Law lets state's credit unions accept larger government deposits
Government agencies in Washington state would be permitted to keep up to $250,000 in any locally based credit union under a bill headed to Gov. Chris Gregoire's desk.
By Seattle Times staff
A bill headed to Gov. Chris Gregoire's desk would allow government agencies in Washington state to each deposit funds up to $250,000 in any credit union based in the state.
State-chartered credit unions can now take deposits of up to $100,000 from state agencies and local governments under a law that went into effect last July.
The bill, which passed the Senate on Feb. 9, overwhelmingly passed the state House on Monday and is expected to be signed by Gregoire. The new bill would take effect on June 8.