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Wash. DCU Issues Bulletin On CU Act Changes
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;
  • Loans to board members;
  • 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.
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