CU Bill Takes Step Forward in WA House: Business & Financial Services Committee Hears Update to State’s CU Act

This story has been updated to reflect the passage of HB 1053 out of the House Committee on Business and Financial Services on Wednesday, January 11.

Three leading Washington credit union advocates were joined by policy experts and your Association’s Advocacy team in testifying on HB 1053 before the Washington House Committee on Business and Financial Services this morning.

Testimony during this morning’s hearing on HB 1053.

The bill—crafted following nearly 60 meetings with legislators, regulators, and stakeholders in setting a bipartisan credit union agenda in Olympia—brings key technical updates to the Credit Union Act in Washington.

“The hearing went very well, which is a testament to the advocacy of those credit union professionals who shared their expertise with the committee,” added Paula Sardinas, VP of Legislative Affairs. “Today will go a long way in bringing clarity to these issues.”

Scott Adkins, President and CEO of Inspirus Credit Union; Bert Fisher, CEO of Our Community Credit Union; and Tonita Webb, CAO of Seattle Metropolitan Credit Union, offered testimony, along with Hal Scoggins of Farleigh Wada Witt.

Among other provisions, HB 1053 would update credit union governance, Board of Director powers and responsibilities, clarify low-income designations for credit unions to match definitions already set at the federal level, and update the parity provision allowing state chartered credit unions the same powers that federally-chartered credit unions have. Click here for a summary of the bill.

The NWCUA Advocacy team worked diligently to make this one of the top priorities for the committee leading into the new year. The effort of Washington credit unions to effectively connect to advocate on behalf of their 3.5 million members was shown today.

Rep. Kristine Reeves is congratulated by fellow lawmakers after the passage of HB 1053.

Thank you to those Washington credit unions who engaged in the process from the very beginning.

Update

After passing unanimously out the House Business and Financial Services with a vote of 11-0 on January 11, HB 1053 cleared the House floor on February 1.

Rep. Brandon Vick and prime sponsor Rep. Kristine Reeves spoke about the bill, which was the first bill as a member of the Legislature for Rep. Reeves.

Questions about this story? Contact Eric Horvath: 503.350.2222, ehorvath@nwcua.org.

Posted in Advocacy News.