SACRAMENTO, Calif. – The California Senate Banking, Finance and Insurance Committee unanimously approved AB 434, legislation that will allow state-licensed credit unions to offer health savings accounts. The bill now moves to the Senate floor. The legislation was introduced by Assemblymember Nicole Parra (D-Bakersfield) and is supported by the California Credit Union League. If passed, it will create parity between California’s state-chartered credit unions and federally-chartered credit unions, because the latter are already permitted to offer the accounts. “Half of all California credit union members belong to state-licensed credit unions, which means 5 million credit union members cannot open a health savings account at their financial institution,” said Ron Fong, CCUL Director of State Government Affairs. Fong said the Senate committee analysis contained three pages listing the credit unions that wrote support letters, and added, “This level of support will help us obtain Senate approval and put AB 434 on the governor’s desk.”

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