State Credit Union Issues for the Year
We had companion bills in the House and the Senate in 2013 on two parity issues. Our bills passed the legislature and were signed by the governor. They take effect July 1. Below are the details.
HB 1686 (Miller) and SB 769 (Wagner)
The legislation increases the amount state chartered credit unions may invest in fixed assets such as real estate without receiving prior approval from the Commissioner of Financial Institutions. This legislation puts state charters on parity with federally chartered credit unions by including retained earnings when determining the 5% maximum for fixed asset investment.
HB 1351 (Habeeb) and SB 905 (Reeves)
The legislation allows federally chartered credit unions to pay or deliver assets not greater than $50,000 by affidavit. The bills give federally chartered credit unions parity with state chartered credit unions.
The League also monitored bills on issues such as foreclosure, as usual. We flagged no legislation as harmful to credit unions.
Tracking State Bills Relevant to Credit Unions
Every year the General Assembly considers several thousand bills. Although most are of no relevance to credit unions, there are a few dozen each year that could impact our operations. Our bill tracker allows you to see a list of bills that relate to financial services and monitor updates on those bills every Friday afternoon during the General Assembly session.