OLYMPIA, Wash. – A regulatory relief measure for small credit unions that was adopted by the Washington State Department of Financial Institutions' Division of Credit Unions on June 25, went into effect July 27. The final rule allows small CUs: * to schedule special meetings of members from 10 to 120 days after a request for a special meeting is received by the CU's secretary. The previous rule requires special meetings to be scheduled from 20 to 30 days after the request is received; * to hold as few as nine regular board meetings each calendar year, no more than 10 weeks apart. The former rule requires regular board meetings to be held monthly.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.