Senate Bill No. 1048 - Credit Union Amendments

• Annual membership meetings may be held in any community where the credit union maintains a branch, with director approval to hold meetings outside the principal place of business if a majority of membership resides outside Idaho.

• Board of directors must hold at least six regular meetings per year with one meeting per calendar quarter; director may require more frequent meetings based on credit union's financial condition, CAMELS rating, net worth ratio, or supervisory concerns.

• Supervisory committee member account verification procedures changed from "each every two years" to "at least each every two years" for controlled verification of all accounts.

• Blanket fidelity bond coverage requirements restructured with tiered minimum amounts based on asset size, ranging from $250,000 for smaller unions to up to $9,000,000 for the largest credit unions.

• Maximum allowable bond deductibles established based on asset size and capital level, with enhanced deductible limits of up to $1,000,000 available for well-capitalized credit unions meeting specific CAMELS ratings and net worth requirements.