CU Bill Advances in Washington Legislature; One Step Closer to Governor

Editor’s Update–March 15, 2017 –The process of getting one version of the Washington Credit Union Update bill passed through both chambers advanced, with the House Business & Financial Services Committee making an 11-0 pass recommendation. The bill advances to Rules, and a full floor vote next.

The Washington State Senate overwhelmingly passed SB 5144, “Addressing the Washington State Credit Union Act” on March 1. The vote was 48-1. The House version of this legislation was approved earlier this session by a vote of 96-1. Work to reconcile the House and Senate versions is underway.

The legislation seeks to 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.

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

For her role as one of the House bill’s sponsors, Rep. Kristine Reeves (D-Federal Way) received positive coverage in the Federal Way Mirror. The legislation, the media reported, “provides more flexibility to credit unions and helps them keep up to date with federal laws without overly cumbersome regulations.”

“Credit unions are how so many working families and military families bank today,” said Reeves. “Giving them the leeway to adapt to federal law and incorporate new technologies just improves the experience of their customers.”

Questions about this story? Contact Lynn Heider: 503.350.2225, lheider@nwcua.org.

 

Posted in Advocacy News.