A credit union modernization bill passed its last legislative hurdle Aug. 18 in the California State Assembly by a vote of 66-0.
Assembly Bill 2274 is the culmination of efforts by the California Credit Union League’s State Charter Review Committee, chaired by Brett Martinez, CEO of Redwood CU, Santa Rosa. It is now in the hands of Gov. Jerry Brown, who must sign the bill by Sept. 30 for its provisions to take effect by Jan. 1.
The legislation modernizes the state charter by:
Throughout the legislative process, this measure was well received by lawmakers as it passed through the Assembly Banking and Finance Committee with a vote of 12-0, Assembly Appropriations Committee (20-0), Assembly floor (79-0), Senate Banking and Finance Committee (7-0), Senate Appropriations Committee (7-0), and the Senate Floor (38-0).
The California legislative session ends Aug. 31, and the league is focused on other credit union-related bills including measures regulating property accessed clean energy (PACE) loans and unclaimed property.