Tuesday, April 3, 2018

Washington Municipalities Can Invest Unlimited Public Funds in CUs

Washington Governor Jay Inslee on March 22 signed a bill into law granting local governments the ability to invest unlimited public funds deposits in credit unions.

Currently, municipal governments’ deposits in credit unions are capped at $250,000.

Under the new law, municipalities will be able to deposit unlimited public funds above the $250,000 insurance limit, into credit unions located in counties populated by 300,000 or fewer people.

However, the uninsured portion of public funds needs to be secured with eligible collateral.

The new law will allow municipalities in 34 of Washington's 39 counties to place public funds in excess of the insured deposit limit in credit unions.

Read the bill.
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3 comments:

  1. AnonymousApril 3, 2018 at 9:48 AM

    This comment has nothing to do with the report you cite.
    This is about Robert Fenner.
    Robert Bob Fenner is now “consulting”to credit unions.
    I hope every cu that reads this shares this.
    The former head lawyer of NCUA is now consulting to CUs.
    He, of contingency lawsuit fame.
    Costs us HUNDREDS OF MILLIONS of dollars giving the business to a former colleague to do contingency lawsuit AGAINST THE EXPRESSED INTENT OF AN EXECUTIVE ORDER.
    He who supervised over the CCU meltdown.
    He who watched while Melrose ran taxi loans to 70+% of ASSETS.
    he who saw to it that no credit union should ever exercise its LEGAL right to choose charter...which, no matter WHAT SIDE of the argument you are on, think about how our world might be a better place if some credit unions DID leave the charter...at least it MIGHT have kept NCUA and Cuna HONEST.
    The cu that further pays Fenner for anything is either naive or stupid and it’s board should be removed and president fired.

    ReplyDelete
    Replies
    1. AnonymousApril 4, 2018 at 5:01 PM

      It amazing the amount of money that was given on the contingency lawsuit and the fact that nothing was done about it.

      Delete
    2. AnonymousApril 4, 2018 at 5:20 PM

      Any cu that pays Fenner anything should be liquidated.

      Delete

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