The Banking Committee of the NC House held its first hearing on HB 515 this week. The bill, introduced by John Bell (R-10), Larry Hall (D-29), Andy Wells (R-96) and Jonathan Jordan (R-93), would amend the state's credit union statutes. For an analysis of the changes recommended in HB515, please click here (League web site log-in required).
With few questions and almost no debate, the bill passed through the House Banking Committee early Thursday afternoon and was then referred to the Judiciary Committee. "It is a bi-partisan bill with no known opposition, so the bill should move through the committee process swiftly," noted Lauren Whaley, NCCUL's Director of Legislative & Regulatory Affairs.
The bill comes in the wake of the overhaul of the NC banking statutes by the Office of the Commissioner of Banks in 2011. "With the input and feedback of credit unions over the last two years, the League reviewed the credit union statutes in NC and listed several areas that would enhance the value of the credit union charter in NC," said Whaley. "The League is grateful for the cooperative process that helped us identify key areas that would be of most benefit."
Should the Judiciary Committee hearing go as planned, HB515 would then be referred to the House for a vote. The NC Senate would then take up the bill. At this point, there is no set time for the bill to be heard in the Judiciary Committee.
The League will continue to keep you informed on the progress HB515 is making in the NC General Assembly. Look for more updates in the Weekly Conversation, Update from the State's Capital (League web site log-in required), and for updates from the General Assembly, you may also wish to monitor the League's Twitter account (@NCCUL).