MONTGOMERY, Ala.—Alabama Governor Kay Ivey has signed into law legislation amending the state's credit union statute.
The bill, SB33, would:
- Authorize the Alabama Credit Union Administration Board to appoint the National Credit Union Administration as conservator of a state-chartered credit union
- Provide that credit union supervisory committees may consist of more than three members
- Permit payment or reimbursement of reasonable and proper travel costs of a member of the board or any committee and one guest per member traveling on official business of the state-chartered credit union
- Increase the meeting notice period prior to the meeting to vote and approve a merger plan of a merging credit union
- Expand the definition of an official who may serve on the Alabama Credit Union Administration Board