{"data":{"id":"us-dc/d.c.-code-26-503.01","jurisdiction":"us-dc","citation":"D.C. Code § 26-503.01","heading":"General Powers.","body":"(a)\nA District credit union may:\n(1)\nEnter into contracts or other agreements, as necessary, to provide the services authorized by this subchapter;\n(2)\nSue and be sued;\n(3)\nAcquire, lease as lessor or lessee, hold, assign, pledge, mortgage, sell, or otherwise dispose of real or personal property or assets, either in whole or in part;\n(4)\nBorrow from any source; except, that a District credit union shall notify the Commissioner in writing of its intention to borrow in excess of 50% of the District credit union's net worth, shares, and deposits;\n(5)\nPurchase the assets of another credit union or sell all, or substantially all, of its assets to another credit union;\n(6)\nOffer related financial services, including electronic fund transfers, safe deposit boxes, negotiable instruments, leasing, and correspondent arrangements with or to other financial institutions and their members;\n(7)\nHold membership in other District credit unions, federal credit unions, or foreign credit unions, and in credit union-related trade associations and organizations;\n(8)\nEngage in activities and programs as requested by a government unit;\n(9)\nAct as fiscal agent for, and receive payments on, share and deposit accounts from a government unit;\n(10)\nMake reasonable contributions to any nonprofit civic, charitable, or service organization;\n(11)\nRequire the payment of an entrance fee, annual membership fee, or both, of any person admitted to membership pursuant to the District credit union's bylaws;\n(12)\nReceive deposits from its members in the form of shares and deposits and honor requests for withdrawals or transfers of all or any part of share and deposit accounts in any manner approved by the board of directors;\n(13)\nLend funds to its members;\n(14)\nDiscount and sell any obligations owed to the District credit union;\n(15)\nInvest surplus funds as provided in this subchapter;\n(16)\nInvest in shares of other credit unions and make deposits in other financial institutions and trust companies;\n(17)\nInvest in credit union service organizations;\n(18)\nIssue certificates of indebtedness to members that are subordinated to all other claimants on the District credit union;\n(19)\nAssess fees and charges to members;\n(20)\nDeclare dividends on shares, interest on deposit accounts, and pay interest refunds to borrowers;\n(21)\nReceive savings from non-members in the form of shares, if the District credit union serves predominantly low-income members;\n(22)\nReceive deposits from, or lend funds to, other District credit unions, federal credit unions, or foreign credit unions;\n(23)\nSell insurance products, subject to applicable insurance laws;\n(24)\nPurchase and maintain insurance:\n(A)\nOn behalf of:\n(i)\nA current or former director, officer, employee, or agent of the District credit union; or\n(ii)\nA person who is or was serving at the request of the District credit union as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise; or\n(B)\nTo protect against any liability asserted against a person identified in subparagraph (A) of this paragraph in any capacity arising out of that person's status related to the District credit union, regardless of the District credit union's power to indemnify that person against liability.\n(25)\nOffer services permitted for state-chartered banks and national banks, savings and loans, mutual savings banks, and their subsidiaries and affiliates, including electronic fund transfers, safe deposit boxes, trust services, the issuance of negotiable instruments, and leasing and correspondent arrangements with other financial institutions;\n(26)\nReceive payments on share, share draft, and share certificate accounts;\n(27)\nEnter into lease agreements, lease contracts, and lease-purchase agreements with members;\n(28)\nIndemnify or limit the personal liability of officials in accordance with the District credit union's articles of incorporation and bylaws;\n(29)\nAct as agent for any electric, electric distribution, gas, water, telephone, or other utility company operating within the District in receiving money due for utility services furnished by it;\n(30)\nExercise the powers granted to corporations and nonprofit corporations; except, that, in the event of a conflict between laws governing corporations and nonprofit corporations and this subchapter, the provisions of this subchapter shall govern;\n(31)\nOffer debt cancellation and debt suspension contracts;\n(32)\nReceive supplemental capital from members and non-members; and\n(33)\nExercise other powers that will not impair the safe and sound operation of the District credit union and that are approved by the Commissioner by rule.","path":["Title 26. Banks and Other Financial Institutions.","Chapter 5. Credit Unions.","Subchapter I. Credit Union Act of 2020.","Part C. Credit Union Powers."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/26-503.01","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"033f742463812a9529b3e6436f69f6500341acebe3317d7af98e1d79fa48f4a0","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-26-502.10","next":"us-dc/d.c.-code-26-503.02"},"notice":"GroundRules: Original legal text. Not legal advice."}