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Committee advances bill to let state-chartered credit unions expand loans and membership for underserved areas
Summary
House Bill 1623 would update the state charter to allow state-chartered credit unions to offer loan products comparable to federally chartered credit unions and revise field-of-membership rules to include people in underserved areas at incomes below 150% of the poverty level; the committee passed the bill 8–0.
A committee member explained that House Bill 1623 updates the state charter for credit unions, letting state-chartered institutions offer the same loan-product flexibility available to federally chartered credit unions and revising the field-of-membership rules.
The bill would disallow geographic or membership overlap consideration in certain cases and allow boards to add association categories to include individuals in underserved areas where income is below 150 percent of the federal poverty level.
The committee took no questions on the bill, moved to a vote and recorded 8 yeas and no nays; the bill passed and will move forward as shown on the committee record.
