OLYMPIA, Wash. (2/11/13)--Two bills that would make broad governance changes, including removing the prohibition for Washington state-chartered credit unions from paying board members and supervisory committee members, and increase credit union investment options had public hearings Thursday.
Both bills were promoted by the Northwest Credit Union Association.
"Many of the recommendations were nurtured in the association's Evolutions Task Force and became important policy positions of the Washington Government Affairs Committee which strives for a better operating environment for credit unions in the state as they work diligently to help the members they serve," Lynn Heider, NWCUA vice president of public relations and communications, told News Now. "They have been in the vetting process for several years."
Advancing the credit union charter and enhancing the operating environment for the credit unions in the northwest is a key priority for the Northwest Credit Union Association," said Troy Stang, NWCUA president/CEO.
"It was an honor to be joined by well over a hundred credit union advocates in Olympia on Thursday as these bills had hearings in both chambers. It truly demonstrates the active engagement of our community in amplifying the credit union voice to enhance our collective influence."
"There has been a really high level of engagement on these bills--a lot of study and a lot of collaboration in the NWCUA credit union community," Heider said. "Many credit union CEOs were involved and they provide input routinely. The association has been considering these issues for a while and everything in [the bills] is based on the requests and recommendations of our credit unions."
The reason the NWCUA supports pay for credit unions' board members is simple, Heider said.
"The option of being able to compensate board members may help some credit unions recruit and keep a more diverse board--young working professionals and highly trained professional people to recruit and retain," she explained.