Washington State Supreme Court Rules For CUs

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OLYMPIA, Wash. -- The State Supreme Court issued a ruling that will allow credit unions to allow attorneys in Washington to house their trust accounts at credit unions, the court announced Monday. The ruling comes after the Washington State Bar Association proposed eliminating credit unions from the list of financial institutions where attorneys could house their Interest on Lawyers Trust Accounts, because of concerns over the deposit insurance coverage on those accounts. But several state chartered credit unions, including Boeing Employees CU, called on the state High Court to allow attorneys to house their trust accounts with credit unions. As a result, credit unions are now included in the list of financial institutions attorneys may use to house their trust accounts.

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