Title 26, Banks and Other Financial Institutions.

(a)(1) A District credit union may compensate an officer, director, or committee member for the member's services to the District credit union. (2) Life, health, accident, and similar insurance protection provided by a District credit union to an officer, director, or committee m…

(a) No director or officer of a District credit union shall be liable, and no cause of action may be brought against a director or officer of a District credit union, for damages resulting from: (1) The exercise of judgment or discretion in connection with the duties or responsib…

Directors, committee members, and officers shall disclose all existing and potential conflicts of interest to the board of directors. No director, committee member, officer, or employee of a District credit union shall, in any manner, directly or indirectly, participate in the de…

(a) The board of directors, at their organizational meeting, shall elect from their own number, a chairperson of the board, a treasurer, and a secretary. The board may also elect any other officers of the board that are specified in the bylaws. (b) The term of an officer shall be…

(a) The board of directors shall meet on a regular basis and at least quarterly. (b) Unless specifically prohibited by the bylaws, directors may participate in, and act at, any meeting of the board through the use of communications equipment through which all persons participatin…

(a) Unless the District credit union has been audited by a licensed public accountant or other qualified person or firm, the audit committee shall make, or cause to be made, a comprehensive annual audit of the books and affairs of the District credit union. The audit committee sh…

(a) The board of directors may suspend any member of the District credit union's board of directors for cause, as defined in § 26-504.07, by a 2/3 vote of a quorum of the board. The board member shall be suspended until the next members' meeting, which shall be held no fewer than…

(a) Shares and membership shares shall be subscribed to and paid for in the manner prescribed in the bylaws. (b) The par value of shares and membership shares shall be as prescribed in the bylaws. (c) Membership shares may not be pledged as security on any loan. (d) A District cr…

(a) The board of directors may, after making provisions for required reserves, declare dividends to be paid on share accounts and membership shares, if any, from the net earnings or undivided earnings, as provided in the bylaws. The board may authorize the intervals and periods f…

(a) A District credit union may accept deposit accounts from its members, other District credit unions, federal credit unions, foreign credit unions, and government units, subject to the terms, rates, and conditions established by the board of directors and applicable local and f…

(a) Funds in share and deposit accounts may be withdrawn for payment to the account holder or to third parties, in the manner and in accordance with the procedures that are established by the board of directors, subject to any regulations the Commissioner prescribes. (b) Share, m…

Payments on share and deposit accounts may be received from a minor with consent from the minor's parent or guardian. The minor may withdraw funds from these accounts, including the dividends and interest thereon. If shares are issued in the name of a minor, the redemption of any…

(a) A member may designate any person or persons to own a share account with the member, in joint tenancy with the right of survivorship, as a tenant in common, or under any other form of joint ownership permitted by law and allowed by the District credit union. (b) Payment may b…

Notwithstanding any other provision of law, a District credit union may establish share and deposit accounts payable to one or more persons during their lifetimes, and upon the death of every included account holder to one or more payable on death payees. A transfer to a payable …

(a) Share and deposit accounts may be owned by one or more members in trust for one or more beneficiaries or by one or more nonmembers in trust for one or more beneficiaries who are members. (b) Payment of part or all of a trust account to the party in whose name the account is h…

A District credit union may accept and execute trusts pursuant to the laws of the District.

(a) The District credit union shall have a lien on the membership share, shares, deposits, and accumulated dividends and interest of a member in the member's individual, joint, trust, or payable on death account for any obligation owed to the District credit union by the member o…

(a) The board of directors of a District credit union may propose a reduction in membership shares when the losses of the District credit union resulting from a depreciation in value of its loans, investments, or otherwise exceed the District credit union's undivided earnings and…

(a) A District credit union shall apply for and obtain insurance on its members' share and deposit accounts as provided by NCUA or comparable insurance approved by the Commissioner. (b) No District credit union shall be granted a charter by the Commissioner unless the District cr…

(a) Nothing contained in this subchapter shall be deemed to require a District credit union to make any payment from an account to a depositor, shareholder, trust, or payable-on-death account beneficiary, or any other person claiming an interest in any funds in an account, if the…

A District credit union may issue loans to members for the purposes and on the conditions prescribed by the board of directors. The board of directors shall establish written policies with respect to granting loans and extending lines of credit, including the terms, conditions, a…

Notwithstanding the provisions of any other law in connection with extensions of credit, a District credit union may elect to contract for and receive interest for extensions of credit subject only to the provisions of this subchapter and rules promulgated pursuant to this subcha…

(a) Notwithstanding the provisions of any other law in connection with extensions of credit, a District credit union may elect to contract for and receive fees and other charges for extensions of credit in connection with making, closing, disbursing, extending, collecting, renewi…

The board of directors may place a limit on the aggregate amount to be loaned to, or co-signed by, any one member. The aggregate of loans to any one member shall not exceed 5% of the District credit union's capital or 1% of shares and deposits, whichever is greater. This limit sh…

(a) A District credit union may approve lines of credit to members and loan advances may be granted to members within the limit of the approved lines of credit. The terms and conditions upon which a line of credit is extended to any member may be different from the terms and cond…

(a) A District credit union may participate in loans to District credit union members jointly with other credit unions, credit union organizations, or other organizations pursuant to written policies established by the board of directors. (b) If the aggregate amount of participat…

(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 …