SB135 Alabama 2022 Session

Summary

Primary Sponsor

Sam GivhanSenator

Republican

Session

Regular Session 2022

Title

Credit union administration, examiners, travel expenses to be set by the adminstrator, Sec. 5-17-7 am'd.

Summary

SB135 lets the Alabama Credit Union Administration pay examiners' travel expenses under its own policies and transfers oversight from the Bureau of Credit Unions to ACUA, with funding through staff fees and assessments.

What This Bill Does

It authorizes the Alabama Credit Union Administration to set and pay travel expenses for examiners traveling on official duties according to internal policies. It exempts examiners and the Alabama Credit Union Administration from certain provisions of state law (sections 36-7-20 and 36-7-22). It shifts authority and assets related to credit union supervision from the Superintendent of Banks and the Bureau of Credit Unions to the Alabama Credit Union Administration, including transfer of funds, records, and employees. It maintains a funding structure where annual operating fees and assessments for state-chartered and corporate credit unions are set by the Administrator, with a special fund used for ACUA salaries, equipment, and expenses, and penalties for late payments.

Who It Affects

• Examiners and staff of the Alabama Credit Union Administration will have travel expenses paid under ACUA policies and are exempt from certain statutes.
• State-chartered credit unions (including corporate credit unions) will be subject to the ACUA's fee/assessment structure and funding mechanisms, and may face late-payment penalties.

Key Provisions

• Travel expenses of examiners traveling for official duties shall be set and paid in accordance with ACUA internal policies adopted by the Administrator.
• Examiners and the ACUA are exempt from Sections 36-7-20 and 36-7-22 of the Code of Alabama 1975.
• The Administrator sets annual operating fees for state-chartered credit unions and determines assessments to prevent deficits, including a detailed fee schedule by asset size.
• Annual operating fees/assessments are payable by January 31 each year and may incur fines up to $50 per day for late payment.
• Fees collected under the section go into a special fund to pay ACUA salaries, expenses, equipment, vehicles, and other necessary costs.
• The bill transfers jurisdiction, authority, and duties related to credit union supervision from the Superintendent of Banks and the Bureau of Credit Unions to the ACUA and its Administrator, and transfers related assets and staff.

AI-generated summary using openai/gpt-5-nano on Feb 22, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Credit Union Administration