Legislation improving the credit union charter in Washington has taken another step towards passage. SB 5302 is now headed for a vote in the House.
With the end of the regular session just three weeks away, the Washington State Legislature will now move to floor action, as committees not tied to implementing the budget have held their final hearings for the session.
The cost of credit unions’ regulatory burden will be examined in an unprecedented Congressional hearing April 10. Hailed as a “win” for credit unions, the hearing is a first step toward legislative relief.
Gov. Jay Inslee kicked off the budget debate in Olympia last week when he released his revenue proposal for Washington State’s operating budget, a two-year plan that allocates funding for state services such as K-12 and higher education, low-income healthcare and social services.
The March revenue forecast released last week by the Washington Legislature’s non-partisan Economic & Revenue Forecast Council projects the state to have $40 million more in revenue over the next two fiscal years than originally projected.
After last week’s key deadline for bills to be approved in their houses of origin, the Washington State Legislature turns its attention to the state budget. Numbers released Thursday show the projected budget deficit has grown by $300 million.
A bill that would amend the Gramm-Leach-Bliley Act by eliminating costly and repetitive privacy notice mailing requirements passed the House of Representatives Tuesday, marking another step toward lessening the compliance burden.
Companion bills in the Washington State Legislature sponsored by the NWCUA have each been scheduled for committee hearings on March 14 after both passed out of their house of origin by unanimous votes in advance of tomorrow’s deadline.
The Washington State House voted in favor of HB 1582 Tuesday by a 96-0 margin. The NWCUA-sponsored bill addresses credit union board governance and investments and now awaits a Senate committee hearing. A Senate version of the bill is scheduled for a hearing of its own in the House next week.
Washington credit union advocates are being asked to contact their state representatives and urge them to vote in favor of HB 1582, an NWCUA-sponsored bill that would make certain improvements to the Washington Credit Union Act.
With Friday looming as the deadline for bills to pass out of committee and into Rules, several credit union bills continued to progress in the Washington State Legislature, including legislation addressing board governance, financial literacy and payday lending.
The Northwest is well-represented on Congressional committees with significance to credit unions, highlighted by Jeff Merkley’s appointment as chair of the Senate Banking Subcommittee on Economic Policy.
Two bills sponsored by the NWCUA to improve the Washington Credit Union Act passed out of their respective committees last week in the State Legislature, clearing an early hurdle in the path to passage.
A bill that would more than double the MBL cap was introduced in the House of Representatives this morning, and another that would give credit unions access to supplemental capital is expected to be introduced in the House this afternoon.
Credit unions were on full display last Thursday in Olympia, as hearings on NWCUA-sponsored bills coincided with Credit Union Day at the Capital and the accompanying Financial Reality Fair.
Two NWCUA-sponsored bills addressing credit unions’ corporate governance, investments and capital, have been referred to committees in the Washington State Legislature, with each scheduled for a hearing during Thursday’s Credit Union Day at the Capitol.
The Washington State Legislature is in full swing, and as committees begin holding hearings, a number of bills are in the works with a potential impact on credit unions.
More than 1,200 bills were introduced yesterday in the Oregon Legislature, including two at the request of the House Interim Committee on Revenue with potential ramifications for credit unions.