Washington Legislative Week in Review: Last Chance for Bills to Clear House or Senate

Bills must pass their house of origin in the Washington Legislature by 5 p.m. on Feb. 18 or they will be considered dead for this legislative session. Look for a list of bills that don’t make the cut in next week’s Anthem update.

Bills the NWCUA is Tracking

NWCUA-sponsored bills: House Bill 2140 and Senate Bill 6029 give Washington state-chartered credit unions parity with federal chartered credit unions regarding mergers. Both bills have passed out of their policy committees and are now in Rules awaiting floor action.

  • House Bill 2140 was passed by the House on Feb. 11 by a unanimous 98-0 vote. The bill was then referred to the Senate Financial Institutions, Housing & Insurance Committee, where it is scheduled for a hearing on Feb. 20.
  • Senate Bill 6029 was pulled out the Senate Rules Committee on Feb. 14 by Sen. Don Benton (R-Vancouver) and sent to the floor of the Senate to be placed on the floor calendar.

Banks and Trust Companies: Banking and trust provisions are currently commingled under Title 30 RCW. The chapters of this title govern the conduct and regulation of both banks and trust companies, and there are concerns about the transparency of banks and trust companies being regulated under the same statute. A committee of public and private stakeholders met over the interim to review the statute, and they made recommendations to the Department of Financial Institutions for possible amendments. This bill divides Title 30 RCW into two separate acts: the Washington State Commercial Banking Act codified under Title 30A, and the Washington Trust Institutions Act, codified under Title 30B. (The House version of the bill is not expected to clear that chamber.)

  • Senate Bill 6135 passed the Senate on Feb. 12 by a vote of 49-0. The bill was then referred to the House Business & Financial Services Committee, where it is scheduled for a hearing on Feb. 19.

Non-depository Institutions: The bill imposes a five-year statute of limitations for violations of laws governing non-depository institutions; ensures continuing privacy of information disclosed to the Department of Financial Institutions; requires reporting by licensees registered with nationwide licensing entities; and modifies procedures for fingerprinting and background checks. (The House version of the bill is not expected to clear that chamber.)

  • Senate Bill 6134 passed the Senate on Feb. 12 by a vote of 48-0 with 1 excused. The bill was then referred to the House Business & Financial Services Committee, where it is scheduled for a hearing on Feb. 19.

Financial Fraud: Instruments used to commit financial fraud may include stolen checks, credit cards, or debit cards; fake checks with fake identification cards; or equipment to produce fake driver’s licenses or checks. It is a crime to possess instruments of financial fraud if a person possesses check-making equipment with intent to defraud any person or organization. The crime of unlawful possession of instruments of financial fraud is a class C felony. Senate Bill 6248 creates an additional crime of possession of instruments of financial fraud, if a person also possesses a device to receive financial information from an access device with the intent to commit financial fraud.

An access device means any card, code, account number, or other means of account access that can be used to obtain money, goods or services, or that can be used to initiate a transfer of funds, other than solely by paper instrument. A device for receiving financial information may include, but is not limited to, wireless devices, magnetic card readers, video recorders, and automated teller machine overlays.

  • Senate Bill 6248, making the unlawful possession of instruments of financial fraud a crime, passed the Senate on Feb. 17 by a vote of 47-1 with 1 excused.

Foreclosures: House Bill 2723 represents the work of a foreclosure work group in updating the Foreclosure Fairness Act. The Association participated in the work group, in part to protect the exemption for credit unions issuing fewer than 250 notices of default per year. There is no change to the exemption level included in this bill. (The Senate version of the bill is not expected to clear that chamber.)

  • House Bill 2723, modifying certain provisions governing foreclosures, passed the House on Feb. 13 by a vote of 98-0. The bill was then referred to the Senate Financial Institutions, Housing & Insurance Committee.

Mark Minickiello will report from Olympia each week that the Washington Legislature is in session; look for his “Washington Legislative Week in Review” every Tuesday in Anthem. For more information, contact Minickiello at mminickiello@nwcua.org or 206.340.4812.

 

Questions? Contact Gary Stein: 503.350.2216, gstein@nwcua.org.

Posted in Advocacy News.