Washington Legislative Update: Governor Signs Credit Union Bills

On Saturday, Governor Inslee signed NWCUA-sponsored Senate Bill 5757 addressing credit unions’ corporate governance and investments, as well as Senate Bill 5300 updating the DFI’s regulatory enforcement powers regarding credit unions. Both bills take effect on July 26, 2015.

“Support and passage of our bills in the House and Senate and the signing of our bills into law by Governor Inslee are a testament to the strong advocacy of Northwest credit unions, who stood up, shared their impact, and told their stories this legislative session,” said NWCUA Vice President of Advocacy Jennifer Wagner.

Special Session

The Washington State Legislature’s 2015 Regular Session adjourned Sine Die on Friday, with Governor Inslee calling a special session to begin on Wednesday, April 29.  Legislators remain divided over taxes, spending, and education finance reform.  The operating budget, including an education funding plan that addresses the McCleary decision, is the top priority for the special session.

As the special session begins, Association staff will continue to focus on remaining legislative priorities: protecting the credit union tax exemption, protecting credit unions from new and burdensome regulation, and protecting the DFI’s reserves. 

“We will remain engaged and will continue to keep our members updated until the legislature has completed their work for the year,” noted Mark Minickiello, the Association’s vice president of legislative affairs.  “I’m proud of the work we’ve accomplished this session.  We all share in this success.”

Questions about this story? Contact James Pearson: 206.340.4790, jpearson@nwcua.org.

Posted in Advocacy News.