Loading chat...
AL SB33
Bill
AI Summary
SB33 Summary
-
Clarifies federal charter parity provision for state-chartered credit unions to include asset liability management, regulatory net worth, capital management, and composition.
-
Authorizes the Alabama Credit Union Administration Board to appoint the National Credit Union Administration as conservator of a state-chartered credit union.
-
Allows credit union supervisory committees to consist of more than three members and permits reimbursement of reasonable travel costs for board and committee members plus one guest per member on official business.
-
Increases merger meeting notice period from 15 days to 45-90 calendar days prior to member vote on merger plan approval.
-
Expands definition of eligible officials for the Alabama Credit Union Administration Board to include presidents, chief executive officers, and persons elected by membership to serve on boards or committees.
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
Assigned Act No. 2019-130.
5/2/2019