FRANKFORT, Ky. — The Kentucky Credit Union League has staved off a banker-backed bill to impose restrictive and burdensome rules and limits on CU branching.
"The bill, a really ugly piece of legislation, was 50 pages long and would have made state-chartered credit unions go through plenty of needless hoops," said Deb Painter, the league's director of government affairs.
The measure introduced in the Kentucky Senate in January was sponsored by Sen. Tom Buford (R-Nicholasville), a retired bank vice president and chairman of the Banking and Insurance Committee.
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The Senate bill, relying on the open records law, would have required CUs making branch application to follow lengthy rules and budget documentation, said the league.
"Our grassroots efforts kicked in, and so far this bill has not moved," said Painter. The legislature is expected to wrap up bill action and cut off bill introduction by March 31.
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