Title 26, Banks and Other Financial Institutions.

(a) A District credit union may participate in any guaranteed loan program of the federal or District government under the terms and conditions specified in the law under which the type of program is provided. (b) A District credit union may purchase the conditional sales contrac…

(a) A District credit union may make loans to its officers, directors, and members of its committees, provided that the loan complies with all requirements of this subchapter and is not on terms or conditions more favorable than those extended to other borrowers. (b) A District c…

(a) A District credit union may invest in: (1) Securities, obligations, or other instruments issued by, or fully guaranteed as to principal and interest by, the United States or any agency or instrumentality thereof; (2) Trusts established for investing directly or collectively i…

(a) A District credit union may, by a 2/3 vote of the board of directors and in the manner described in this section, elect to voluntarily dissolve and liquidate its affairs. (b) The board shall notify the Commissioner of its vote to voluntarily dissolve and liquidate its affairs…

(a) A District credit union may, with the written approval of the Commissioner and subject to all applicable local and federal laws and regulations, merge with one or more other District credit unions, foreign credit unions, or federal credit unions. A District credit union mergi…

(a) A District credit union may be converted to a federal credit union or a foreign credit union, subject to rules issued by the Commissioner and applicable laws governing the prospective chartering jurisdiction. (b) A federal credit union or a foreign credit union may convert to…

(a) A locally regulated or federally regulated bank may convert its charter to a District credit union charter under this subchapter, subject to applicable local and federal laws and regulations governing the bank. (b) The Commissioner shall prescribe procedures by which a locall…

The Commissioner shall be responsible for the supervision and regulation of District credit unions. The Commissioner is the District's credit union regulatory authority, whose purpose shall be to protect members' financial interests, the interests of the general public, and to en…

(a) The Commissioner shall deposit into the Securities and Banking Trust Fund ("Fund") all funds received from, or in connection to the regulation of, District credit unions and foreign credit unions authorized to operate in the District and from the federal government, to the ex…

(a) The Commissioner may prescribe rules to implement any provision of this subchapter, including defining any term not defined in this subchapter. (b) The Commissioner may restrict withdrawals from share or deposit accounts, or both, of any District credit union, if the Commissi…

(a) Notwithstanding any other provision of law, if the Commissioner determines that an emergency requiring expeditious action exists with respect to a District credit union, other alternatives are not reasonably available, and the public interest, including the interests of the m…

(a)(1) If the Commissioner determines that a District credit union is bankrupt or insolvent, the Commissioner may issue a notice of involuntary liquidation, revoke the District credit union's charter, and appoint a liquidating agent. (2) The District credit union may request the …

(a) If the Commissioner determines that a District credit union is engaging in a materially unsafe or unsound practice, the Commissioner may, at the Commissioner's sole discretion and without advance notice: (1) Appoint an insuring organization or any other person as conservator,…

(a) The Commissioner shall examine or cause to be examined each District credit union on a regular basis. A District credit union and any of its officers and agents shall give full access to all books, papers, securities, records, and other sources of information (collectively "s…

(a) A District credit union shall maintain all books, records, accounting systems, and procedures that accurately reflect its operations and which enable the Commissioner to readily ascertain the true financial condition of the District credit union and whether it is complying wi…

(a) Information from the records of the Department related to District credit unions shall only be disclosed as required by law. (b) A copy of any document on file with the Department that is certified by the Commissioner as being a true copy may be introduced as evidence in any …

(a) In addition to any general conflict of interest statute applicable to District employees, no employee of the Department shall be an officer, director, committee member, employee, or attorney for any credit union, or receive, directly or indirectly, any payment or gratuity fro…

(a) Credit unions organized under District law, their property, their franchises, capital, reserves, surpluses, and other funds, and their income shall be exempt from all taxation imposed by the District; except, that real property and tangible personal property of a District cre…

(a) Compliance review documents are privileged and confidential and are nondiscoverable and nonadmissible in a civil action; except, that a District credit union may provide access to compliance review documents to an affiliate, regulatory agency, or share insurer. The delivery o…

Any credit union organized under the District of Columbia Credit Unions Act (47 Stat. 326) [P.L. 72-190], as amended, may apply for conversion into a federal credit union by filing with the Administrator of the National Credit Union Administration (hereinafter referred to as the …

The Administrator shall approve any such organization certificate meeting such requirements. Upon such approval, the applicant credit union shall become a federal credit union, and shall be vested with all of the assets and shall continue responsible for all of the obligations of…

Any District of Columbia credit union converting into a federal credit union in accordance with this chapter shall thereupon be subject to the limitations, vested with the powers, and charged with the liabilities conferred and imposed by the Federal Credit Union Act (§ 1751 et se…

Effective 30 days after August 1, 1964, the District of Columbia Credit Unions Act (47 Stat. 326) [P.L. 72-190], as amended, is repealed and all organization certificates issued thereunder and still in force are revoked.