CA AB2062

Defines "savings capital" for credit unions as payments made by members on shares, clarifying requirements for deposit and lending limitation calculations.

Authorizes credit union boards to delegate membership approval to automated systems tested for compliance with field of membership and applicable laws, with applications reviewed within five business days.

Allows boards to delegate interest rate determination, dividend declarations, and share account rate decisions to asset-liability management committees composed of directors and/or nondirector management officials.

Expands credit union service organization investments to include entities formed by other credit union service organizations, and revises penalties for officers or directors purchasing assets/obligations below fair market/book value to up to twice the value.

Permits annual and special member meetings to be conducted by remote communication and establishes a $500 aggregate threshold exempting gifts and used equipment purchases from asset purchase restrictions.