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AL HB228
Bill
Status
3/20/2019
Primary Sponsor
Chris Blackshear
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AI Summary
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Clarifies federal charter parity provision for state-chartered credit unions to mean asset liability management, including regulatory net worth or capital management and composition.
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Authorizes Alabama Credit Union Administration Board to appoint National Credit Union Administration as conservator of a state-chartered credit union experiencing financial difficulties.
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Allows credit union supervisory committees to consist of more than three members and permits payment or reimbursement of reasonable travel costs for board and committee members plus one guest per member on official business.
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Increases merger meeting notice period from 15 days to 45-90 calendar days prior to membership vote on merger plan approval.
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Expands definition of eligible official for Alabama Credit Union Administration Board to include president, chief executive officer, or person elected by membership to serve on board, credit committee, or supervisory committee of a state-chartered credit union.
Legislative Description
Credit Unions, federal charter parity provision clarified, Credit Union Administration Board authorize to appoint National Credit Union Admin as conservator of a credit union, membership of supervising committees increased, reimbursement of bd and committee member travel costs, merger meeting notice requirement increased, definition of official revised, Secs. 5-17-4, 5-17-8, 5-17-10, 5-17-11, 5-17-22, 5-17-55 am'd.
Credit Unions
Last Action
Financial Services first Amendment Offered
5/2/2019