01/30/2004
The Washington State Department of Financial Institutions (DFI) has decided to extend today’s resolution deadline for Columbia Credit Union and the petitioning member group to noon on Tuesday, February 3. The Department spoke with counsel from both parties and is encouraging the negotiations to continue. In light of the National Credit Union Administration’s recent decision to require a new conversion vote, DFI believes that this extension will give both parties the time necessary to reach an amicable resolution. If no resolution is reached, DFI plans to move forward with an enforcement action.