Removing Barriers Blog

Lawmakers Ponder Bills Impacting Credit Unions in Nebraska and in New Mexico
Posted January 19, 2017 by CUNA Advocacy

This week, bills were introduced in Nebraska and New Mexico that would positively impact the ability of credit unions to serve their members.

The Nebraska League spearheaded the introduction of four bills that would create a flexible operating environment for the state’s credit unions.  If L 375 is enacted, credit unions would be permitted to purchase the assets and liabilities of other financial institutions and to grant joint account holders full memberships. A Nebraska field of membership bill, L 582, would add “persons within a well-defined geographical boundary” to the list of common bonds for credit union memberships. Another measure, L 454, would permit state chartered credit unions to opt-out of the state’s loan officer license application requirement. An amendment to the Nebraska Real Estate Licensing Act, L 208, would list credit unions as permissible depositories for real estate trust accounts for real estate brokers.

The Data Breach Notification Act, H 15, was introduced in New Mexico. The measure would require:

  • Notification to persons affected by breaches within 30 days
  • Storage and disposal of personal information in a secure manner
  • Notification to credit agencies, the attorney general and card processors

The bill would also permit civil penalties for violations of the Act. New Mexico is one of three states that does not have a data breach notification law. The other two states are Alabama and South Dakota.