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Bill introduced to modernize Pa. state CU code
HARRISBURG, Pa. (2/6/14)--Legislation was introduced in the Pennsylvania House of Representatives Tuesday to "thoroughly update" the 1933 State Credit Union Code, the Pennsylvania Credit Union Association (PCUA) reported.
 
House Bill 2009, drafted in partnership with the Department of Banking and Securities, was introduced by Rep. Lynda Schlegel Culver (R-108), chair of the House Commerce Subcommittee on Financial Services and Banking. 
 
"House Bill 2009 will modernize the State Credit Union Code for state-chartered credit unions. It has been 13 years since the code was amended with parity provisions," said Patrick Conway, PCUA president/CEO ( Life is a Highway Feb. 5). "This legislation will create a more conducive operating environment for credit unions so they can better serve their members."
 
If passed, the legislation will:
  • Clarify credit union membership's authority to amend, or appeal a board-initiated bylaw amendment. Credit unions will no longer need to submit a petition obtained from the Department of Banking and Securities when a credit union amends or appeals its bylaws;
  • Update the status of inactive accounts to reflect the Pennsylvania Treasury escheat from six years to five years;
  • Provide credit unions with the ability to correspond to membership by fax, email, or other electronic communication after obtaining member consent; and
  • Give credit unions authority to collect fees paid to outside collectors for other share or loan service related amounts owed to the credit union. In addition, credit unions may recoup the actual sums it expends.


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