Removing Barriers Blog

Georgia League Seeks Compliance Burden Relief
Posted January 27, 2017 by CUNA Advocacy

After months of dialogue between credit unions, the League and state regulators, provisions that will reduce compliance burdens and improve the operational environment for Georgia credit unions were included in the Department of Banking and Finance’s housekeeping bill, H 143. The changes sought will improve credit union operations by:

  • Creating flexibility and enhancements in the audit provisions for smaller credit unions
  • Clarifying nonmember deposits
  • Outlining that businesses headquartered within the field of membership may be eligible for membership in the same manner as a “person,”
  • Adding whole loans to the permissible items for investment
  • Improving the law that governs real estate property held by the credit union

Bills to modernize state credit union acts have been introduced in seven other states this session.