LOUISVILLE, Ky. - Banks in the state are applauding a recently enacted law that allows them to open branches anywhere in the U.S. or its territories, but the Kentucky Credit Union League is barely batting a eye over it. H.B. 377 passed both chambers of the General Assembly and was signed into law by Gov. Paul Patton. It goes into effect July 14. Prior to the bill's passage, banks chartered in Kentucky were allowed to establish branches only in the county in which their principal office or an existing branch is located. But Debbie Painter, director of public relations and government affairs for the KCUL said many banks have been finding loopholes in the law for many years and have found a way around it. After making sure the measure didn't pose a threat to any credit union, Painter said the league didn't voice any opinion on it. "It's not going to affect the quality of service the banks offer," she remarked. "That will remain the same regardless of how many branches they open." There are about 130 credit unions in Kentucky, mostly under $20 million in assets. -
ekingoff@cutimes.com
