With the passage of HB 1165, several updates were made to the Washington Credit Union Act; these changes are effective June 9, 2022.
The new law:
- 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.
- Modifies certain powers and authorities of state-chartered credit unions.
- Allows credit unions to acquire real property without occupying the property within a designated period of time.
At this point, the Division of Credit Unions does not plan on rulemaking to implement this new law.