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CU Bill Passes NC Banking Committee
RALEIGH, N.C. (4/22/13)--The North Carolina House Banking Committee held its first hearing on HB 515 last week and passed it through the committee. The bill would amend the state's credit union statutes, said the North Carolina Credit Union League.

"It is a bi-partisan bill with no known opposition, so the bill should move through the committee process swiftly," said Lauren Whaley, NCCUL's director of legislative and regulatory affairs (The Weekly Conversation April 19).

After the bill passed Thursday afternoon, with few questions and almost no debate, it was referred to the Judiciary Committee. HB 515 involves modernizing changes to payable on death accounts, joint accounts and dealing with minors.

The bill was introduced by John Bell (R-10), Larry Hall (D-29), Andy Wells (R-96) and Jonathan Jordan (R-93) after an overhaul of the North Carolina banking statutes by the Office of the Commissioner of Banks in 2011, the league said.

"With the input and feedback of credit unions over the last two years, the league reviewed the credit union statutes in North Carolina and listed several areas that would enhance the value of the credit union charter in North Carolina," Whaley explained. "The league is grateful for the cooperative process that helped us identify key areas that would be of most benefit."

If the Judiciary Committee hearing proceeds positively, HB 515 would then be referred to the House for a vote. The North Carolina Senate would then take up the bill. A time has not been set yet for the bill to be heard in that committee, NCCUL said.
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