WashingtonVotes.org
your lawmakers' votes at your fingertips
your lawmakers' votes at your fingertips
Legislation watch
2021 House Bill 1165: Concerning the Washington credit union act
Introduced by Rep. Cindy Ryu (Shoreline) (D) on January 12, 2021
Referred to the House Consumer Protection & Business Committee on January 12, 2021
Received in the Senate on February 5, 2021
Referred to the Senate Business, Financial Services & Trade Committee on February 5, 2021
Referred to the Senate Rules Committee on March 19, 2021
Received in the House on January 10, 2022
Brief Summary of Bill
• Modifies certain powers and authorities of state-chartered credit unions.
• Authorizes credit unions to invest in the equity interest of corporations that are engaged in or planning activity that is incidental or complementary to the credit union's operations.
• Allows credit unions to acquire real property without occupying the property within a designated period of time.
Referred to the House Consumer Protection & Business Committee on January 10, 2022
Amendment offered in the House on January 13, 2022
Provides that, until January 1, 2025, the initial aggregate amount of funds a credit union may invest in equity interests in corporations or other limited liability entities shall not exceed 2.5 percent of the credit union's net worth, rather than 50 percent. The amended bill also provides that, beginning January 1, 2025, the initial aggregate amount of funds a credit union may invest in equity interests in corporations or other limited liability entities shall not exceed 5 percent of the net worth of the credit union.
The amendment passed by voice vote in the House on January 26, 2022
Received in the Senate on February 1, 2022
Referred to the Senate Business, Financial Services & Trade Committee on February 1, 2022
Referred to the Senate Rules Committee on February 23, 2022
Signed by Gov. Jay Inslee on March 11, 2022