CUNA Updates Model Act
It’s been four years now since lawyers from CUNA and the American Association of Credit Union Leagues drafted a so-called "Model Credit Union Act" for implementation by the leagues. But the 2011 project is off to a quick start with bills ready for introduction in several state legislatures.
"I guess you could call us the stewards of the state charter and on that we try to ensure that credit union laws are kept current to the times," explained Michael Lanotte, chair of the 2011 model credit union act working group and senior vice president/general counsel of the New York Credit Union Association.
The document also provides model language for leagues as they develop bills "taking into consideration the unique economic and political factors" in each state, said the authors.
"Please note that the model language should be viewed in the context of existing state law and edited appropriately," the writers warned.