State-chartered credit unions get set timelines for the state's deputy director to act on certain requests, may ask to use powers held by out-of-state credit unions, and face fewer limits on delegating powers and on how loans are approved.
Official title: credit unions; certificates; powers; committee
- September 12, 2026
What changes
BeforeThe deputy director had to approve bylaw amendments, name changes and moves of a main office or branch, with no response deadline shown in the law.
NowWithin 10 business days of a completed request, the deputy director must acknowledge receipt or ask for more information. A decision is due within 30 business days for bylaw amendments and name changes, and within 60 business days for moving a main office or an in-state branch. The deputy director may extend the time for good cause on bylaw amendments and office or branch moves.
BeforeA state credit union with insured accounts had the same rights, powers and privileges as a federally chartered credit union.
NowIt keeps those rights and also may use the rights, powers and privileges of any out-of-state credit union, but only with the deputy director's prior approval. It must ask on the deputy director's form and cite the specific law or rule that grants the power.
BeforeA credit union needed the deputy director's prior written approval to hand off either its management or the exercise of its general powers to someone who is not an officer, director or employee.
NowPrior written approval is required only to hand off management of the credit union.
BeforeA loan could not be made unless a majority of the credit committee members present approved it.
NowThe majority-of-members-present vote now applies to appeals to the credit committee, which are approved or denied by that vote.
BeforeCredit union bylaws had to state the par value of shares.
NowBylaws state the par value of shares "if any," and membership shares' par value, if any, may differ from other shares.
Who it affects
- Members of state-chartered credit unions
- People organizing a new credit union
- State-chartered credit unions and their boards and credit committees
- The state deputy director who oversees credit unions
What you need to do
Nothing.
What the law doesn't answer
- What happens if the deputy director misses a response deadline
- What counts as good cause for extending a response time
- Whether the name-change timeline can be extended
- Who approves individual loans now that the committee majority rule applies to appeals
- Which out-of-state credit union powers are likely to be approved
This summary describes the law as enacted. Later laws, court rulings or referendum petitions can change the picture. Check the official text for the current wording.