The Alabama House Financial Services Committee held a public hearing on April 10 in Montgomery.
HB 500, an update to the Alabama State Credit Union Act, was on the agenda. The LSCU's Director of Governmental Affairs Jason Cochran spoke in favor of the bill explaining to committee members where the updates were in the bill and why they are needed. Alabama Credit Union Administration Administrator Larry Morgan also spoke in favor of the bill. He told the committee members how some of the language in the act is out date and will help serve credit unions better, which in turn will help Alabama's 1.8 million members.
The committee voted in favor of adding HB 500 to the agenda for the next meeting and at that time it will come up for a vote.
ACUA Administrator Larry Morgan speaks in favor of HB 500 to update the State Credti Union Act.