HRS §412:10-106
Credit unions must get federal insurance before doing business
People starting a credit union must apply for federal insurance on member accounts. A credit union cannot do any business until it has that insurance. Corporate credit unions are exempt from this rule.
The statute, as written — Deposit and share insurance
(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. (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.
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