Update to Alabama State Act passes Senate committee

A priority bill for credit unions in Alabama continues to move forward. The Alabama House Financial Services Committee gave favorable reports to both HB 367 and SB 209, the update to the Alabama State Credit Union Act. The bills, which are sponsored by Rep. Ken Johnson (R-Moulton) and Sen. Bill Holtzclaw (R-Madison), passed unanimously. They […]

A priority bill for credit unions in Alabama continues to move forward. The Alabama House Financial Services Committee gave favorable reports to both HB 367 and SB 209, the update to the Alabama State Credit Union Act. The bills, which are sponsored by Rep. Ken Johnson (R-Moulton) and Sen. Bill Holtzclaw (R-Madison), passed unanimously. They now head to the full House for a vote on the floor. This is another major victory for credit unions.

The bills are expected to have a floor vote next week, however procedural issues could push a vote back later in the session. The expectation is that the legislation will pass without issue. The League thanks Rep. Johnson and Sen. Holtzclaw and the entire House Financial Services Committee for their continued support of Alabama credit unions.

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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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