Washington Spring GAC Meeting

The Advocacy team was pleased to join the Spring Washington Governmental Affairs Committee Meeting on May 7, 2019. The committee heard reports on recent efforts in Washington state in the recent legislative session. Joe Adamack, VP Legislative Affairs for Washington shared about legislative wins in the updates to the the Washington Credit Union Act.

Effective July 28, 2019, new changes passed in House Bill 1247 including the following six updates:

  1. Increases the limit on investments in CUSOs not exclusively owned by credit unions;
  2. Grants the DFI authority to issue rules approving investments;
  3. Allows for virtual membership meetings;
  4. Updates the federal parity date from July 23, 2017 to the effective date of the act and clarifies parity with other states;
  5. Confirms the DFI’s authority over field of membership permissions; and
  6. Clarifies the member account verification timeline

The committee was also delighted to host Charlie Clark, the newly appointed Washington State Director of Financial Institutions. He expressed a desire for more partnership, increased engagement, and better training for state examiners. Charlie Clark also asked for comments and concerns from Washington state credit union leaders about various priorities for WA state credit unions and was receptive to the feedback. The Advocacy team looks forward to continued partnership.  

Posted in Advocacy on the Move.