Despite banker opposition, Washington State credit unions are encouraged legislation allowing deposits of public funds in CUs could be enacted this session following support from a key lawmaker, the Washington Credit Union League said Thursday.
Under a bill awaiting a state Senate committee vote, CUs could accept up to $100,000 in public funds, an amount seen as a compromise against a league request for unlimited funds opposed by the banking lobby.
Supporting the $100,000 limit is state Sen. Jean Berkey (D. Everett), author of the bill and chairman of the Senate Financial Institutions Committee, which held its first hearing on the measure last week.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
