Regulatory Alerts2010-04-12 | I-10-02Summary of 2010 Bill EHB 2830 Amending Washington State Credit Unions Act
The Washington Department of Financial Institutions issued interpretive letter I-10-02 to summarize Engrossed House Bill 2830, which amended the state Credit Unions Act to enhance regulatory enforcement powers. The legislation expands the Division of Credit Unions' authority to levy civil fines, remove or suspend individuals for cause, and examine subsidiaries, while clarifying fiduciary duties for supervisory committee members. Additionally, the bill establishes new definitions for insolvency and significant undercapitalization, streamlines venue for legal proceedings, and provides liability shields for the department during conservatorship or receivership actions.
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