Posted May 19th, 2016 No Comments
Working Group Looks at State CU Act Modernization

The Nebraska Department of Banking and Finance (NDB&F) has organized a working group of stakeholders to look into modernizing the State’s Bank Act and Credit Union Act. NDB&F Director Mark Quandahl and State Senator Steve Scheer are facilitating the working group with the goal of finding common ground in achieving comprehensive modernization. “We are very pleased that Director Quandahl and Senator Scheer are leading this well overdue modernization of the State Credit Union Act. We look forward to working with them and all of the stakeholders to bring our statutes up to speed to make sure that the dual chartering system remains viable” said Brandon Luetkenhaus, NCUL Government Affairs Director. Nebraska has sixty-three (63) credit unions with just 17 of those being state chartered. “Clearly our state act does not provide enough incentive to our state chartered credit unions because if it did we wouldn’t have 80% of our credit unions federally chartered” said Luetkenhaus.

The working group had its first meeting in May and will meet multiple times throughout the rest of this year. Stakeholders will propose changes to the NDB&F and those recommendations will recieve equal consideration. The League is also putting together a working group of credit union professionals to discuss potential amendments that could enhance the Act. The group will be made up of both state and federally chartered credit unions.

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