N.C. governor signs credit union charter modernization into law

North Carolina’s credit unions reached a historic milestone last week with Gov. Josh Stein signing SB 595 into law, modernizing the state’s credit union statutes, and strengthening the North Carolina state charter. The new law represents the culmination of four years of advocacy, collaboration and persistence by the Carolinas Credit Union League, credit unions, policymakers, and stakeholders across the state.

Carolinas Credit Union League President/CEO Dan Schline said the new law will help credit unions better meet the evolving needs of their members and communities.

“In practical terms, these updates give credit unions more flexibility and greater opportunity to meet the needs of their members and local communities,” said Schline in a video message. “We are deeply grateful to the bill sponsors, legislative champions, credit union advocates, and many partners who helped move this effort from an idea to reality.”

Specifically, SB 595:

• Modernizes North Carolina’s credit union statutes;
• Streamlines the process for state-chartered credit unions to gain authority for activities already permissible under federal law;
• Strengthens the powers of the North Carolina Administrator of Credit Unions; and 
• Expands opportunities to serve more underserved communities, including individuals living below the federal poverty line and in banking deserts.

Hear from Schline below about the new law: