Idaho Bills

Amends, repeals, and adds to existing law to revise provisions regarding the corporate powers and organization of credit unions.

ThisbillupdatesandmodernizesprovisionswithintheIdahoCreditUnionAct,providingflexibilityandmodern provisions to allow Idaho state-chartered credit unions to better serve their members. The proposed updated Act: • Provides additional flexibility for credit unions to establish new branches and use of technology facilities. • Provides a definition of safety and soundness, which gives credit unions a legal understanding and framework of potential regulatory findings during an examination. • Allows credits unions to hold virtual or remote board meetings and annual member meetings. • Updates the member expulsion section to provide credit union leaders with the ability to act quickly to expel a member in order to ensure the safety of employees or other members when a member is acting in a threatening or violent manner. The expelled member is guaranteed an opportunity to appeal and request reinstatement. • Provides updates to the credit union corporate powers statute that allows flexibility in the financial service product offerings for credit union members. • ReducesoutdatedregulatorylanguagearoundrealestateoccupancyrequirementforIdahostate-chartered credit unions. • Streamlines the process by which credit union bylaws are adopted and approved by the Director of the Idaho Department of Finance.