Code of the District of Columbia

§ 26–502.09. Conducting business outside the District of Columbia.

(a) A District credit union may conduct business outside of the District upon approval from the Commissioner. The Commissioner shall approve a District credit union's request to conduct business outside of the District if:

(1) The non-District jurisdiction permits the District credit union to conduct business in that jurisdiction; and

(2) The Commissioner does not identify any safety or soundness implications with the expanding operations.

(b)(1) If the laws or regulations governing credit unions in a non-District jurisdiction permit a District credit union operating in that jurisdiction to exercise additional powers not expressly permitted under this subchapter, a District credit union conducting business in that non-District jurisdiction may request permission from the Commissioner to exercise those additional powers in the District. The Commissioner shall approve the exercise of additional power unless there are demonstrable safety and soundness implications.

(2) The District credit union may exercise the additional power referenced in this subsection in the District if the Commissioner approves the District credit union's request to exercise additional power within 60 days after receiving a completed request. The request shall be deemed disapproved if the Commissioner does not act within 60 days after receiving a completed request.

(c) The Commissioner may enter into supervisory agreements or other agreements with credit union regulators in other states or jurisdictions to prescribe the applicable rules governing the powers and authorities of foreign branches and other facilities of District credit unions.

(May 6, 2020, D.C. Law 23-86, § 209, 67 DCR 3476.)