OLYMPIA, Wash. — The Washington Credit Union League and the five credit unions that had requested the state Division of Credit Unions consider permitting private primary deposit insurance have now asked for a stay.

The league individually and the credit unions jointly have requested that the rulemaking process be temporarily halted in the interest of legislation changes and clarification. “While this process has been thorough and deliberative, we have come to the regrettable conclusion that legislative changes must be made to the statute under interpretation in order to produce a rule that both protects consumers and provides a reasonable framework for the operation of non-federal share insurance in Washington,” the league’s letter, signed by Senior Vice President and General Counsel Stacy Augustine, read.

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