DULUTH, Ga. (3/30/15)--The Georgia Senate passed a bill supported by the Georgia Credit Union Affiliates (GCUA) earlier this month that would introduce parity between state-chartered and federally chartered credit unions. The bill now only awaits the signature of Gov. Nathan Deal.
"Putting state-chartered institutions on the same level playing field as federal institutions in this state will create a positive environment for those operating in Georgia," said Rep. Bruce Williamson (R-Monroe), who introduced the bill, HB 184.
Williamson, who noted GCUA for its support in helping to pass the bill, also said that HB 184 would help strengthen state-chartered credit unions and make Georgia a better place for business.
Since the bill was introduced in February, GCUA has acted as a resource for legislators to consult with on the proposed legislation.
In addition to adding parity for state-chartered credit unions, HB 184 would also outline how a bank could convert to a credit union; require out-of-state credit unions operating in Georgia to have federal insurance; and provide the Department of Banking and Finance the ability to conserve a troubled credit union.
Further, the bill would require that comprehensive audits of credit unions be performed by licensed, independent accountants or firms; set a minimum standard of conduct for directors by outlining impermissible actions; and provide credit unions the ability to pay the required amount to join the credit union on the members' behalf if they so choose.