BIRMINGHAM, Ala. (6/19/14)--The League of Southeastern Credit Unions, along with representatives from state-chartered credit unions and Sarah Moore, the new head of the Alabama Credit Union Administration, this week joined Gov. Robert Bentley for a ceremonial bill signing of the updated Alabama Credit Union Act at the state Capitol.
From left, Steve Swofford, president/CEO of Alabama CU, Tuscaloosa, Ala., and League of Southeastern Credit Unions board chairman; Greg McClellan, president/CEO of MAX CU, Montgomery, Ala.; Merrill Mann, president/CEO of APCO Employees CU, Birmingham, Ala.; Chris Gerety, general counsel, APCO Employees CU; Gov. Robert Bentley; Jared Ross, senior vice president, association services, LSCU; Sarah Moore, administrator, Alabama Credit Union Administration; D.G. Markwell, executive vice president marketing, MAX CU; Kim Adams, lobbyist; Jason Cochran, director of governmental affairs, Alabama, LSCU. (League of Southeastern Credit Unions photo)
Language in the new bill includes limited liability for boards and directors; new expulsion policy for members of credit unions; new penalties for fraudulent use of the term "credit union;" more protection for credit unions on accounts created by minors; and stronger liability protection to $10,000 from $5,000 on accounts of deceased members.
The update, which makes changes to an act that's largely been untouched since its introduction, governs all state-chartered credit unions.
"This is the first piece of standalone credit union legislation passed by the Alabama legislature in more than 20 years," said LSCU & Affiliates president/CEO Patrick La Pine. "The updates were much needed and really align credit unions more with other financial institutions while also strengthening the Alabama Credit Union Administration."
The signing took place in the Old House Chamber.
Bentley, who had officially signed the legislation updating the Alabama Credit Union Act in April, thanked credit unions for their help in passing this important legislation (eSignal Daily
Credit union representatives attending the signing included:
Steve Swofford, president/CEO of Alabama CU, Tuscaloosa, Ala., with $640 million in assets;
Greg McClellan, president/CEO of MAX CU, Montgomery, Ala, with $1 million in assets;
Merrill Mann, president/CEO of APCO Employees CU, Birmingham, Ala, with $2.4 billion in assets;
Chris Gerety, general counsel, APCO Employees CU; and
D.G. Markwell, executive vice president of marketing, MAX CU.
Sens. Slade Blackwell (R-Mountain Brook) and Roger Bedford (D-Russellville) spearheaded the effort to pass HB 165.