Removing Barriers Blog

Model Credit Union Act Update
Posted July 28, 2015 by Chandler Schuette

The Model Credit Union Act was recently updated by a working group comprised of Keith Sias, Chair Illinois Credit Union League; Mike Lanotte,  New York Credit Union Association; Ken Ross, Michigan Credit Union League; and Jennifer Wagner, Northwest Credit Union Association.  The updated Act maintains the basic principles of the credit union philosophy and updates the historical credit union model to meet current challenges and members’ needs.  

The Act is a valuable resource and includes model language for credit union leagues as they develop legislative proposals.  The provisions in the Act are intended to be a model for all state credit union acts.  To accomplish this, many of the provisions have been drafted in a general way to allow for specific editing by each league.  Some provisions offer alternatives and some provisions are very progressive.  One of the most progressive new provisions requires the state agency responsible for supervision and regulation of credit unions to adopt rules that ensure consistency and due process in the examination process.  A summary of all of the major revisions can be found on pages vi – vii of the Act, which is posted on CUNA’s website under State Government Affairs. 

The updated Act is available here.

For more information regarding the Model Credit Union Act, please contact Lynn Coard.