HB167 Alabama 2017 Session

Summary

Primary Sponsor

Marcel Black

Democrat

Session

Regular Session 2017

Title

Credit unions, time frame for periodic examination by Credit Union Administration extended, Sec. 5-17-8 am'd.

Summary

HB167 would change how often Alabama credit unions are examined by state regulators, from once a year to at least once every 18 months.

What This Bill Does

If enacted, credit unions would be examined by Alabama Credit Union Administration employees or designated staff at least every 18 months instead of every 12 months. Credit unions would still file annual reports by January 31 and could be penalized $5 per day for late reports. The bill preserves the regulator's existing enforcement tools, such as suspending operations, issuing cease and desist orders, and conservatorship powers, to address violations or insolvency.

Who It Affects

• Credit unions in Alabama, which would be examined on an 18-month cycle instead of annually.
• The Alabama Credit Union Administration and its examiners, who would conduct examinations on an 18-month schedule and retain its existing enforcement authorities.

Key Provisions

• Amends Section 5-17-8 to extend the examination interval from every 12 months to every 18 months.
• Keeps the annual reporting requirement and the $5 daily penalty for late reports; preserves regulator powers related to suspension, cease and desist orders, and conservatorship.

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