Alabama CUs Plan To Push For 'Significant Modernization' Act
The Alabama league board has approved what it described as a state-level project similar to CUNA's Renaissance Commission that will seek a "significant modernization of Alabama's State Credit Union Act."
Board Chairman Tom Fanning is cautioning the state's CUs to understand that this is the "first step of the process" which may or may not lead to the introduction of legislation in Montgomery.
"We must have everything in place. Consensus and support of our membership, support from our regulators, the legislative leadership, plus a governor who will sign legislation into law when it is passed," he said.
The League Also Announced:
Credit union service to small office and home office businesses will be a central focus of the its coming activities.
"As more small and home office businesses seek ways to escape the indifferent attitude of their banks, and the higher fees charged, credit unions have a real opportunity to meet the financial service needs of those businesses within their fields of membership," the league said.
The board charged league staff with developing ways to help Alabama's credit unions to serve the growing un- served middle class.
"These are individuals who are often minorities, immigrants, and the elderly, who are not adequately served by financial institutions, and are often the targets of high-cost lenders through things such as title and payday loans," the ACUL said.
* It approved a plan to invest in HR Value Group, which specializes in helping credit unions establish human resource programs to enhance recruitment and retention, training, compensation, succession planning, and more.
Plan Is To Assist Russian Credit Unions
* It announced it would pursue a plan to assist with credit union development in Russia. The league said it will work with Russian government officials and industry leaders to assist in the re-establishment of credit unions in that country.