Removing Barriers Blog

Burdensome Affidavit Requirement Removed in Louisiana; Director Compensation and PLS on the Verge in Arizona
Posted May 13, 2016 by CUNA Advocacy

With the signing of H 724, Louisiana law now permits credit union members to name their beneficiaries in credit unions’ records.  Previous to the law, if a credit union member died, that member had to have a signed affidavit on file naming their beneficiaries in order for the credit union to disburse the member’s funds to them. The Louisiana Credit Union League- lobbied in support of the measure.

Meanwhile, Arizona is poised to become the next state to authorize credit union director compensation and permit credit unions to hold saving promotions raffles, which are also known as prize-linked savings programs. The Mountain West Credit Union Association-supported H 2386 recently passed the Arizona legislature and is awaiting the Governor’s signature.