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Alabama Credit Union Act Update passes Senate Committee unanimously

A bill that updates the Alabama Credit Union Act passed the Alabama Senate Committee on Banking and Insurance unanimously this week. SB 212, sponsored by Senate Banking Committee Chairman Slade Blackwell (R-Mountain Brook), is a collaboration between the League, Alabama Credit Union Administration, and affiliated credit unions. While most of the changes are technical in nature and non-controversial to the banking and finance industry, this legislation is an important stepping stone to further innovative legislation within the Alabama Credit Union Act.

The house counterpart, HB 165, was also introduced last week by Rep. Greg Wren (R-Montgomery). That bill could be heard in the House Financial Services Committee as early as next week. The League will provide updates as the legislation moves forward. 

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