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HB 187

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136th Legislature (2025-2026) Introduced by Sean Brennan and 15 co-sponsors

HB 187 modernizes NC credit union law by updating fees, reporting, examinations, and records rules to improve efficiency and clarify penalties and authority.

Referred to committee
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Bill Summary · HB 187

Summary — HB 187: Credit Union Update

Status note: HB 187 is a multi‑section bill to modernize and clarify statutory provisions governing credit unions and the Credit Union Division. Multiple draft versions and committee actions occurred in early 2025; a committee substitute was reported favorably on 3/25/2025. The bill text below reflects the North Carolina "Credit Union Update" (G.S. Chapter 54, Articles 14A–15A) as presented in 2025.

Purpose

To update and reorganize North Carolina credit‑union law for clarity and administrative efficiency, modernize reporting and recordkeeping rules, confirm fee and penalty authorities, and set common standards for examinations, records retention and appeals.

Key provisions and changes

  • Definitions: Confirms key terms (Administrator of Credit Unions; Credit Union Commission; Credit Union Division; credit union) and applies them across Articles 14A–15A (G.S. 54‑109.1).
  • Fees and fee administration (G.S. 54‑109.14):
    • Supervisory/examination fees payable twice yearly (January and July).
    • Administrator, with Commission advice/consent, fixes the fee scale on or before December 1 for the next calendar year.
    • Collected revenues are to be placed into a special account dedicated to operation of the Credit Union Division.
    • Administrator may waive fees in whole or in part at discretion.
    • Administrator may assess civil penalties up to $500 for violations; proceeds remitted to the Civil Penalty and Forfeiture Fund (per G.S. 115C‑457.2).
  • Reporting (G.S. 54‑109.15):
    • Credit unions must report condition and other required information on a schedule established by the Administrator (semiannual reporting retained as baseline).
    • Late‑report penalties: not less than $75 and up to $750 per day; persistent nonpayment can lead to certificate revocation and Division takeover after notice.
  • Examinations (G.S. 54‑109.16):
    • Mandatory examination at least once every 18 months (or more often as deemed necessary).
    • Examiners have full access to books, electronic/digital records; Administrator may subpoena witnesses and documents.
    • Administrator may contract independent auditing firms to conduct examinations; cost borne by the credit union examined.
  • Records and technology (G.S. 54‑109.17):
    • Modernizes recordkeeping rules: permits electronic/digital reproduction, approved records‑retention technologies, and deems converted tangible forms as records.
    • Credit unions not liable for destroying records after prescribed retention periods.
  • Administrative process:
    • Rules for selection of attorneys to handle loan closings.
    • Administrative hearings to follow Article 3A of Chapter 150B; appeals process to the Commission is specified.

Who is affected

  • State‑chartered credit unions (and those in process of liquidation/conversion): new reporting, fee, exam and recordkeeping requirements; exam costs payable by the credit union.
  • Credit Union Division & Administrator: clarified authority to set fees, waive fees, conduct examinations, adopt record rules, and enforce penalties.
  • Members, attorneys, auditors and vendors interacting with credit unions (e.g., through examinations, loan closings or records requests) may experience procedural/technical changes.

Fiscal and administrative impact

  • Revenues from fees are directed into a special account solely for Credit Union Division operations; no new general‑fund appropriation.
  • Examination costs paid by the examined credit union; civil penalties flow to the Civil Penalty and Forfeiture Fund.
  • Modernization of records and electronic evidence may reduce administrative friction.

Procedural/timeline notes

  • Text versions and committee activity occurred in early 2025 (introduced/read in late Feb 2025; committee substitute favorable 3/25/2025).
  • Because multiple sessions and cross‑jurisdictional drafts appear in public documents, check the most recent state legislative docket for final status (enacted, amended, withdrawn, or pending) before relying on this summary for compliance or operational planning.

Compiled from official sources — confirm details with the bill’s official record.

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