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Update to Alabama Credit Union Act gets hearing

HB 500, a bill to update the Alabama State Credit Union Act, will have its first hearing on Wednesday April 10 at 9 am in the House Financial Services Committee. The hearing comes at the perfect times for credit unions. It will be at the same time State GAC attendees will be visiting with lawmakers. It's important for credit unions to attend the hearing to show support for the bill.

Rep. Greg Wren (R-Montgomery) introduced HB500 last week. The bill is to update the Credit Union Act to more resemble the Model Credit Union Act, as well as the Credit Union Acts in other states.

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 League is issuing an Action Alert asking credit unions to contact their members of the Alabama House of Representatives and ask them to support this bill. For more information click on My Advocacy, log in, and select State Issues. 

It is important that the credit union grassroots network contact members of the Alabama Legislature.  Your involvement can mean the difference on whether this bill moves out of committee during this legislative session. For more information contact Grassroots & Political Action Coordinator - AL, Blake Westbrook at 866.231.0545.