State Level Credit Union Issues

Impact

When modernizing their credit union acts, leagues undergo an intricate process. The process involves a great deal of input from member credit unions and discussions with credit union regulators. Many leagues rely on CUNA's Model Credit Union Act to help frame issues and initiate discussions within the credit union system and among public policymakers. The Model Credit Union Act provides model language for all 47 state credit union acts. To accomplish this, many of the provisions are general to allow for more specific editing by each league. Some provisions offer alternatives depending on how credit unions operate in a particular state and some provisions are very progressive.

Where We Stand
Improving state credit union laws is at the top of the agendas of many credit union leagues. Many leagues are seeking to decrease credit unions' regulatory burdens and empower credit unions with increased authorities and greater parity with federal credit unions and other state financial institutions. Legislative proposals include, among others, field of membership expansions, authority to hold public funds and director compensation.
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