Alabama Credit Union Statute Amended

Alabama Governor Kay Ivey sgned into law legislation amending the state's credit union statute.

The bill, SB33, would:

• authorize the Alabama Credit Union Administration Board to appoint the National Credit Union Administration as conservator of a state-chartered credit union;
• provide that credit union supervisory committees may consist of more than three members;
• permit payment or reimbursement of reasonable and proper travel costs of a member of the board or any committee and one guest per member traveling on official business of the state-chartered credit union;
• increase the meeting notice period prior to the meeting to vote and approve a merger plan of a merging credit union; and
• expand the definition of an official who may serve on the Alabama Credit Union Administration Board.

Read the bill.