Statutes, codes, and regulations
Washington Administrative Code
Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460)
Chapter 208-490 - "Guidance" for credit unions
Section 208-490-020 - What is the "guidance"?

Wash. Admin. Code § 208-490-020

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Current through Register Vol. 24-23, December 1, 2024
Section 208-490-020 - What is the "guidance"?

Because of concerns about problems with subprime mortgage lending, the federal government issued the Interagency Guidance on Nontraditional Mortgage Product Risks and a Statement on Subprime Mortgage Lending (collectively, "the guidance").

In 2007, governor Christine Gregoire convened the Washington state task force for homeowner security. The task force recommended including the federal guidance in state legislation. The 2008 Washington state legislature enacted SHB 2770, requiring the department of financial institutions to apply the two guidance documents to financial institutions in Washington. Starting in 2008, credit unions, banks, mortgage brokers and other Washington state financial institutions must have "policies and procedures" that use the guidance.

Wash. Admin. Code § 208-490-020

Statutory Authority: RCW 43.320.040, 19.144.040 (2008 c 108). 08-22-072, § 208-490-020, filed 11/4/08, effective 12/5/08.