SB33 Alabama 2019 Session

Summary

Primary Sponsor

Shay Shelnutt Senator

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.

Description

Under existing law, state-chartered credit unions are organized and regulated by the Alabama Credit Union Administration.

This bill would clarify and codify the federal charter parity provision to mean asset liability management, including regulatory net worth or capital management and composition.

This bill would authorize the Alabama Credit Union Administration Board to appoint the National Credit Union Administration as conservator of a state-chartered credit union.

This bill would authorize credit union supervisory committees to consist of more than three members.

This bill would permit payment or reimbursement of reasonable and proper travel costs of a member of the board or any committee and one guest per member traveling on official business of the state-chartered credit union.

This bill would increase the meeting notice period prior to the meeting to vote and approve a merger plan of a merging credit union.

This bill would also expand the definition of an official who may serve on the Alabama Credit Union Administration Board to include a president, chief executive officer, or a person elected by the membership to serve as a member of the board, credit committee, or supervisory committee of a state-chartered credit union.

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Subjects

Credit Unions