Washington Division of Credit Unions to Continue Operations, Regardless of Budget Process

Budget wrangling continues in Olympia where a second special legislative session has so far failed to produce a state budget. If no budget is approved by July 1, a “government shutdown” could result in employee furloughs, closed campgrounds and issues for jails that won’t be able to accept new inmates. None of that will impact operations at the Department of Financial Institutions (DFI) or its Division of Credit Unions (DCU), Anthem has learned.

Credit unions can expect continued service from their state regulators.

“The contingency plan is to permit non-appropriated agencies to continue operations without interruption,” said DCU spokeswoman Rhonda Mires in a memo to the Northwest Credit Union Association (NWCUA). “DCU is a non-appropriated, dedicated fund. DCU will continue to be in operation and conducting examinations into the next fiscal year beginning July 1.”

Washington Governor Jay Inslee alerted state workers and taxpayers last week to the possibility of a government shutdown and employee furloughs if the legislature does not produce a budget for the next fiscal year.

A contingency planning guide for state agencies puts even the offices of the Attorney General and Auditor on a “partial shutdown” list. The Governor’s office, Economic and Revenue Forecast Council and Chief Information Officer are all targeted for “complete shutdown” along with numerous arts and cultural agencies.

Financial Institutions will not shut down at all as they are not funded by the Appropriation budget the legislature is attempting to address.

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Advocacy News, CU4Kids, NWCUA.