SB 393 Summary

• Grants the State Credit Union Board power to designate a federally insured, state-chartered credit union as a low-income credit union subject to guidelines in 12 C.F.R. 701.34.

• Allows a low-income designated credit union to engage in any activity, exercise any power, or make any loan or investment that a federal credit union with low-income designation could make.

• Requires National Credit Union Administrator confirmation of the low-income designation before the credit union may exercise expanded powers.

• Effective date of July 1, 2015, with emergency clause allowing immediate effect upon passage and approval.