Katie BaileyMichelle Roth, Vice President of Advocacy, and Mat Willey, Manager of Regulatory Advocacy, met with the Alabama Credit Union Administration (ACUA) in Montgomery to discuss possible regulatory changes and state charter updates ahead of the upcoming legislative session. The meeting focused on the possibility of expanding field of membership flexibility, increasing credit unions’ ability to serve underserved areas, updating investment powers, streamlining governance rules, and ensuring that credit unions continue to have parity with their federally chartered counterparts. The meeting is the latest in a series the ACUA has held with The League aimed at finding ways to modernize the state charter.
Last year, the ACUA worked with Alabama credit unions to amend a variety of regulations, including a new section that now allows credit unions to purchase, sell, or pledge all or part of a loan to one of their own members. This is a change that credit unions actively asked the ACUA to implement.
The League sincerely appreciates our robust collaboration with the ACUA and the open line of communication the Administration has consistently maintained. Alabama’s credit unions are doing well in large part due to the ACUA’s commitment to ensuring that the state’s economic environment remains healthy and focused on providing the best financial options for Alabamians. We are eager to continue our partnership and look forward to working together.
