OLYMPIA, Wash. Legislation that will allow state chartered credit unions in Washington to pay their directors was approved by state legislators and is on its way to the governor for his signature making the Evergreen State the second this year to allow pay for what historically has been a volunteer position.
Last month Tennessee passed a bill allowing state chartered credit unions to pay their directors, the 13th state to do so.
Mark Minickiello, chief lobbyist for the Northwest CU Association, told Credit Union Journal he expects Gov. Jay Inslee to sign the bill as soon as next week.
The Washington bill also contains a number of other provisions, most of which are designed to create parity with federal charters, such as allowing state charters to invest in mutual funds, as long as the funds consist of permissible investments; allowing boards to meet six times a year, instead of the current 12 times; and giving state charters up to six years to use unimproved real estate, instead of the current three years.
