The Senate Banking & Insurance Committee passed SB 371, the Alabama Credit Union Act update, on Wednesday April 17. The bill, sponsored by Chairman Slade Blackwell (R-Mountain Brook), was passed unanimously. Jason Cochran, director of legislative affairs, testified on behalf of the League and told senators of the importance of this legislation for Alabama's state chartered credit unions. The Act has not been updated since the mid-1980's. The bill now moves on to the full Senate for final approval. The House companion measure, HB 500, is expected to be voted upon next week.
This is a great first step in what the League hopes is an ongoing process to improve the operating environment for Alabama's state chartered credit unions.