Movement of DFI Funds A Cause For Concern

Credit unions in Washington state provide financial services to Washington's residents on a not-for profit basis and, as a result, receive a partial tax exemption. This partial tax exemption is directly connected to our not-for-profit commitment to members and will not be at risk as long as we continue to operate on a not-for-profit basis. Something of concern this year was the state's movement of DFI's funds and reserves into the general fund of the state. The dedicated reserves were established by banks and credit unions exclusively for the support of regulatory endeavors.