Washington Legislative Week in Review: Deadline Weeds Out WASHPOT, Other Bills

Several bills of interest to credit unions failed to clear their house of origin by last week’s deadline, but others – including the NWCUA-sponsored credit union merger bill — are still in play and have until Feb. 28 to pass their policy committee in the opposite house of the Washington Legislature. Bills that don’t make that cutoff will be considered dead for the year.

Bills the NWCUA is Tracking

NWCUA-sponsored bill: House Bill 2140 would give Washington state-chartered credit unions parity with federal chartered credit unions regarding mergers. It was heard by the Senate Financial Institutions, Housing & Insurance Committee on Feb. 20, received a do-pass recommendation and was sent to the Senate Rules Committee. On Feb. 25, the bill was pulled from Rules by unanimous consent and added to the Senate floor calendar for a final vote, where it was approved by the full Senate on Feb. 26 by a 49-0 vote.

HB 2140 will now be delivered to Gov. Jay Inslee to be signed into law.  Once delivered, the governor has five days, excluding Sundays, to take action on the bill, provided adjournment does not occur within those five days. The governor can choose to sign the bill, do nothing — in which case it becomes law automatically — or veto the bill. 

Once signed, the new law would become effective on June 13, which is 90 days after adjournment of the session in which it passed — assuming the legislature adjourns as planned on March 13.

Collection of Unpaid Wages: Senate Bill 5360, which would modify procedures for the collection of unpaid wages by the Department of Labor & Industries, is scheduled for a hearing before the House Labor & Workforce Development Committee on Feb. 25.

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, which is scheduled for a hearing before the Senate Financial Institutions, Housing & Insurance Committee on Feb. 25.

Financial Fraud: Senate Bill 6248, which would make the unlawful possession of instruments of financial fraud a crime, is scheduled for a hearing before the House Public Safety Committee on Feb. 25.

Financial Literacy: House Bill 1173 would add the state Treasurer as a member of the Financial Education Public-Private Partnership (FEPPP), provide that teachers who are members of FEPPP be reimbursed for travel expenses and be allowed to attend official meetings, modify the duties of FEPPP, require the Office of the Superintendent of Public Instruction to make financial education curriculum available to school districts, and require school districts to provide courses with this curriculum. It is scheduled for a hearing before the Senate Early Learning & K-12 Education Committee on Feb. 26.

Bills Considered Dead for This Session

These bills failed to meet last week’s deadline to clear their house of origin:

  • WASHPOT: Senate Bill 5955 would have established the Washington Publicly Owned Trust (WASHPOT) to create a financing infrastructure to implement I-502 (marijuana reform).
  • Community Bankers of Washington Legislation: House Bill 2521 and Senate Bill 6269 concerned banks’ Business & Occupation tax deduction for income on loans secured by a first mortgage.
  • Property Taxes: House Bill 2513 would have modified the collection dates for property taxes paid through escrow.

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.