April 6, 2021 — Whether learning to count coins or how to invest in mutual funds, DFI and partners have information for Washington residents to become more informed and confident with money
Olympia – The Washington State Department of Financial Institutions (DFI) and Governor Jay Inslee recognize April as Financial Capability Month 2021. The President of the United States (link is external)also recognizes April as Financial Capability Month, as do many national organizations. In addition to the webinars and online presentations staff conducts, DFI partners with state and national organizations and agencies to support financial education outreach efforts for Washington residents of all ages.
“At DFI, we recognize the importance of financial capability for consumers,” DFI Director Charlie Clark said. “The more consumers know, the more questions they’ll ask. Financial knowledge will hopefully make it less likely for Washingtonians to fall victim to financial fraud and will help individuals build financial resiliency to help weather tough times.”
We are stronger when we work together, and DFI recognizes the power of partnership. Therefore, DFI is happy to share the events, webinars, workshops and information from our many partners in an effort to get more information into the hands of more people.
Northwest Credit Union Association Releases Economic, Community Impact Report
Landmark study documents $11 billion impact, volunteerism and charitable contributions and extraordinary services by credit unions throughout the COVID-19 pandemic.
March 23, 2021 — Credit union advocates in Idaho, Oregon and Washington have new, data-rich tools to support their advocacy and public awareness work this year. The Northwest Credit Union Association (NWCUA) is providing its member credit unions with a suite of resources documenting credit unions’ economic and community impact. The community data was collected in NWCUA’s Community Impact Reporting Tool (CIRT), which was created by the association to document credit unions’ focus on financial well-being, volunteerism and charitable contributions, and special lending to rural communities, first-time homebuyers and other populations that not-for-profit cooperative credit unions are uniquely positioned to serve. The impressive economic impact report was prepared by ECONorthwest, one of the region’s most respected economic firms.
In addition to data, the NWCUA is providing its members with communications collateral such as infographics, social media posts and a library of member stories, so they can customize and share the impact in their own communities.
“The economic and community impact reports document how credit unions collectively generate and deliver real, tangible value to members and communities,” said Troy Stang, NWCUA President and CEO. “Our strategic priority, in creating the Community Impact Reporting Tool, and in commissioning the economic study, is to position credit unions to help the public and policymakers understand exactly how credit unions’ not-for-profit, cooperative structure enables them to drive such impact.”
Super Parity Rule Effective in Washington
The Washington State Department of Financial Institutions’ Division of Credit Unions (DCU) published final rule creating procedures for credit unions requesting powers and authorities authorized in other states. Under WAC 208-400-040, a credit union must send notice to the director of the DCU expressing its intent to exercise a power or authority that it would have if it were an out-of-state credit union.
The written notice must include:
- A description of the specific proposed powers or authorities and how the power or authority will serve the convenience and advantage of the credit union’s members;
- The state law citations upon which the powers or authorities were;
- A description of the policies, procedures, or other documents the credit union will use in implementing the powers or authorities;
- A description of how the powers or authorities will impact the credit union’s safety and soundness, including net worth and earnings; and
- Any actions planned to mitigate the safety and soundness risks created by the requested powers and authorities.
Unless a waiver extension is needed, the request is deemed granted within 30 days after delivery to the director, if the director has not taken any action.
Legislation Allows CUs to Hold Public Funds
June 14, 2018 — Recently, legislation took effect that permits Washington credit unions to hold unlimited public funds. After years of being capped at the $250,000 insurance limit, H.B. 1209 authorizes municipalities to deposit unlimited public funds above the insurance limit, into credit unions located in counties populated by 300,000 or fewer people. Credit unions accepting unlimited public funds deposits will collateralize the funds. The Washington State Department of Financial Institutions Division of Credit Unions and Washington State Treasurer’s Office are now working with the Northwest Credit Union Association and credit unions, to implement the process.
Washington, Oregon CUs Have $7.7-Billion Economic Impact
Feb. 3, 2017 — Credit unions in Oregon and Washington created a $7.7-billion economic impact in 2016, according to a new analysis released by the Northwest Credit Union Association. The analysis, performed by ECONorthwest, measured jobs, economic output, and income supported by credit unions in the regional economy. (CUToday.info) READ
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