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PDFWAC 208-460-080

How do you calculate the aggregate fifteen percent limit?

(1) Step 1. Calculate the numerator by adding together the amount of the member business loans to the member and associated members (if any). From this amount, subtract any portion:
(a) Secured by shares or deposits in the credit union making the extension of credit or in other credit unions, or by deposits in other financial institutions; or
(b) Insured or guaranteed, or subject to an advance commitment to purchase, by any federal or state agency (or any political subdivision of a state).
(2) Step 2. Divide the numerator by net worth.
[Statutory Authority: RCW 31.12.426(1), 31.12.516(2), 43.320.040. WSR 01-10-084, ยง 208-460-080, filed 5/1/01, effective 6/1/01.]
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