WASHINGTON (8/3/15)--The Model Credit Union Act, a valuable resource for state credit union leagues, was recently updated by a working group of credit union league representatives and facilitated by members of CUNA’s advocacy team.
The working group included:
The Model Credit Union Act is a guide to help frame issues and initiate discussions within the credit union system and among public policymakers. It also offers language for credit union leagues as they develop legislative proposals.
The updated act maintains the basic principles of the credit union philosophy and updates the historical credit union model to meet current challenges and members’ needs.
The provisions in the act are intended to be a model for all state credit union acts. To accomplish this, many of the provisions have been drafted in a general way to allow for specific editing by each league. Some provisions offer alternatives, and some provisions are more progressive.
One of the most progressive new provisions requires the state agency responsible for supervision and regulation of credit unions to adopt rules that ensure consistency and due process in the examination process.
A summary of all of the major revisions can be found on pages vi–vii of the act, which is posted on CUNA’s website under State Government Affairs.