Bill to allow 18-month exam cycle heads to Gov. Ivey for signature

Last night, the Alabama House of Representatives passed SB 27 by Sen. Quintin Ross (D-Montgomery). This legislation would change the law to allow the Alabama Credit Union Administration the ability to exam healthy credit unions on an 18-month cycle as opposed to the current statutory requirement of 12-months. Prior to the legislature taking two weeks off for […]

Last night, the Alabama House of Representatives passed SB 27 by Sen. Quintin Ross (D-Montgomery). This legislation would change the law to allow the Alabama Credit Union Administration the ability to exam healthy credit unions on an 18-month cycle as opposed to the current statutory requirement of 12-months.

Prior to the legislature taking two weeks off for spring break, SB 27 received final passage in the Senate. The bill is now ready to head to Gov. Kay Ivey’s desk for signature. The LSCU Advocacy Team will be in contact with the governor’s office today to ask for her quick signature on the bill.

The LSCU would like to thank Sen. Ross and the sponsor of the House companion bill HB 167, Rep. Marcel Black (D-Tuscumbia) for their support of credit unions on this extremely important priority. If you have any questions about this or any other LSCU legislative priority, please do not hesitate to contact Jared Ross, senior vice president, association services and governmental affairs, or Jason Cochran, senior director of governmental affairs.

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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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