Removing Barriers Blog

Georgia Governor Signs Legislation with Pro-Credit Union Provisions
Posted May 09,2017 by CUNA Advocacy

Earlier this month, Georgia’s Governor Nathan Deal signed H. 143 into law.  This legislation, backed by Georgia’s Credit Unions, included a number of pro-credit union provisions that will improve operations and alleviate compliance burdens.  Those provisions include:  

  • Create flexibility and enhancements in the audit provisions for smaller credit unions by permitting different forms of audits to be held on a case-by-case basis; 

  • Modify the law governing merger votes; 

  • Outline that businesses headquartered within the field of membership may be eligible for membership in the same manner as a person; 

  • Add "working" to the eligible criteria for field of membership when an individual is working in the approved geographic area; 

  • Add whole loans to the permissible items for investment; 

  • Improve the law that governs fixed assets and real estate property held by the credit union; 

  • Outline the ability of financial institutions to charge a convenience fee;  

  • Permit financial institutions to operate on Sundays;  

  • Permit the regulator to include third-party providers in its examinations; 

  • Streamline the calculation for lending limits; and  

  • Increase the age at which a minor can open an account. 

CUNA is encouraged by states taking action to lessen the compliance burden and enact common-sense regulatory reforms for their state’s credit unions and credit union members.