*FOR IMMEDIATE RELEASE FROM THE* *WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS*

*Monday, Dec. 1, 2025**
**CONTACT*:
Lyn Peters, DFI Director of Communications
PH 360-902-8731, [email protected]

Amy Hunter, DFI Division of Credit Unions Director
PH 360-902-8701, [email protected]

*Mt. Rainier Federal Credit Union Changes to Mt. Rainier Credit Union and Becomes a State-Chartered Credit Union*

Olympia – The Washington State Department of Financial Institutions (DFI) welcomes Mt. Rainier Credit Union as a Washington State-chartered credit union after converting from a federally chartered credit union, effective Dec. 1, 2025. The National Credit Union Administration (NCUA) initially chartered and regulated the credit union. Although Mt. Rainier is changing its charter, its members’ deposits will remain insured by the NCUA.

Mt. Rainier Credit Union, headquartered in Puyallup, WA, currently has one location and plans on opening a second location in 2026. The credit union was originally chartered in 1967. As of Sept. 30, 2025, Mt. Rainier had total assets of $27 million and served 1,163 members.

“DFI is committed to supporting local communities and fostering safe and sound financial services for all who call Washington home, while providing strong regulatory oversight,” DFI Director Charlie Clark said. “We welcome Mt. Rainier Credit Union as a state-chartered credit union.”

“The conversion of Mt. Rainier is a testament to the strength, effectiveness, and value of the state-chartered credit union system,” Amy Hunter, DFI Director of Credit Unions added. “We have found that some financial institutions find value in switching to a Washington State Charter [ [link removed] ]. One of the primary benefits is that credit union staff and credit union members alike have someone in their state to work with should the need arise to address an issue. Washington State has a reputation for having one of the best charters in the nation, and this conversion reflects that.”

“DFI looks forward to working with the credit union’s management team and board of directors to continue to promote safe and sound financial services to the communities in which Mt. Rainier operates,” Hunter added.

“This charter conversion reflects our long-term strategy to better serve our members by expanding our field of membership and strengthening our ability to support local businesses,” Mt. Rainier CEO Bill Bunze said. “We are deeply grateful for the guidance and collaboration of the Washington State Department of Financial Institutions throughout this process — especially given that a federal-to-state charter conversion has not occurred in Washington since 2012. Looking ahead, we are excited to grow our presence across Washington while preserving the close-knit, personal service experience that defines Mt. Rainier Credit Union.”

According to the National Association of State Credit Union Supervisors (NASCUS), state credit unions represent about 39% of the number of all credit unions in the United States. Based on the National Credit Union Administration aggregate data, more than 49% of credit union assets are held in state-chartered credit unions.

The last credit union to convert to a Washington State charter was in 2012 when SnoCope Credit Union in Everett, WA, converted from a federal to state chartered credit union.

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*About DFI* ▪ www.dfi.wa.gov [ [link removed] ] ▪ 360-902-8700 ▪ 877-RINGDFI (746-4334)
The Washington State Department of Financial Institutions regulates a variety of financial service providers such as banks, credit unions, mortgage brokers, consumer loan companies, payday lenders and securities brokers and dealers. The department also works to improve financial education throughout Washington through its outreach programs and online clearinghouse www.dfi.wa.gov/financial-education [ [link removed] ]. In addition to posting information about licensees and administrative actions, DFI uses the Web and social media to provide financial education information: [link removed] ■ www.instagram.com/wastatedfi/ [ [link removed] ] ■ [link removed] ■ [link removed] ■ [link removed] ■ www.homeownership.wa.gov [ [link removed] ] ■ www.linkedin.com/company/state-of-washington-department-of-financial-institutions/ [ [link removed] ] ■ [link removed]

*About the Division of Credit Unions* ▪ www.dfi.wa.gov/credit-unions [ [link removed] ] ▪ 360-902-8701

The Division of Credit Unions regulates state-chartered credit unions licensed to operate in Washington, while the National Credit Union Administration (NCUA), is the federal insurer of shares and deposits in our credit unions. NCUA also has authority to enforce most of the consumer protection statutes that deal with credit unions. The division enforces some of these statutes in examinations of state-chartered credit unions and also processes consumer complaints for credit union customers.

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