Washington Unlimited Public Funds Legislation Takes Effect
What are the next steps for credit unions following this successful advocacy initiative?
For years, Washington State law limited local governments’ public funds deposits in credit unions to $250,000. Treasurers wanting competitive returns on their taxpayers’ money approached the Northwest Credit Union Association (NWCUA) asking for legislation to give them choice in the financial marketplace.
Thanks to collaborative advocacy by Northwest credit unions and municipal governments, SHB 1209 passed, and took effect June 7. Credit unions in 34 of Washington’s 39 counties will have greater authority to accept unlimited public funds. The next steps will be outlined in a June 21 webinar sponsored by your Association, the Washington State Department of Financial Institutions, and the state Treasurers’ Office.
“Washington’s well-capitalized credit unions are a sound investment for local municipalities’ public funds deposits, and this webinar will provide insight on how credit unions can be certified to accept unlimited public funds,” said Paula Sardinas, NWCUA Vice President, Legislative Affairs for Washington.
Key topics the webinar will address include:
- The application process for credit unions to certify as public depositaries
- Restrictions for credit unions accepting public funds in counties where more than 300,000 people live
- Collateral pools
- The required monthly reporting process
“Whether your credit union already holds public funds or is interested in becoming certified as a public depositary, the webinar will update you on the changes to the new law,” said David Curtis, NWCUA Director of Compliance Services.
The webinar is scheduled for June 21 from 1:30 p.m. – 3:30 p.m. Registration is open online.