Updates of CU statutes among state leagues’ 2015 successes
WASHINGTON (12/21/15)--State credit union leagues, with support from CUNA’s advocacy team, saw a number of legislative successes at the state level such as charter modernization acts and prize-linked savings (PLS) bills.
CUNA’s state government affairs teams tracked and monitored nearly 2,000 credit union-related bills and more than 140 regulations, said Shelton Roulhac, CUNA director of advocacy.
Illinois, Montana, New Hampshire, North Carolina, Oregon, Washington and Virginia saw credit union act modernizations that will provide credit unions with increased flexibility and powers to better serve members. State leagues championed the legislation and advocated on behalf of credit unions over the course of the legislative sessions.
More states are now able to offer PLS accounts, which give members an opportunity for rewards based on their savings behavior. This session Arkansas, Illinois, Minnesota, Oregon and Virginia authorized such programs.
State credit unions also faced challenges with legislation regarding Transportation Network Companies (TNCs). Popularized by Uber and Lyft, TNCs connect independent drivers who, while driving their personal cars, provide transportation to customers. A concern of credit unions is appropriate insurance through all phases of the transaction. As vehicle lienholders, credit unions are exposed to losses through these activities.
Bills were introduced in more than 40 states, and despite resistance from TNCs, advocates in the majority of the 26 states that enacted bills were able to insert language that would protect credit unions.
Watch News Now Tuesday for more coverage of CUNA’s state governmental affairs advocacy in 2015.