(a) The organizers of the proposed credit union shall apply for insurance on share and deposit accounts from the National Credit Union Administration or any successor governmental agency.

Terms Used In Hawaii Revised Statutes 412:10-106

  • Federal: means belonging to, part of, or related to the government of the United States of America. See Hawaii Revised Statutes 412:1-109
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
(b) No credit union shall transact any credit union business until it has received federal insurance of its share and deposit accounts.
(c) A corporate credit union shall be exempt from the requirements of this section.