Gov. Jay Inslee signed House Bill 1247 into law this week, updating the Credit Union Act, which governs Washington’s not-for-profit, cooperative credit unions. Rep. Larry Hoff, R-Vancouver, sponsored the legislation.
The law, which takes effect July 28, makes updates to the Credit Union Act, according to a news release issued by the Northwest Credit Association. One of the provisions lets members interact with credit unions more easily by allowing them to participate in virtual membership meetings. They can learn more about a credit union’s financial strength and services and monitor the work of their member-driven board of directors. Previously, state law required members to attend meetings on location.
Another update adds clarity for regulators to provide strong oversight of credit unions, which protect more than $55 billion in assets. The legislation passed unanimously in the House and Senate.
