HB1792 Summary

• Reduces minimum par value of credit union shares from $5.00 to $1, lowering barriers to credit union formation and membership.

• Changes board of credit union advisors meeting requirement from at least once every 6 months to at least once each calendar year.

• Authorizes credit union members to vote on questions and elections by secure electronic record if approved by the board of directors, in addition to in-person and proxy voting.

• Permits credit unions to set loan limits through board-adopted policy rather than bylaws, and allows investment in corporate bonds and loan pools subject to board-established safety and soundness standards.

• Modifies network credit union structure to make divisional advisory boards and chief management officials optional rather than mandatory, while allowing descriptive branding for the network credit union.