Washington Legislative Update: Credit Union Bill Receives Important Recommendation

Olympia is buzzing as House Democrats are expected to release their 2015-17 operating budget proposal early this week. It’s an important step for legislators trying to complete their work in the 105 days allotted for regular session.

NWCUA-sponsored Senate Bill 5757 addressing credit unions’ corporate governance and investments received a do pass recommendation from the House Business & Financial Services Committee on March 17 and was referred to the House Rules Committee.

Senate Bill 5300, which is DFI agency request legislation to amend the Washington Credit Union Act, received a do pass recommendation from the House Business & Financial Services Committee on March 18.

Other bills we are tracking

Public Funds

House Bill 1304 allows banks that serve as public depositaries to arrange for reciprocal deposits of public funds and authorizes public funds to be deposited in institutions located outside of the state if certain conditions are met.  The bill received a do pass recommendation from the Senate Financial Institutions & Insurance Committee on March 19 and was referred to the Senate Rules Committee.

Payday Lending

Engrossed Substitute Senate Bill 5899 which creates a small consumer installment loan regulated by DFI has been scheduled for a hearing before the House Business & Financial Services Committee on March 24.

Uber/Lyft

Engrossed Substitute House Bill 2131 would regulate insurance for providers of commercial transportation services.  The bill establishes insurance requirements for providers of commercial transportation services using a personal vehicle (like Uber or Lyft).  ESHB 2131 is scheduled to receive a hearing before the Senate Transportation Committee on March 23.

Small Business Retirement Plan Marketplace

Engrossed Substitute Senate Bill 5826 creates the Washington small business retirement Marketplace in the Department of Commerce.  The bill is scheduled for a hearing before the House Appropriations Committee on March 23.

Debt Adjusting Services

Substitute Senate Bill 5485 concerning nonprofit organizations engaged in debt adjusting received a do pass recommendation from the House Business & Financial Services Committee on March 19 and was referred to the House Rules Committee.

Look for the Washington Legislative Week in Review each week in Anthem during legislative session which runs January 12 – April 26, 2015. If you have questions or comments, please contact Mark Minickiello, mminickiello@nwcua.org, 206.340.4812.

Posted in Advocacy News.