HB 1721 Changes the laws regarding credit union supervision so that audits are consistent with federal standards

     Handler: Cunningham

Current Bill Summary

- Prepared by Senate Research -

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

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