HB 1327 -
By Committee on Financial Institutions, Housing & Insurance
Strike everything after the enacting clause and insert the following:
"Sec. 1 RCW 39.58.240 and 2010 c 36 s 1 are each amended to read
as follows:
(1) Solely for the purpose of receiving public deposits that may
total no more than ((one hundred thousand dollars or)) the maximum
deposit insured by the national credit union share insurance fund,
((whichever is the lesser amount,)) a credit union is a public
depositary ((and)) subject to ((reporting under)) RCW 39.58.040 and
39.58.100. The maximum deposit applies to all funds attributable to
any one depositor of public funds in any one credit union. ((A credit
union means a state-chartered credit union under chapter 31.12 RCW.))
A credit union is not a public depositary for any other purpose under
this chapter, including but not limited to inclusion in the single
public depositary pool under RCW 39.58.200.
(2) For the purposes of this section, a credit union includes a
state-chartered credit union chartered under chapter 31.12 RCW, or a
credit union chartered under federal law."
HB 1327 -
By Committee on Financial Institutions, Housing & Insurance
On page 1, line 3 of the title, after "unions;" strike the remainder of the title and insert "and amending RCW 39.58.240."
EFFECT: Provides that federal and state credit unions are subject to the Public Deposit Protection Commission's regulatory authority and reporting requirements when acting as a public depositary.