Lizeth GeorgeOn October 24, the Alabama Credit Union Administration (ACUA) published a Notice of Intended Action to Amend ACUA Regulations, which included amendments across eight key regulatory areas, such as indirect lending, loan appraisals, investments, out-of-state branch establishments, non-federal share insurance qualification requirements, mergers and acquisitions, liquidity, and annual and special meetings of members.
Two proposed amendments were introduced at the request of Alabama credit unions in collaboration with the League of Southeastern Credit Unions (LSCU). These priority changes focused on expanding the scope of eligible obligations and permitting the virtual conduct of annual and special meetings. These amendments aim to align with modern practices and enhance operational flexibility, addressing priorities identified through earlier surveys of Alabama credit unions.
On November 22, LSCU, in collaboration with Alabama credit unions, submitted a comprehensive comment letter to the ACUA. This letter represents the collective voice of credit unions and underscores the importance of ensuring regulations support credit unions’ ability to serve their members effectively.
The ACUA will present all public comments, including those submitted by the League, to the ACUA Board at their meeting on December 10. League staff will be in attendance to monitor developments. Following the Board’s review of comments, the proposed regulations will be finalized, and an effective date will be set.
If you have any questions about the submitted comment letter or the proposed amendments, please contact Mat Willey.
