OLYMPIA, Wash. – The Washington State House on Monday agreed to increase the amount of funds municipalities may deposit in credit unions from $100,000 to $250,000, providing a big new pool of funding for the state’s credit unions.
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The bill is now on its way to Gov. Christine Gregoire, who is expected to sign it into law.
In addition to raising the limit for public funds deposits, the bill allows federally chartered credit unions to become depositaries. Current law only allows state chartered credit unions to act as public depositaries.
State chartered credit unions currently may take deposits of up to $100,000 from state agencies and local governments under a law that went into effect last July.
