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TALLAHASSEE, Fla. – In a move the Florida financial administrator for the Division of Banking said is designed to make it easier for state-chartered credit unions to make loans to official family members, the state regulator approved an Order of General Application that addresses Section 655.061 of the Florida statute concerning “competitive equality” and gives SCCUs parity with federal credit unions with regards to making loans to directors, supervisory committee members, credit committee members and their families. The change requires a state-chartered CU’s board of directors to review and approve all loans over $20,000 to official family members. Previously, directors were required to approve all these types of loans for amounts over $5,000. Financial Administrator Sharon Whiddon of the Division of Banking said the change means the loan application process “will not be delayed for these individuals to get their loans.” The change is effective immediately.

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