WASHINGTON—Thirteen states updated their credit union acts during 2016, with a goal of making state charters more competitive as well as easing some of the regulatory burden.
CUNA credited passage of many of the modernization acts to the advocacy efforts of state CU associations throughout the country, and said it supports modernizing state charters to provide the maximum flexibility for credit unions to serve their members.
Among the most comprehensive modernization bills were signed in Michigan and California, according to CUNA. Other states that saw modernization measures passed during the year include:
- Illinois
- Indiana
- Virginia
- Florida
- Wisconsin
- Alabama
- Georgia
- Colorado
- Louisiana
- Arizona
- Missouri