Colorado Proposes Rule Giving SCCUs Incidental Powers Parity With FCUs

DENVER – The Colorado Division of Financial Services will hold a public hearing on Jan. 10, 2003 to consider final adoption of four proposed amendments to the state’s credit union act, including granting state-chartered credit unions parity with federal credit unions in the area of incidental powers. The proposed new rule would also include the provision that a state-chartered credit union can apply for specific approval from the State Commissioner of Financial Services for activities that fall outside the specific categories listed in the federal incidental powers rule. Another rule amendment would clarify that SCCUs have the power to sell whole or parts of member loans, without receiving prior approval from the Commissioner, to any entity that the CU considers appropriate. Lastly, a proposal will be made to bring current the effective date of federal publications, statutes and rules incorporated by reference in the Division’s credit union rules. The Division has invited all interested parties to comment on the proposed regulations either orally or in writing. Written comments provided by Jan. 3, 2003 will be included as testimony at the hearing.