NC H187

Adds formal definitions for "Administrator," "Commission," "Division," and "credit union" to North Carolina credit union statutes, and grants the Administrator authority to assess civil penalties up to $500 for violations and to waive fees at discretion

Expands the Administrator's enforcement powers to include issuing cease and desist orders for unsafe practices, conducting background checks on credit union personnel, and temporarily waiving statutory requirements during natural disasters or emergencies

Modernizes membership eligibility by allowing credit unions to serve underserved populations, including individuals earning at or below the federal poverty threshold and residents in census tracts more than 8 miles from a bank branch

Expands permissible investments to include small business fintech ventures (up to 1% of net worth), common trust or mutual funds, and Administrator-approved securities, while allowing credit unions to exercise powers available to federally chartered credit unions upon 45-day notice

Establishes new administrative hearing and appeals procedures through the Credit Union Commission, streamlines officer removal processes with immediate effectiveness upon notice, and becomes effective January 1, 2026