On March 11 in Montgomery, Ala., the Senate Committee on Confirmations confirmed three LSCU-affiliated credit union leaders to the Alabama Credit Union Administration Board of Directors. Shane Nobley, CEO of Family Security Credit Union was confirmed. The committee re-confirmed to the board Steve Nix, president of AlaTrust Credit Union, and Ralph Altice, vice chairperson of the Board of Directors for New Horizons Credit Union.
“We congratulate these individuals on these leadership roles with the Alabama Credit Union Administration,” said Jared Ross, LSCU president. “It’s important for the LSCU to have strong guidance at the state level to ensure our credit unions have the representation they need to make decisions on issues central to credit unions across the state.”
In addition, the LSCU proactively supported HB 159, sponsored by Rep. Craig Lipscomb (R – Gadsden), which would standardize the use of reserves as a tool for maintaining capital and clarify calculation of FIET income for state-chartered credit unions passed out of the Senate Committee on Banking & Insurance by a vote of 12-0.
LSCU proactively supported HB 207, sponsored by Rep. Chris Blackshear (R – Phenix City), which would authorize financial institutions to execute or delay execution of certain financial transactions involving the account of an elderly or vulnerable adult when financial exploitation may have occurred, passed out of the Committee on Banking and Insurance by a vote of 13-0.
“The next step for both bills is a hearing in the Senate Committee on Rules, which likely will take place after the Senate adjourns for a two week spring break, and then both bills will be taken up in the full Senate for consideration,” said Allison Allen, LSCU senior director of governmental affairs.
The LSCU will keep you updated as information becomes available.