3 CU Bills Pass In Connecticut

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The Connecticut Credit Union Association said it successfully steered three credit union proposals through the just concluded state legislative session. Among the bills the CCUA supported that were passed were:

* SB-888, An Act Concerning Shared Service Centers, ensures that out-of-state credit unions are subject to the same regulatory scrutiny as state-chartered credit unions when establishing branches and shared service centers in Connecticut. The proposal also clarifies that Connecticut CUs can establish and operate shared services centers.

SB-890, An Act Concerning Directors of Credit Unions, clarifies the role of appointed directors within the organizational structure of a state-chartered credit union and ensures that the governing board of each Connecticut credit union consists only of directors elected by and from the credit union's membership.

* SB 924, An Act Concerning Notice Requirements Relative to the Sale of Motor Vehicles to Satisfy Mechanic's Liens, protects the property interests of credit unions by providing adequate notice prior to the sale of motor vehicles subject to a mechanic's lien in which the credit union has a security interest.

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