HB 1721 Changes the laws regarding credit union supervision so that audits are consistent with federal standards
Sponsor: Cunningham
LR Number: 4934H.02T Fiscal Notes
Committee: Financial and Governmental Organizations and Elections
Last Action: 6/6/2016 - Signed by Governor Journal Page: S3712
Title: Calendar Position:
Effective Date: August 28, 2016
House Handler: Dugger

Full Bill Text | All Actions | Amendments/CCRs/CCSs | Available Summaries | Senate Home Page | List of 2016 Senate Bills

Current Bill Summary


HB 1721 - Under current law, a credit union supervisory committee is required to make a direct verification of members' share and loan accounts once every two years with a reasonable statistical sampling of members accounts being made in alternate years. This act removes that provision and instead requires that a credit union supervisory committee make a verification of members' share and loan accounts in the same manner and with the same frequency as required by federal law for federal credit unions.

This act is identical to a provision in SB 932 (2016).

SCOTT SVAGERA