Credit Union Section
Idaho Credit Union Act
The Credit Union Section of the Department of Finance is charged with the responsibility
of regulating all Idaho state-chartered credit unions and ensuring compliance with
the Idaho Credit Union Act. The Credit Union Section successfully completed
its Annual Performance Standards Evaluation as part of the National Association
of State Credit Union Supervisors (NASCUS) Accreditation Program. The Credit Union
Section has been nationally accredited since 1990.
Cooperation with other agencies
The Department enjoys an excellent working relationship with other state credit
union regulators and private insurers. The Department is an active participant in
National Association of State Credit Union Supervisors (NASCUS), which actively
coordinates with all state credit union regulatory agencies and the National Credit
Union Administration (NCUA) on a variety of issues that affect the credit union
industry.
The Department also has a good working relationship with NCUA, the federal agency
which regulates federal credit unions and administers the National Credit Union
Share Insurance Fund. Department personnel meet regularly with NCUA staff to discuss
regulatory issues of mutual concern and coordinate corporate credit union examinations.
Department personnel also attend many NCUA-sponsored schools that offer training
on a wide range of credit union supervision and examination topics. In addition,
the Department has joined with NCUA, NASCUS and other state regulators in using
a new computer-based examination program that is designed to enable a more efficient
examination and monitoring of credit unions for safety and soundness and compliance
with state and federal laws and regulations. The Department also enjoys an excellent
relationship with American Share Insurance, a private share insurance company based
in Dublin, Ohio, that insures the deposits of several Idaho credit unions.
Regulatory Fees/Regulatory Burden
The department is strongly committed to providing reasonable regulation without
excessive costs to industry. Our regulatory fees remain among the lowest in the
nation. Annual assessments charged to credit unions have been discounted from the
statutory level since 1987. Over those years, the discount has resulted in significant
savings for state-chartered credit unions. The Department does not charge examination
fees and most applications are processed for nominal fees, or no fee.
Accreditation
The National Association of State Credit Union Supervisors has established accreditation
standards for credit union supervision and regulation. The accreditation process
requires a detailed review of all factors needed to have a fully functional regulatory
organization. The credit union section was initially accredited in 1990. Every year
the accreditation committee requires updated information. A full-scale reaccreditation
occurs every five years, and last occurred in 2015. The review included extensive self-analysis
of our operations followed by an on-site audit by a team of subject experts. The
section passed its reaccreditation with no significant problems or deficiencies.
On-Line Resources:
To obtain additional information on Federally Chartered Credit Unions in Idaho please
contact the Regulator of Federal Credit Unions at:
National Credit Union Administration Region V Regional Office
1230 W. Washington Street, Suite 301
Tempe, AZ 85281
Phone: (602)302-6000
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