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House passes second-substitute SB 237 tightening rules for credit-union branching
Summary
The Utah House on Feb. 23 approved second substitute SB 237, changing credit-union branching rules and clarifying the "meaningful affinity" membership standard; the bill passed 67–0 and will be referred to the Senate. Sponsors said the measure preserves both banks and credit unions while directing the state financial commissioner to apply the law narrowly.
Second substitute Senate Bill 237, a set of changes to the Utah Credit Union Act, passed the House 67–0 on Feb. 23 and will be sent to the Senate.
Representative Garn, the sponsor, described the package as a negotiated, consensus measure agreed to by both banks and credit unions and said the amendment approved on the floor — Amendment No. 3 — prevents credit unions from opening branches in a non‑domicile county unless they meet the statutory requirements included in the bill. "It's an…
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