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NC State Assembly Hearing On CU Bill Today
RALEIGH, N.C. (4/18/13)--The North Carolina House Banking Committee is holding its first hearing today on HB 515, which would amend the state's credit union statutes, according to the North Carolina Credit Union League.

The bill was introduced by John Bell (R-10), Larry Hall (D-29), Andy Wells (R-96) and Jonathan Jordan (R-93) (The Weekly Conversation April 17).

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

The bill follows the overhaul of the North Carolina banking statutes by the Office of the Commissioner of Banks in 2011, NCCUL said. HB 515 involves modernizing changes to payable on death accounts, joint accounts, and dealing with minors.

"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."

Should the committee hearing go as planned, HB515 would then be referred to a Judiciary Committee before the House takes a vote. The North Carolina Senate would then take up the bill.
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