With the backing of the League of Southeastern Credit Unions, Gov. Robert Bentley officially signed SB 209, the Alabama Credit Union Act Update, into law Wednesday.
The bill, sponsored by Sen. Bill Holtzclaw (R-Madison) and Rep. Ken Johns (R-Moulton), was the second significant update to the laws governing state-chartered credit unions in Alabama in the past three years.
Some of the provisions of the bill include:
The measure also includes additional wild card language that grants state-chartered credit unions parity with federal credit unions and additional powers as approved by the state regulator. LSCU helped pave the way for this victory by convening a working group to identify needed updates, and by working closely with the regulator to garner support for the legislation.
The Credit Union National Association supports state-chartered credit union act modernization to provide the maximum flexibility for credit unions to serve their members.