A bill for an act relating to matters under the purview of the credit union division of the department of commerce.
Impact
The bill introduces changes to how credit union directors can be compensated, allowing such compensation under the specific bylaws of each credit union. Previously, directors were prohibited from receiving payment for their service. Additionally, the bill requires that credit unions maintain a minimum frequency of board meetings. Those with higher risk ratings must meet monthly, and new credit unions are required to do so for their initial five years. This aims to improve governance and oversight in the credit union sector, potentially leading to more robust financial management practices.
Summary
Senate Study Bill 1099 aims to revise several statutes related to credit unions under the jurisdiction of the Iowa Department of Commerce. A key change in the bill is the adjustment of the security requirement for public funds deposited in credit unions, reducing the required collateral from 110% to 100% of the amount deposited in excess of federally insured limits. This modification is expected to enhance operational flexibility for credit unions while ensuring security for public funds.
Contention
Another significant aspect of SSB1099 is the expanded criteria for member expulsion from a credit union. The bill outlines various behaviors that could lead to expulsion, including failure to participate in credit union affairs, abusive behaviors, or engaging in fraudulent activities. This change could lead to more stringent regulations concerning member conduct, which could be a point of contention among advocates for member rights. The enhanced expulsion procedures also involve a hearing process, providing an opportunity for expelled members to contest their expulsion, thus balancing the need for discipline with fair treatment.
Replaced by
A bill for an act relating to matters under the purview of the credit union division of the department of commerce. (Formerly HSB 35.) Effective date: 07/01/2024.
A bill for an act relating to matters under the purview of the department of management, and including effective date and applicability provisions.(See HF 2499.)
A bill for an act relating to matters under the purview of the department of management, and including effective date and applicability provisions.(Formerly HSB 584.)
A bill for an act relating to matters under the purview of the department of management, and including effective date and applicability provisions.(See SF 2141, SF 2473.)
A bill for an act relating to matters under the purview of the department of management, making appropriations, and including applicability provisions.(See HF 756, HF 1028.)
A bill for an act relating to matters under the purview of the department of management, making appropriations, and including applicability provisions.(See SF 307, SF 630.)
A bill for an act relating to matters under the purview of the department of management, and including effective date and applicability provisions.(Formerly SF 2141, SSB 3028.)
A bill for an act relating to matters under the purview of the department of management, and including effective date and applicability provisions.(Formerly SSB 3028; See SF 2473.)
An act to amend Sections 24801, 24826, 24827, 24830, 24862, and 24908 of, to repeal Section 24861 of, and to repeal and add Section 24863 of, the Public Utilities Code, relating to transportation.