ATLANTA — Since Georgia modernized its Credit Union Act in 2005–the first time since 1974–which allowed fields of memberships to include multiple groups and communities, credit unions here are taking careful steps with their expansion efforts.
According to the Georgia Department of Banking and Finance, 25 credit unions have been approved to serve a neighborhood, community or rural district, which can also include a municipality or county. Nearly a dozen of the approvals came this year, said George Reynolds, senior deputy commissioner at GDBF and chairman of NASCUS.
In 2005, Georgia Gov. Sonny Perdue signed Senate Bill 82, updating the state's Credit Union Act. The legislation said existing credit union's field of membership can be composed of multiple groups, communities, associations and occupational groups. Georgia Credit Union Affiliates was instrumental helping to update the act.
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"As with any change in existing laws and rules, it can take a while for credit unions to see exactly how they can benefit," said Anita Paul, direc-tor of communications at GCUA.
Reynolds said the department has seen smaller credit unions interested in serving a com-mon bond of residents in a primary county, and a few larger credit unions that have applied for multiple common bonds. However, select employee group applica-tions remain the top membership expansion request, he added.
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