Special Legislative Update: Washington Priority Bills Pass Houses of Origin

NWCUA-sponsored Senate Bill 5757 addressing credit unions’ corporate governance and investments passed the Senate by a vote of 43-3 with 3 absent Wednesday evening.  Earlier in the week, the House companion bill (House Bill 1871) passed the House by a vote of 97-0 with 1 excused.  Both bills are the result of work done by the Washington GAC and Association Board last year, identifying changes to the Washington Credit Union Act to advance the charter and improve the operating environment for our state’s credit unions into the near future.

“The quick movement and support for our legislation is a direct result of our advocacy efforts,” noted Mark Minickiello, the NWCUA’s vice president of legislative affairs who handls day-to-day lobbying in Olympia.  “After our Credit Union Day at the Capitol and targeted advocacy to members of the Rules Committees, our bills quickly advanced. For those who sometimes question the results of our advocacy efforts, this is precisely the result.”

Both bills have now passed out of their House of Origin well in advance of the March 11 cutoff. SB 5757 has been scheduled for a hearing before the House Business & Financial Services Committee on Friday, March 13.

The bills make the following changes to the Washington Credit Union Act:

  • Simplifies and clarifies the duties of the credit union Board of Directors.
  • Eliminates the requirement to “declare” dividends to conform to common business practices.
  • Increases CUSO investment/loan authority from the current 1%, to 5%.
  • Clarifies that gifts of nominal value, insurance coverage, and expense reimbursements are not subject to the rules on compensation.

Look for the Washington Legislative Week in Review each week in Anthem during legislative session which runs January 29 – April 26, 2015. If you have questions or comments, please contact Mark Minickiello, mminickiello@nwcua.org, 206.340.4812.

Posted in Advocacy News.