{"data":{"id":"us-dc/d.c.-code-26-502.08","jurisdiction":"us-dc","citation":"D.C. Code § 26-502.08","heading":"Application for share and deposit insurance.","body":"(a)\nEach District credit union shall apply for insurance on its shares and deposits, as provided by NCUA or comparable insurance approved by the Commissioner. Any District credit union insured by NCUA shall comply with all federal requirements that apply to credit unions insured by NCUA, notwithstanding any contrary provisions of this subchapter.\n\n(b)\n(1)\nA District credit union that has lost its commitment for share and deposit insurance shall, within 30 days of having lost that commitment, begin to liquidate, merge with an insured credit union, or apply in writing to the Commissioner for additional time to obtain another insurance commitment.\n(2)\nThe Commissioner may grant extensions of time to obtain a new insurance commitment upon satisfactory evidence that the District credit union is not operating in an unsafe or unsound manner and that the District credit union has made, or is making, a substantial effort to obtain a new insurance commitment, including substantial effort to achieve conditions necessary to obtain such a commitment.\n\n(c)\nNo person shall be granted a certificate of charter by the Commissioner to form a District credit union unless the person has obtained a commitment for insurance for its share and deposit accounts.\n\n(d)\nThe Commissioner may make reports of condition and examination findings available to, and may accept any report of examination made on behalf of, the appropriate insuring organization.\n\n(e)\nA District credit union shall not be subject to this section if that District credit union's debt and equity capital consist primarily of funds from other credit unions and membership shares issued by another District credit union.","path":["Title 26. Banks and Other Financial Institutions.","Chapter 5. Credit Unions.","Subchapter I. Credit Union Act of 2020.","Part B. Credit Union Organization."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/26-502.08","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"9f34eefc59583ccbdaaa0ea5f3d5206c16d2b8a1ec34d6f95d10d3dc2c546a50","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-26-502.07","next":"us-dc/d.c.-code-26-502.09"},"notice":"GroundRules: Original legal text. Not legal advice."}