SB209 Alabama 2016 Session

Sponsors

Session

Regular Session 2016

Title

Credit unions, modernize language regulating and provide parity with federal credit unions, Secs. 5-17-8.1, 5-17-60 added; Secs. 5-17-2, 5-17-4, 5-17-6, 5-17-7, 5-17-8, 5-17-10, 5-17-11, 5-17-12, 5-17-13, 5-17-19, 5-17-21, 5-17-22, 5-17-42, 5-17-45, 5-17-46, 5-17-47, 5-17-51, 5-17-52, 5-17-54, 5-17-55 am'd.

Description

This bill would clarify and codify certain powers of credit unions, including, but not limited to, loan purchases, borrowing capacity, mergers, voluntary dissolutions, and other measures to provide parity with products and services offered by federal credit unions.

This bill would provide appellate rights for persons affected by a suspension of operation of a credit union.

This bill would authorize the Administrator of the Alabama Credit Union Administration to involuntarily merge a credit union into another credit union or another financial institution in certain extenuating circumstances.

This bill would modernize the bond provisions covering employees of the Alabama Credit Union Administration by providing that the employees are bonded under the Alabama Division of Risk Management.

This bill would provide the Administrator of the Alabama Credit Union Administration with certain investigatory and enforcement powers.

This bill would also codify the confidentiality of the conditions and affairs of a credit union.

Relating to credit unions; to amend Sections 5-17-2, 5-17-4, 5-17-6, 5-17-7, 5-17-8, 5-17-10, 5-17-11, 5-17-12, 5-17-13, 5-17-19, 5-17-21, 5-17-22, 5-17-42, 5-17-45, 5-17-46, 5-17-47, 5-17-51, 5-17-52, 5-17-54, and 5-17-55, Code of Alabama 1975; to clarify and codify certain powers of credit unions, including, but not limited to, loan purchases, borrowing capacity, mergers, voluntary dissolutions, and other measures to provide parity with products and services offered by federal credit unions; to provide appellate rights for persons affected by a suspension of operation of a credit union; to authorize the Administrator of the Alabama Credit Union Administration to involuntarily merge a credit union into another credit union or another financial institution in certain extenuating circumstances; to modernize the bond provisions covering employees of the Alabama Credit Union Administration by providing that the employees are bonded under the Alabama Division of Risk Management; to provide the Administrator of the Alabama Credit Union Administration with certain investigatory and enforcement powers; and to codify the confidentiality of the conditions and affairs of a credit union.

Subjects

Credit Unions