Credit union-supported bills in Georgia, Minnesota, Montana and Nebraska have been signed into law in recent days, continuing the momentum for state-level credit union advocacy. The bills help improve credit union operations, alleviate compliance burdens, and allow for consumer-friendly products.
Nebraska Gov. Pete Ricketts signed a bill this week that updates Nebraska’s State Credit Union Act with clarifications and elimination of outdated and unnecessary sections.
Amendments to the Nebraska State Credit Union Act include:
In Montana, Gov. Steve Bullock signed SB 25, which allows credit unions and financial institutions to implement prize-linked savings (PLS) accounts.
“For families who are financially constrained, setting aside money for savings can be a source of anxiety and stress. PLS accounts can lift the burden, making saving manageable and offering a cash incentive that actually makes saving fun,” says Carin McClain, political advocacy director at Montana’s Credit Unions.
PLS programs are currently offered in 21 states and have a proven track record of improving the financial stability and saving habits of consumers.
Georgia Gov. Nathan Deal signed a bill earlier this month backed by Georgia’s credit unions.
Credit union-friendly provisions in the bill include:
In Minnesota, Gov. Mark Dayton also recently signed legislation that permits credit union members to vote for directors, credit and supervisory committee members and amendments to bylaws by any verifiable means. Current law requires members to vote either in-person or by mail.