MD SB783

Allows the board of a surviving credit union to approve a merger without requiring an affirmative vote from the majority of its members, while merging credit unions must still obtain member approval

Maintains the existing requirement that members of each merging credit union (the credit union being absorbed) must vote to approve the proposed merger by majority of those voting

Preserves the Commissioner's authority to waive member voting requirements or substitute alternative approval methods upon request from a credit union's board

Separates and clarifies the procedural requirements for mergers versus consolidations, with consolidations still requiring member votes from all parties

Takes effect October 1, 2026