Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Updated CU act headed for Ala. governor's desk
BIRMINGHAM, Ala. (3/24/14)--Score a major win for Alabama credit unions, as a bill that will clean up and modernize the Alabama Credit Union Act got the green light from the state Senate last week.

It now only needs a signature from Gov. Robert Bentley for ratification.

"This much needed update to the Alabama Credit Union Act will benefit credit union members as soon as it is signed by the governor," said Patrick La Pine, president/CEO of the League of Southeastern Credit Unions ( eSignal March 21). "Credit unions thank Alabama legislative leadership for seeing the value in updating the act."

Sens. Slade Blackwell (R-Mountain Brook) and Roger Bedford (D-Russellville) spearheaded the effort to pass House Bill 165.

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.


RSS





print
News Now LiveWire
.@TheNCUA recieved 2,167 comment letters on #RBC2 proposal, as of this morning. http://t.co/ijPFHItc8J
51 minutes ago
.@TheKCUA's CUlead gets close up with co-ops http://t.co/r3gxAxx4pI #NewsNow
1 hour ago
.@NYCUAtweets in Albany today/Wed for #StateGAC
1 hour ago
#RBC2: When is final draft on the horizon? See #NewsNow http://t.co/FoiXb48Dqh
1 hour ago
About 1 in 5 #CUs offer credit-building loans,@SchenkMike @CUNA vice president of economics and statistics, told @CreditCardsCom
17 hours ago