SB308 Alabama 2015 Session

Summary

Primary Sponsor

Gerald H. AllenSenator

Republican

Session

Regular Session 2015

Title

Credit Union Board, membership, providing that the League of Southeastern Credit Union and Affiliates provide a list of nominees for certain membership positions on the board, Sec. 5-17-55 am'd.

Summary

The bill changes how Alabama’s Credit Union Board members are chosen by creating a nomination process involving a forum and the League, with four seats filled from those nominees and three seats from credit unions at large.

What This Bill Does

It amends the nomination rules to require four of the seven governor-appointed board members to come from a list of nominees submitted by the Forum Board (in consultation with the League of Southeastern Credit Unions), with the forum providing at least three nominees for each vacancy. If the Governor rejects the first three nominees, the forum must submit an alternative list of three nominees. The other three governor appointments will come from nominees submitted by credit unions at large. Nominees must be officers, directors, or managers of state-chartered credit unions with at least five years of experience in the past ten years. The act also states that it becomes effective immediately upon passage and approval by the Governor.

Who It Affects

• Governor (and Senate, by consent): appoints all seven Credit Union Board members, with four sourced from the League/forum nominees and three sourced from credit unions at large.
• League of Southeastern Credit Unions (or successor): participates in nominating and must ensure at least three nominees are provided for each vacancy.
• Alabama State Credit Union Legislative Forum Credit Union Board and credit unions at large: contribute nominee lists for vacancies (Forum for four seats; credit unions at large for three seats).
• Officers, directors, or managers of state-chartered credit unions with at least five years of experience in the previous ten years: eligible to be nominated and appointed to the Board.
• Credit unions in Alabama: as a group, provide a pool of nominees for the three governor-appointed seats.

Key Provisions

• Four of the seven governor-appointed members must be chosen from a list of nominees submitted by the Forum Board (in consultation with the League), with at least three nominees provided for each vacancy.
• If the Governor rejects the first three nominees, the Forum Board must submit an alternative list of three nominees for consideration.
• The remaining three governor appointments must be made from nominees submitted by credit unions at large.
• Nominees must be state-chartered credit union officers, directors, or managers with at least five years of experience in the ten years preceding appointment.
• The act becomes effective immediately after passage and approval by the Governor.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Credit Unions