CONCORD, N.H. (7/28/15, UPDATED 11:35 a.m. ET)--New Hampshire Gov. Maggie Hassan has signed into law a new bill (SB 188) that reorganizes and modernizes the state's credit union and banking laws. This state legislative milestone is the most significant and comprehensive legislative undertaking in decades for the state's credit unions.
CUNA President/CEO Jim Nussle congratulated the league on its role in the credit union victory. "This showcases the very best of the CUNA-League system as we work together to protect and enhance the dual chartering system and protect credit union interests in all 50 states," Nussle said.
"This is a good day for New Hampshire credit unions who will now have a more streamlined and modernized framework in which to operate," declared Paul Gentile, president of the Cooperative Credit Union Association, which represents New Hampshire, Massachusetts and Rhode Island credit unions, after the billing signing.
Gentile added, "This is the culmination of a long process of cooperative advocacy efforts with our member credit unions and a comprehensive dialogue with the Banking Department on the laws governing credit unions."
The association describes the thrust of the bill as the addition of a new chapter, RSA 383-E, to the statutes to consolidate, update and clarify laws relative to credit unions.
The credit union provisions become effective on Oct. 1, and plans are under way by the association to host a compliance program to assist credit unions in understanding the new provisions and in maximizing the governance and business opportunities presented.