320. 83-20-027 (Order 83-4), § 419-18-040, filed 9/26/83; 82-13-016
							(Order 82-5), § 419-18-040, filed
							6/7/82.