Florida credit union charter enhancement signed into law

Cementing an advocacy victory for The League of Credit Unions and Florida credit unions, Gov. Ron DeSantis signed credit union charter enhancement legislation into law Friday. HB 1549 will modernize and strengthen the state charter, the culmination of one of The League’s legislative priorities to update the charters in its member states regularly.

The bill will:

• Improve timelines for the Florida Office of Financial Regulation (OFR) fee assessments to ensure more accurate payments;
• Authorize OFR to issue acquisition approval certifications for mergers and acquisitions;
• Codify reimbursement policy for board members’ necessary expenses; and
• Eliminate regular reserve requirements, aligning with federal standards and offering greater flexibility.

“This bill is a testament to what can be achieved through thoughtful collaboration between regulators, legislators, and credit unions,” said Samantha Beeler, president of The League. “By continually modernizing our state charters, we’re not only ensuring regulatory clarity and flexibility—we’re empowering credit unions to better serve their members and communities across Florida and adding pressure to modernize the Federal Charter. We’re grateful to our partners at the Office of Financial Regulation and the bill sponsors for their leadership and support.”

“We are glad to see enhancements to our state charter with quality-of-life measures and federal parity,” said Christopher Hodge, senior director of governmental affairs for The League. “We look forward to continued collaboration between credit unions and the Office of Financial Regulation to develop Florida’s state charter into one of the strongest in the country."