Bill
LC 3202
Overview: Bill Number: LC 3202, Title: Generally revise credit union laws, Status: (LC) Draft Died in Process, Introduced: December 14, 2024Purpose and Intent: This bill aims to up
Overview: Bill Number: LC 3202, Title: Generally revise credit union laws, Status: (LC) Draft Died in Process, Introduced: December 14, 2024
Purpose and Intent: This bill aims to update and modernize the state's laws governing credit unions. The primary goals are to provide greater regulatory flexibility, enhance consumer protections, and align credit union operations with evolving industry standards.
Key Provisions:
- Raises the maximum asset size for state-chartered credit unions from $500 million to $1 billion
- Allows credit unions to expand their fields of membership beyond a single employer or association
- Authorizes credit unions to offer additional financial products and services, such as commercial lending and wealth management
- Enhances disclosure requirements for credit union fees, interest rates, and other account terms
- Streamlines regulatory oversight and reporting processes for credit unions
Affected Parties and Impacts:
- Credit union members would benefit from expanded product offerings and potentially lower fees
- Existing credit unions, especially smaller institutions, may face increased competition from larger, more diversified peers
- State financial regulators would need to adapt their supervision and examination practices
Procedural and Timeline Considerations:
The bill was introduced in the state legislature but did not advance past the initial drafting stage. It died in the legislative process without receiving a formal vote or enactment.
Compiled from official sources — confirm details with the bill’s official record.
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