Washington Wire: Alabama Enacts Data Breach Law & Amends the State’s Credit Union Act

The House and Senate are on recess this week due to the Easter and Passover holidays, but will be back on the grind next week. In Alabama, favorable changes are underway. Alabama Credit Union Act Update: Gov. Kay Ivey signed legislation updating the Alabama Credit Union Act. The measure, H.B. 316, was championed by the League […]

The House and Senate are on recess this week due to the Easter and Passover holidays, but will be back on the grind next week. In Alabama, favorable changes are underway.

Alabama Credit Union Act Update: Gov. Kay Ivey signed legislation updating the Alabama Credit Union Act. The measure, H.B. 316, was championed by the League of Southeastern Credit Unions and received overwhelming support in both legislative chambers. The bill clarifies the voting requirements for mergers, authorizes credit unions chartered in other states to convert to the Alabama charter and provides guidelines for the Alabama Credit Union Board.

Data Breach Legislation Enacted: After several attempts, an Alabama bill requiring companies, organizations, and state government to notify consumers if their personal and financial information is compromised was enacted yesterday. When S. 318 becomes effective later this year, all 50 states will have a data breach notification law.

Read the full Washington Wire here.

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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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