HARRISBURG, Pa. (2/6/14)--Legislation was introduced in the Pennsylvania House of Representatives Tuesday to "thoroughly update" the 1933 State Credit Union Code, the Pennsylvania Credit Union Association (PCUA) reported.
House Bill 2009, drafted in partnership with the Department of Banking and Securities, was introduced by Rep. Lynda Schlegel Culver (R-108), chair of the House Commerce Subcommittee on Financial Services and Banking.
"House Bill 2009 will modernize the State Credit Union Code for state-chartered credit unions. It has been 13 years since the code was amended with parity provisions," said Patrick Conway, PCUA president/CEO (Life is a Highway Feb. 5). "This legislation will create a more conducive operating environment for credit unions so they can better serve their members."
If passed, the legislation will: