Removing Barriers Blog

Legislation Sent to the Governor’s Desk to Update Nebraska’s State Credit Union Act
Posted May 11,2017 by CUNA Advocacy

Earlier this week, the Nebraska State Legislature passed a number of amendments to their State Credit Union Act.  While the legislation currently awaits Governor Pete Ricketts signature, it is expected to become law later this month. 

In addition to clarifications and eliminating outdated and unnecessary sections, Amendments to the Nebraska State Credit Union Act include: 

  • Credit unions would be permitted to purchase the assets and liabilities of other financial institutions  

  • It will add a definition of financial institution and amend the definition of a fixed asset is to adhere with generally accepted accounting principles 

  • It will add that the Director of the Nebraska Department of Banking and Finance shall notify an application for a credit union of his or her decision within the one hundred and twenty calendar day period that the Director has to make his or her decision 

  • It allows joint account holders to be full members if they meet membership requirements as described in the credit union’s bylaws 

CUNA and the Leagues take an active role in ensuring updates made to State Credit Union Acts are made with credit unions and their members best interest in mind.