Salal Credit Union is a NCUA-insured credit union headquartered in Seattle, Washington. It is the 20th largest credit union in Washington with assets totaling $656.18 million and providing banking services to more than 40,000 members. [1]
Salal was founded in Seattle as a not-for-profit financial institution by employees of Group Health Cooperative in 1948, and was originally named Group Health Credit Union. The company exclusively served employees of Group Health and select employee groups. In 1996 they were one of the first credit unions to offer membership based on geography instead of being tied to an employer, when they applied with regulators to offer access to residents of Seattle's Capitol Hill neighborhood. [2] Their charter opened in 2003, allowing anyone who lives or works in Washington State to become a member. Through their business and indirect lending program, they also service members in other states. In 2010 the credit union changed its name to Salal Credit Union; [3] the name refers to the bushy evergreen salal plant common in the Pacific Northwest. [4]
Beginning in July 2014, Salal provided banking services to the Washington state cannabis industry, [5] [6] reaching 270 industry customers by 2022. [7] As of 2017, Salal and two other credit unions, and two Washington banks, would accept deposits from the industry. [8] [9] In 2017, a company spokesman said that up to 80 percent of Salal's net worth could be held in cannabis company checking accounts. [8]
The Salal Foundation was created in 2013 to support charitable and educational causes within the communities served by Salal Credit Union. The Foundation is governed by a Board of Directors and is a 501(c)(3) organization. [10]
Electronic funds transfer at point of sale is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit or credit cards, at payment terminals located at points of sale. EFTPOS technology was developed during the 1980s. In Australia and New Zealand, it is also the brand name of a specific system used for such payments; these systems are mainly country-specific and do not interconnect. In Singapore, it is known as NETS.
The Gramm–Leach–Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, is an act of the 106th United States Congress (1999–2001). It repealed part of the Glass–Steagall Act of 1933, removing barriers in the market among banking companies, securities companies, and insurance companies that prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company. With the passage of the Gramm–Leach–Bliley Act, commercial banks, investment banks, securities firms, and insurance companies were allowed to consolidate. Furthermore, it failed to give to the SEC or any other financial regulatory agency the authority to regulate large investment bank holding companies. The legislation was signed into law by President Bill Clinton.
Washington Mutual was the United States' largest savings and loan association until its collapse in 2008.
The ING Group is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale banking, private banking, asset management, and insurance services. With total assets of US$1.1 trillion, it is one of the biggest banks in the world, and consistently ranks among the top 30 largest banks globally. It is among the top ten largest European companies by revenue.
Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual asset managers, and some government-sponsored enterprises.
The United Services Automobile Association (USAA) is an American financial services group of companies including a Texas Department of Insurance-regulated reciprocal inter-insurance exchange and subsidiaries offering banking and insurance to people and families who serve, or served, in the United States Armed Forces. At the end of 2020, it had more than 13 million members.
GE Capital is the financial services division of General Electric.
Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was formed in December 2019 as the result of the merger of BB&T and SunTrust Banks. Its bank operates 2,781 branches in 15 states and Washington, D.C., and offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services. It is on the list of largest banks in the United States by assets; as of June 2021, it is the 10th largest bank with $509 billion in assets. As of January 2021, Truist Insurance Holdings is the seventh largest insurance broker in the world with $2.27 billion in annual revenue.
A credit bureau is a data collection agency that gathers account information from various creditors and provides that information to a consumer reporting agency in the United States, a credit reference agency in the United Kingdom, a credit reporting body in Australia, a credit information company (CIC) in India, Special Accessing Entity in the Philippines, and also to private lenders. It is not the same as a credit rating agency.
The industry which has a range of businesses that deal with money like banks, insurance companies, accounting companies, finance companies, taxation, investment funds, credit companies, and few government enterprises is called the finance industry. The activities or services within this industry that cater to the economy of the country are called financial services. Therefore, the economic services provided by the finance industry in Japan are called financial services in Japan. These services are present across the world, at regional, international and national level developed economic and demographic regions such as Sydney, New York, London, Tokyo, etc.
Türk Ekonomi Bankası is one of Turkey’s oldest financial institutions. In addition to providing its customers with corporate, SME, commercial, treasury & capital market, retail, and private banking products and services, TEB also supplies investment, leasing, factoring, and portfolio management financial services and products through its subsidiaries and group companies. TEB is a bank that provides consumer loans, vehicle loans, housing loans and commercial loans.
Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United States and internationally. The company has operations in 35 countries with over 70 million customers globally. It is considered a systemically important financial institution by the Financial Stability Board.
Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total assets. Wachovia provided a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. At its height, it was one of the largest providers of financial services in the United States, operating financial centers in 21 states and Washington, D.C., with locations from Connecticut to Florida and west to California. Wachovia provided global services through more than 40 offices around the world.
Wings Financial Credit Union is a not-for-profit, member-owned credit union headquartered in Apple Valley, Minnesota. With assets of $8.4 billion, the credit union serves eligible Minnesota and Wisconsin counties, the metro areas of Seattle/Tacoma, Detroit, Orlando, Atlanta and employees in the air transportation industry nationwide. Wings was chartered in 1938 and is regulated by the National Credit Union Administration (NCUA).
BPAY,, is an Australian electronic bill payment SaaS company which facilitates payments made through a financial institution's online, mobile or telephone banking facility to organisations which are registered BPAY billers.
Numerica Credit Union is a credit union founded in 1937. Numerica serves the Spokane, Tri-Cities, and Wenatchee Valley regions of Washington state, as well as the North Idaho Panhandle. It is regulated under the authority of the National Credit Union Administration (NCUA). As of June 2022, Numerica managed over $3.5 billion in assets and served more than 169,000 members. Numerica’s headquarters are located in Spokane Valley, Washington.
The National Cannabis Industry Association (NCIA) is an American non-profit organization based in the District of Columbia, with an additional office in Denver, Colorado. NCIA is the largest cannabis trade association in the U.S. and the only organization representing state-sanctioned cannabis-related businesses at the federal level. Its mission is "to promote the growth of a responsible and legitimate cannabis industry and work for a favorable social, economic and legal environment for that industry in the United States." The organization was founded in late 2010 and has been described as the "first national trade group for the cannabis industry" in the United States.
David Dinenberg is an American business executive best known as the founder and CEO of KIND Financial.
The cannabis industry in the U.S. state of Washington has been served by several banks and credit unions since Initiative 502 passed in 2012, legalizing production, distribution, retail sales and possession in the state.
The SAFE Banking Act, officially H.R. 1595, full title Secure and Fair Enforcement (SAFE) Act, and also referred to as the SAFE Banking Act of 2019, was proposed legislation regarding disposition of funds gained through the cannabis industry in the United States.