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.
Regulatory overreach, an unnecessary limit on credit unions' choices and possibly illegal. Those are among the critiques of the NCUA's proposed rule on corporate credit unions.
Restricting credit unions to one corporate credit union and requiring boards to disclose more information about their votes aren't issues that the NCUA should regulate with regards to state-chartered credit unions.
With most of its business loans coming due in 2011, West Community Credit Union was seeking ways to assist its members with renewals when it came across a Missouri program aimed at creating and retaining jobs.
The New Jersey Senate helped credit unions reach a milestone Thursday when it passed a bill enabling counties, school boards, municipalities and local government entities to use CUs as depositories.
Despite support from the federal government, Hudson Valley FCU lost the battle in a New York State trial court over whether it or its members have to pay a mortgage-recording tax.
A bill to allow New Jersey credit unions for the first time to become eligible public depositories for public funds successfully passed the Senate Commerce Committee Thursday on a 3-1 vote with one abstention.
Credit unions can form a CUSO to provide services aimed at helping credit unions comply with federal regulations, according to a legal opinion from NCUA Associate General Counsel Sheila Albin.