An update to the Alabama Credit Union Act, championed by the League of Southeastern Credit Unions and receiving overwhelming support in both legislative chambers, was passed on May 2 and signed into law shortly after. The updated law includes five provisions the league was working to achieve, including the ability to expand supervisory committees that had been limited to only three members.
The League also supported changes related to credit unions paying for “reasonable” travel for board members and guests. According to Jason Cochran, LSCU senior director of governmental affairs: “The compensation language was not clear, especially if it was for travel to a required training. We wanted to make sure to clarify language to allow a credit union to pay for reasonable and proper travel expenses for a board member, plus one guest, if that board member was on official credit union business – and not be considered compensation.”
Read the full article in Credit Union Journal.