District of Columbia Code
Chapter 5 - Credit Unions
Subchapter I - Credit Union Act of 2020

§ 26–504.02. Organizations that qualify for District credit union membership - Any incorporated or unincorporated organization, and the organization's employees, may...

§ 26–504.03. Service to low-income consumers - (a) A District credit union, including a District credit union...

§ 26–504.04. School service facilities - (a) For the purposes of this section, the term: (1)...

§ 26–504.05. Retention of membership - Unless the District credit union's bylaws state otherwise, a person...

§ 26–504.06. Liability of members - The members of a District credit union shall not be...

§ 26–504.07. Termination of membership - (a)(1) For the purposes of this section, the term "cause"...

§ 26–504.08. Suspension of services - A District credit union may, for cause, as defined in...

§ 26–504.09. Meetings of members - (a) The annual meeting, and any special meetings, of the...

§ 26–504.10. Special membership meetings - A District credit union's bylaws may prescribe the manner in...

Part E - Credit Union Governance

§ 26–505.01. Authority and duty of a board of directors - (a) The business and affairs of a District credit union...

§ 26–505.02. Election of a board of directors - (a)(1) A board of directors shall: (A) Consist of an...

§ 26–505.03. Appointment of committees - (a) The board of directors shall appoint an audit committee...

§ 26–505.04. Vacancies - (a) A seat on a District credit union's board of...

§ 26–505.05. Compensation of officials - (a)(1) A District credit union may compensate an officer, director,...

§ 26–505.06. Limited liability of directors and officers - (a) No director or officer of a District credit union...

§ 26–505.07. Conflicts of interest - Directors, committee members, and officers shall disclose all existing and...

§ 26–505.08. Officers - (a) The board of directors, at their organizational meeting, shall...

§ 26–505.09. Meetings of directors - (a) The board of directors shall meet on a regular...

§ 26–505.10. Audits - (a) Unless the District credit union has been audited by...

§ 26–505.11. Suspension and removal powers - (a) The board of directors may suspend any member of...

Part F - Member Accounts

§ 26–506.01. Shares and membership shares - (a) Shares and membership shares shall be subscribed to and...

§ 26–506.02. Dividends - (a) The board of directors may, after making provisions for...

§ 26–506.03. Deposit Accounts - (a) A District credit union may accept deposit accounts from...

§ 26–506.04. Withdrawals - (a) Funds in share and deposit accounts may be withdrawn...

§ 26–506.05. Accounts for minors - Payments on share and deposit accounts may be received from...

§ 26–506.06. Joint accounts - (a) A member may designate any person or persons to...

§ 26–506.07. Payable on death accounts - Notwithstanding any other provision of law, a District credit union...

§ 26–506.08. Trust accounts - (a) Share and deposit accounts may be owned by one...

§ 26–506.09. Trust services - A District credit union may accept and execute trusts pursuant...

§ 26–506.10. Liens - (a) The District credit union shall have a lien on...

§ 26–506.11. Reduction in membership shares - (a) The board of directors of a District credit union...

§ 26–506.12. Share and deposit insurance - (a) A District credit union shall apply for and obtain...

§ 26–506.13. Authority to withhold payment - (a) Nothing contained in this subchapter shall be deemed to...

Part G - Loans

§ 26–507.01. Purpose and conditions of loans - A District credit union may issue loans to members for...

§ 26–507.02. Interest rate - Notwithstanding the provisions of any other law in connection with...

§ 26–507.03. Other loan-related charges - (a) Notwithstanding the provisions of any other law in connection...

§ 26–507.04. Loan limit - The board of directors may place a limit on the...

§ 26–507.05. Lines of credit - (a) A District credit union may approve lines of credit...

§ 26–507.06. Participation loans - (a) A District credit union may participate in loans to...

§ 26–507.07. Other loan programs - (a) A District credit union may participate in any guaranteed...

§ 26–507.08. Loans to officials - (a) A District credit union may make loans to its...

Part H - Investments

§ 26–508.01. Authorized investments - (a) A District credit union may invest in: (1) Securities,...

Part I - Change in Corporate Status

§ 26–509.01. Voluntary Liquidation - (a) A District credit union may, by a 2/3 vote...

§ 26–509.02. Voluntary merger of credit unions - (a) A District credit union may, with the written approval...

§ 26–509.03. Credit union conversion - (a) A District credit union may be converted to a...

§ 26–509.04. Bank to credit union conversion - (a) A locally regulated or federally regulated bank may convert...

Part J - Supervision and Regulation

§ 26–510.01. Supervision and regulation of credit unions - The Commissioner shall be responsible for the supervision and regulation...

§ 26–510.02. Deposit of fees in the Securities and Banking Trust Fund - (a) The Commissioner shall deposit into the Securities and Banking...

§ 26–510.03. Powers of Commissioner - (a) The Commissioner may prescribe rules to implement any provision...

§ 26–510.04. Involuntary merger of credit union - (a) Notwithstanding any other provision of law, if the Commissioner...

§ 26–510.05. Involuntary liquidation - (a)(1) If the Commissioner determines that a District credit union...

§ 26–510.06. Conservatorship - (a) If the Commissioner determines that a District credit union...

§ 26–510.07. Examinations - (a) The Commissioner shall examine or cause to be examined...

§ 26–510.08. Records - (a) A District credit union shall maintain all books, records,...

§ 26–510.09. Records of the Department - (a) Information from the records of the Department related to...

§ 26–510.10. Conflicts of interest - (a) In addition to any general conflict of interest statute...

Part K - Tax Exemption; Compliance Review

§ 26–511.01. Tax exemption - (a) Credit unions organized under District law, their property, their...

§ 26–511.02. Compliance review documents - (a) Compliance review documents are privileged and confidential and are...

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District of Columbia Code Chapter 5 - Credit Unions Subchapter I - Credit Union Act of 2020

District of Columbia Code
Chapter 5 - Credit Unions
Subchapter I - Credit Union Act of 2020