AL SB300

Voting on credit union merger plans requires two-thirds approval of members present at a meeting, with notice provided to members at least 15 days prior to the meeting.

Allows credit unions chartered in other states to convert to Alabama state-chartered credit unions upon written approval by the administrator, with notice filed to the Secretary of State and judge of probate.

Requires service providers or vendors offering mission-critical services to state-chartered credit unions to provide examination reports, audit reports, and third-party reports upon request.

Permits the Credit Union Board to enter executive session to protect confidentiality of reports, review credit union conditions, review personal or financial information of members, and comply with state and federal confidentiality requirements.

Authorizes the administrator to disclose otherwise protected information publicly to the extent necessary to exercise enforcement authority or take supervisory actions, with all examination reports and board meeting records remaining confidential and not subject to subpoena except from a grand jury.