Lizeth GeorgeMore than 40 people representing 19 different credit unions from across Alabama met in Birmingham at AmFirst Federal Credit Union with multiple officials from the Alabama Credit Union Administration (ACUA) to discuss upcoming regulatory changes and offer direct input.
During this meeting, ACUA provided insight into several upcoming rule changes that touch on a variety of topics including loans appraisal policies, out-of-state branching, acquisitions, liquidity, and share insurance qualifications. Additionally, ACUA is planning to amend its rules to include two items Alabama credit unions had previously asked to be revisited; formalizing the ability to host annual and special meetings virtually and the ability to purchase, sell, or pledge all or part of a loan to one of its own members.
Alabama credit unions are proud of their continued relationship with the ACUA and are excited about many of the changes. Credit unions deeply appreciate the robust dialogue with ACUA and are excited about the sustained work the agency is doing to ensure that credit unions can serve their members efficiently with an eye on ensuring safety and soundness remains the top priority. The meeting marked the second time this year that the League of Southeastern Credit Unions’ (LSCU) Alabama Compliance and Regulatory Roundtable has officially met with the ACUA. LSCU is working with its members to submit comments to the proposed amendments.
