Alabama State Credit Union Act update heads to governor

For the second time in three years, significant updates to the Alabama State Credit Union Act have passed the House and Senate. The Alabama House passed SB 209, the Alabama Credit Union Update, late Wednesday evening by a unanimous vote of 104-0. The update headsĀ  to Gov. Bentley’s desk for his signature. SB 209, sponsored […]

For the second time in three years, significant updates to the Alabama State Credit Union Act have passed the House and Senate. The Alabama House passed SB 209, the Alabama Credit Union Update, late Wednesday evening by a unanimous vote of 104-0. The update headsĀ  to Gov. Bentley’s desk for his signature.

SB 209, sponsored by Sen. Bill Holtzclaw (R-Madison), seeks to improve the operating environment of state chartered credit unions and increase efficiency for day-to-day activities. Some of the changes include new investment language providing parity with federally chartered credit unions, new parity language for products and services, allowing credit committees to be appointed rather than elected, increased membership protection during voluntary dissolutions, and increased confidentiality provisions to better protect credit unions and members.

The League thanks Sen. Holtzclaw and Rep. Ken Johnson, who sponsored the House companion bill, and all of the members of the Alabama House and Senate for the quick passage of this legislation and their continued support of credit unions. The League also would like to thank the State Act Workgroup for their work on the update.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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