FEDERAL WAY, Wash. (7/9/13)--The Washington State Department of Financial Institutions Division of Credit Unions (DCU) issued a bulletin summarizing the new amendments to the Washington Credit Union Act.
The amendments become effective on July 28.
Washington Gov. Jay Inslee signed Senate Bill 5302--which will allow credit unions to offer board compensation and other updates to the state Credit Union Act--on April 22.
Other sections covered in the bulletin include:
- Special membership meeting notices;
- Frequency of board meetings;
- Number of unexcused board absences;
- Suspension of a member of the board or a member of the supervisory committee;
- Mutual funds containing permissible investments;
- Occupied premises for credit union operations;
- Majority board vote permitted for merger; and
- Special board meetings may be called by DCU.
To view the bulletin, use the link.