Bill signed allowing government deposits into all credit unions
March 14, 2012 -
FEDERAL WAY, Wash. - Governor Gregoire signed a law that allows government deposits in all credit unions.
Senate Bill 5913 allows public entities for the first time to deposit funds in any credit union in Washington up to the federal insurance maximum of $250,000.
The new law will go into effect on June 8, which is 60 days after the end of the regular 2011 legislative session.
Previously, state law only allowed state-chartered credit unions to be depositaries. Now, federally-chartered credit unions can be depositaries, and the maximum amount allowed to be deposited rose from $100,000 to $250,000.