Washington State has now joined its southern neighbor, Oregon, in enacting legislation to deposit public funds in credit unions.

On Friday, Washington's Democratic governor, Chris Gregoire, signed an industry-backed bill adding state chartered CUs to the list of eligible public depositories effective July of next year.

In hailing the passage by the Washington legislature as another "Move Your Money" success, the Washington Credit Union League said the bill provides new choices for public entities and "strengthens the safety of those public dollars by diversifying risk at a time of escalating bank failures."

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