Florida CU Act Gets Update

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The Florida legislature has passed a bill to update the Florida Credit Union Act and sent it on to Gov. Jeb Bush for his signature. The bill updates the state credit union statutes to conform with the Federal Credit Union Act, and follows months of work by the Florida Office of Financial Institutions and the Florida Credit Union Task Force, a subcommittee of the Florida league.

Among other things, the bill, which takes effect July 1, updates Florida statutes to bring state-chartered credit unions' accounting concepts in line with generally accepted accounting procedures, revises procedures for credit union mergers, removes specific powers of a credit union to conform to general business powers, and modernizes terminology for responsibilities of the board of directors.

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