House Panel Approves Credit Union Regulation Updates

The House Financial Services Committee reported a number of bills aimed at updating the way credit unions are being regulated. HB 5017, HB 5018, HB 5019, HB 5020, HB 5021, and HB 5022 were all reported unanimously from the committee. These bills reflect a compromise between the credit unions, the Department of Insurance and Financial Services (DIFS), and banks. The most substantial change adopted via substitute was retaining the DIFS oversight of credit union bylaws. Other changes include credit unions being able to create charitable accounts, but notifying DIFS of said account. Credit unions will also be required to give DIFS a week’s notice if they move and will need to provide notice of emergency closures. DIFS will also be given oversight of loans to credit union officers and require a formal meeting of the institution’s board members to make decisions. Credit unions are supportive of the changes and will continue to pursue important regulatory reforms to reduce unnecessary burden on credit unions.

posted by PAA Online , Friday, November 13, 2015 9:49 AM
LINK DIRECTLY TO THIS ARTICLE

This Week's Newsletter

Past Newsletters