SB212 Summary

• Establishes civil penalties of $500 per day (maximum $50,000) for persons or entities illegally using the term "credit union" in their name or advertising.

• Transfers member expulsion authority from two-thirds vote of members to the board of directors by majority vote, with defined causes including breach of fiduciary duty, fraud, or inappropriate behavior.

• Authorizes the administrator to annually fix operating assessment fees on credit unions with a tiered structure based on asset size, ranging from $200 minimum for small unions to fees on assets over $100 million.

• Expands the administrator's authority to appoint conservators and take possession of state credit unions without prior notice in cases of insolvency, cease-and-desist violations, or asset concealment.

• Permits member account insurance through private insurance carriers in addition to federal insurance, and authorizes information sharing with federal agencies including the Federal Reserve and FinCEN.