SB 33

Sponsors

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

To amend Sections 5-17-4, 5-17-8, 5-17-10, 5-17-11, 5-17-22, as amended by Act 2018-470, 2018 Regular Session, and 5-17-55, Code of Alabama 1975, relating to state-chartered credit unions and the Alabama Credit Union Administration; to clarify and codify the federal charter parity provision to mean asset liability management, including regulatory net worth or capital management and composition; to authorize the Alabama Credit Union Administration Board to appoint the National Credit Union Administration as conservator of a state-chartered credit union; to provide that credit union supervisory committees may consist of more than three members; to 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; to increase the meeting notice period prior to the meeting to vote and approve a merger plan of a merging credit union; and to 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.

Subjects

Credit Unions