{"data":{"id":"us-dc/d.c.-code-26-502.10","jurisdiction":"us-dc","citation":"D.C. Code § 26-502.10","heading":"Foreign credit unions.","body":"(a)\nThe Commissioner shall allow a foreign credit union to conduct business as a credit union in the District if the following conditions are met:\n(1)\nThe jurisdiction in which the foreign credit union is organized authorizes it to do business in the District;\n(2)\nDistrict credit unions are permitted to do business in the jurisdiction in which the foreign credit union is organized;\n(3)\nThe foreign credit union has substantially the same characteristics, and operates in a similar manner, as a District credit union; and\n(4)\nThe foreign credit union submits any applicable fee.\n\n(b)\nThe Commissioner may, at any time, revoke a foreign credit union's authority to do business in the District if the Commissioner determines that a foreign credit union:\n(1)\nIs not established under laws similar to this subchapter;\n(2)\nIs not financially solvent;\n(3)\nDoes not insure its accounts to the same extent as District credit unions established under this subchapter;\n(4)\nIs not examined and supervised by a regulatory agency of the jurisdiction in which it is organized;\n(5)\nIs in violation of its charter as determined by its chartering jurisdiction;\n(6)\nDoes not charge interest in compliance with the provisions of § 26-507.02 when making loans in the District;\n(7)\nDoes not comply with the consumer protection laws, regulations, and rules applicable to District credit unions established pursuant to this subchapter;\n(8)\nFails to provide the Commissioner with a copy of the report of examination of its regulatory agency or submit to an annual examination by the Commissioner;\n(9)\nFails to designate or maintain an agent for the service of process in the District;\n(10)\nFails to comply with District laws, regulations, and orders;\n(11)\nEngages in, or is likely to engage in, a pattern of unsafe or unsound practices;\n(12)\nWill likely have a substantially adverse impact on the financial, economic, or other interests of residents of the District; or\n(13)\nIs prohibited from operating in the jurisdiction in which it is organized.\n\n(c)\nThe Commissioner may cooperate with credit union regulators in other states or jurisdictions to implement this section and may share information received in administering this subchapter with those regulators.\n\n(d)\nThe Commissioner may enter into supervisory agreements or other agreements with foreign credit unions and their regulators to prescribe the applicable rules governing the powers of District branches and service facilities of foreign credit unions. An agreement made pursuant to this subsection may address items such as corporate governance, operations, and conflict of law and may prescribe the procedures to coordinate, among applicable regulators, the application, supervision, and examination processes with respect to foreign credit unions.\n\n(e)\nThe Commissioner may adopt rules for the periodic examination and investigation of the operations of a foreign credit union operating in the District. The cost of examination and supervision shall be assessed to the foreign credit union.\n\n(f)\n(1)\nA foreign credit union from a jurisdiction that allows credit unions to exercise additional powers not allowed in the District may request permission from the Commissioner to exercise those additional powers in the District. The Commissioner may approve the exercise of those additional powers in the District if there are no demonstrable safety and soundness implications and the exercise of the additional power by the foreign credit union is in the best interest of the District.\n(2)\nUpon approval by the Commissioner, District credit unions established under this subchapter may exercise any additional powers approved for a foreign credit union to exercise pursuant to this section.","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/26-502.10","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"08501922c4c9ed77d9dc01da50f8d72000a5cc01a9ccdbea81075f1ad51858fc","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-26-502.09","next":"us-dc/d.c.-code-26-503.01"},"notice":"GroundRules: Original legal text. Not legal advice."}