Governor Inslee Signs SB 5302, Updating Washington Credit Union Act
April 23, 2013
April 23, 2013
Governor Jay Inslee signed Senate Bill 5302 into law on Monday, April 22. The changes made to the Washington Credit Union Act become effective on July 28, 2013.
The updates to the Credit Union Act were identified by the Washington Model Act Subcommittee and are designed to advance the charter and operating environment for credit unions in Washington State.
The Northwest Credit Union Association’s (NWCUA) regulatory and compliance teams will disseminate information on any rulemaking by the Washington Department of Financial Institutions (DFI), according to Mark Minickiello, vice president of legislative affairs. Overall, Minickiello said, credit unions fared well this session.
“It’s inspiring to see what we can accomplish when we commit to advocacy and build good relationships with our lawmakers,” Minickiello said. “It’s an ongoing process but as the results from this past year demonstrate when credit unions get involved in advocacy great things can happen.”
The last day allowed for the 105-day regular session under the state constitution is April 28. There are three budgets to negotiate and pass before that deadline—the operating, capital, and transportation budgets.
The Operating Budget funds the day-to-day operations of the state government. This is the budget that supports important services such as education, corrections, and the social safety net.
The Capital Budget is used to invest in the long-term infrastructure of Washington State. This is how the state acquires and maintains buildings and assets such as schools, higher education facilities, public lands, and community development projects.
The Transportation Budget supports activities such as designing and maintaining roads and public transport.
Minickiello noted several bills being monitored by financial services providers failed to meet an April 17 deadline:
- SB 5312 – Authorizing small consumer installment loans (payday lending bill)
- HB 1467 – Addressing the collection of unpaid wages (L&I data matching bill)
- HB 1870 – Addressing methods of payment (credit card surcharging bill)
Questions? Contact a member of the Association’s Legislative Affairs team:
Posted in Advocacy News.