SACRAMENTO, Calif. — State chartered credit unions in California will operate under an updated set of rules next year, thanks to a Credit Union Modernization Bill that sailed through the legislature with no opposition.
AB 1518′s most notable change allows nonmembers to act as co-borrowers on member loans.
"Credit unions know that they open accounts for co-signers, who don't plan on using the credit union for anything else. So credit unions have thousands of accounts with $5 balances, and let's face it: we all know what a pain that is," said Ron Fong, state director of government affairs for the California Credit Union League.
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