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Tuesday, January 15, 2013

Learn about DFI: Division of Credit Unions

The next division that we are featuring in our learn more about DFI series is the Division of Credit Unions.

DFI’s Division of Credit Unions examines and supervises Washington state chartered credit unions. Credit unions are cooperative, nonprofit organizations created for the purpose of promoting thrift among their members and providing a source of credit to them.

Credit unions may be chartered under state or federal law. Credit unions that are regulated by DFI are chartered under state law. Credit unions chartered under federal law are examined and supervised by the National Credit Union Administration (NCUA). You can usually identify federal credit unions by the word “Federal” in their name. For more information about the regulation of federal credit unions, visit the NCUA online at

How the Division of Credit Unions Can Assist You
DFI’s Division of Credit Unions examines the credit unions it regulates in order to protect their members’ financial interests.

If you have a complaint against a credit union supervised by DFI, you can file it with the Division of Credit Unions. Normally, the division's staff will ask the credit union to respond to you in writing within three weeks or 15 business days, with a copy to the division.

In many instances, by filing a complaint, a credit union may voluntarily work with you to resolve your situation. When appropriate we may incorporate your complaint into the next examination of the credit union or we may initiate an immediate investigation. If our investigation determines that the state Credit Union Act or an applicable regulation has been violated we will take appropriate corrective action with the credit union.

To learn more about DFI’s Division of Credit Unions visit us online at .