SB33 Alabama 2019 Session

Summary

Primary Sponsor

Shay ShelnuttSenator

Republican

Session

Regular Session 2019

Title

Credit Unions, federal charter parity provision clarified, Credit Union Administration Board authorize to appoint National Credit Union Admin as conservator of a credit union, membership of supervising committees increased, reimbursement of bd and committee member travel costs, merger meeting notice requirement increased, definition of official revised, Secs. 5-17-4, 5-17-8, 5-17-10, 5-17-11, 5-17-22, 5-17-55 am'd.

Summary

SB 33 updates Alabama state-chartered credit union laws to clarify federal parity, expand governance and oversight tools, and adjust merger and travel rules.

What This Bill Does

It clarifies that federal charter parity means asset‑liability management including capital or net worth; it authorizes the Alabama Credit Union Administration Board to appoint the National Credit Union Administration as conservator of a state-chartered credit union; it allows supervisory committees to have more than three members, and permits travel reimbursements for board and committee members plus one guest on official business; it also increases merger notice requirements and broadens who can serve as an official on the Alabama Credit Union Administration Board.

Who It Affects

• State-chartered credit unions and the Alabama Credit Union Administration (regulator), by changing governance rules, allowing conservatorship, and updating merger and leadership provisions.
• Credit union members and the officials who serve on leadership bodies (board, credit committee, and supervisory committee), who may see larger committees, travel reimbursements, and expanded eligibility to serve as an official.

Key Provisions

• Clarifies that federal charter parity means asset-liability management, including regulatory net worth or capital management and composition.
• Authorizes the Alabama Credit Union Administration Board to appoint the National Credit Union Administration as conservator of a state-chartered credit union.
• Allows credit union supervisory committees to consist of more than three members.
• Permits payment or reimbursement of reasonable travel costs for a board member and any committee member plus one guest on official business.
• Increases the merger meeting notice period, requiring notice to members a defined minimum and maximum number of days before merger votes.
• Expands the definition of an 'official' who may serve on the Alabama Credit Union Administration Board to include a president, chief executive officer, or a member-elected person to serve on the board or a committee.

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