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CU Enhancement, Director-Pay Bill Clears Washington Legislature
FEDERAL WAY, Wash. (4/18/13)--The Washington State House late last week passed  a Northwest Credit Union Association-initiated bill to enhance the credit union charter in the state's Credit Union Act, including allowing compensation of directors.

Washington is the second state this year, after Tennessee, to change its law to permit compensation of credit union directors.

Senate Bill 5302 passed the House floor on a 94-0 vote, with four excused, said NWCUA.  The bill will go to Gov. Jay Inslee for signature. If he doesn't sign it, the law takes effect July 28 (Anthem April 16).

The bill results from recommendations by NWCUA's Washington State Model Act Subcommittee and includes these changes:

  • Creates more flexibility for credit unions investing in real property by allowing up to six years for use of unimproved property or three years for improved property;
  • Allows credit unions to invest in mutual funds made up of securities already otherwise permitted for credit union investment;
  • Clarifies that a credit union need not divest itself of an investment if permissible when made and the nature of the investment changes making it impermissible;
  • Removes the requirement that a credit union board meet monthly and allows for a minimum of six meetings per year, one at least quarterly;
  • Gives credit unions greater flexibility in the timing requirements of calling a special membership meeting, by extending the notice from no longer than 30 days, to no longer than 90 days;
  • Removes the prohibition on board and committee compensation and gives the state regulator authority to conduct rulemaking concerning reasonable director compensation; and
  • Changes the merger vote requirement to a simple majority vote from the current two-thirds majority requirement.


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