HB 316 Summary

• Amends voting and notice requirements for credit union board meetings, requiring two-thirds approval from members attending meetings and at least 15 days' prior notice to members.

• Permits credit unions chartered in other states to convert to Alabama state-chartered credit unions upon written approval by the Alabama Credit Union Administration, with notice filed to the Secretary of State and judge of probate.

• Authorizes state-chartered credit unions to request examination reports, audit reports, and third-party reports from service providers offering mission critical services, including those involving access to personally identifiable information under the Gramm-Leach-Bliley Act.

• Establishes circumstances allowing the Credit Union Board to enter executive session to protect confidential information, review credit union condition and affairs, and comply with state and federal confidentiality requirements.

• Clarifies authority of the Administrator to disclose confidential credit union information to the extent necessary for enforcement authority and supervisory actions while maintaining restrictions on further disclosure by other agencies without prior consent.