Technical Updates to the Idaho Credit Union Act Advance in the Senate

Earlier this morning, the Idaho Senate passed S. 1048 on a 35-0 vote. Senate Commerce & HR Committee Chairman, Jim Patrick (R – Twin Falls – 25), carried the bill on the Senate floor. The legislation makes technical corrections to the Idaho Credit Union Act, following broader governance updates that were passed in the 2018 Legislative Session. The bill provides two technical updates and two clarifications surrounding the NWCUA’s efforts to modernize the governance of Idaho CUs, including clarifications around member account verification as well as optional bonding coverage versus legally required bonding coverages. In addition, the legislation simplifies where a credit union annual meeting can take place, while also adding some clarifying descriptors around the CAMELS rating system. The bill will now proceed to the Idaho House of Representatives for further consideration.

Posted in Advocacy on the Move.