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News Now

CU System
NC Legislature Passes CU Charter Bill
RALEIGH, N.C. (5/7/13)--North Carolina's House last night passed HB 515, which would amend the state's credit union statutes, said the North Carolina Credit Union League.

"HB 515 just passed 113-0," said Lauren Whaley, North Carolina Credit Union League director of legislative and regulatory affairs, told News Now at 8:49 p.m. ET.  The league had predicted the vote would be unanimous in favor of the measure. "There are a series of three votes in each chamber--once when it is read in and then two more for passage."

FHB 515 involves modernizing changes to payable on death accounts, joint accounts and dealing with minors. It will now move to the state Senate where it will be heard in a committee before reaching the Senate floor, she added. It will be a few more weeks before it will go to the governor's desk for his signature.

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 said last month. "The league is grateful for the cooperative process that helped us identify key areas that would be of most benefit."
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