Washington State Legislators Get Bill That Would Let Credit Unions Pay Board Members

State legislators in Washington will be reviewing two bills that would give  state-chartered credit unions the option to pay their board members, gain access to supplemental capital and expand investment options.

The Northwest Credit Union Association helped craft House Bill 1582, which will be discussed in a hearing scheduled Thursday in the state legislature’s House Business & Financial Services Committee.  Read More

HB 1582: Addressing credit unions' corporate governance, investments, and capital - brief summary of bill

• Modifies credit union governance provisions related to meetings, removal of directors, compensation of directors and supervisory committee members, and merger approval.

• Permits a credit union to invest its funds in a registered investment company or collective investment fund, and modifies provisions related to investment in real property.

• Permits a credit union to offer and issue accounts or instruments that are not shares or deposits, are not insured, and are included in the credit union's net worth pursuant to the Federal Credit Union Act, and defines "capital" to include these accounts or instruments.

For a full reading of the bill analysis, click HERE