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N.C. Senate unanimously passes League-supported credit union bill

Thursday, May 25, 2017   (0 Comments)
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Top: Sen. Gunn presenting HB144 during Senate session.

 Bottom: Rep. Szoka (left) presenting bill to Senate Rules Committee, convened by Sen. Rabon (right).

On May 23, the North Carolina Senate unanimously approved HB144, Credit Union/Trust Institution Changes.

The bill, sponsored by Representative John Szoka (R-Cumberland), was introduced at the request of the Carolinas Credit Union League. Szoka, a credit union board chairman, introduced the bill in the House in March, providing an explanation of the provisions' benefits to credit unions and their members.

Senate Commerce and Insurance Committee Co-Chairman Rick Gunn (R-Alamance) sponsored the Senate companion bill, SB113.

The bill carries a number of provisions that address escrow and bond accounts, identifying federally insured financial institutions (including credit unions) and trust institutions as entities to do this type of business. It also enables the North Carolina Credit Union Administrator to conduct state-chartered credit union exams on an 18-month cycle instead of the current annual cycle. If the bill becomes law, the Administrator may still review any credit union at any time. This provision mirrors examination time frames for banks and was included at the request of the credit union administrator.

"We are pleased with the progress this bill has made and are appreciative of Representative Szoka's and Senator Gunn's efforts," said Evelyn Hawthorne, VP of governmental affairs for the League. "We hope Governor Cooper will quickly sign the bill to allow examination flexibility for our state-chartered credit unions and more service options for their members."

The bill will now be presented to Governor Roy Cooper for final approval before it becomes law.


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