Tuesday, June 7, 2022

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.

Learn more

Read our bulletin regarding updates to the credit union act.