CO SB125

Allows credit unions to appoint an audit committee in place of a supervisory committee to perform the same duties and responsibilities.

Permits credit unions to reasonably compensate directors for their services, while clarifying that insurance protection and expense reimbursement do not constitute compensation.

Requires the board of directors to file records of audit committee members' names and addresses with the commissioner within 20 days of their appointment.

Takes effect on August 10, 2016, unless a referendum petition is filed, in which case it requires voter approval at the November 2016 general election.