Bill > H187

This bill updates the North Carolina statutes governing credit unions by making several significant changes. The bill revises definitions, clarifies the Administrator of Credit Unions' powers, and expands credit unions' operational capabilities. Key provisions include creating more precise definitions for terms like "credit union" and "Administrator," enhancing the Administrator's authority to investigate and penalize credit unions, and broadening the potential membership and investment opportunities for credit unions. The bill allows credit unions to expand their membership to include underserved populations, such as individuals below the federal poverty threshold and people in rural areas far from bank branches. It also increases investment flexibility by permitting credit unions to invest in small businesses, fintech products, and additional types of securities, while maintaining oversight through administrator approval. The bill standardizes administrative procedures like hearings and appeals, provides clearer guidelines for removing officers, and gives the Administrator more discretionary powers during emergencies. These changes are designed to modernize credit union operations, increase their accessibility, and provide more robust regulatory oversight. The bill will become effective on January 1, 2026.

Budget and Finance, Government Affairs

https://www.ncleg.gov/BillLookUp/2025/H187