Nevada’s Credit Unions secures win with charter modernization update signed by governor

July 11, 2025

Nevada’s credit union leaders are celebrating a legislative victory with Gov. Joe Lombardo signing Senate Bill 375 into law. This legislation, sponsored by Nevada’s Credit Unions, modernizes the regulatory framework for state-chartered credit unions so they can better serve their members and remain competitive in the evolving financial services landscape.

The law takes effect Oct. 1.  The update to Nevada’s credit union statutes empowers state-chartered credit unions with improved operational flexibility, better service delivery, and expanded capabilities to meet the diverse financial needs of Nevadans. It allows Nevada’s state-chartered credit unions to operate on a more level playing field with their federal counterparts.

“I want to extend my gratitude to our credit union leaders and advocates across the state for their advocacy and immense support,” said Scott Simpson, president/CEO of Nevada’s Credit Unions. “They were instrumental in getting Senate Bill 375 passed and signed into law in Carson City. This legislative victory is a testament to their collective strength and a win for every credit union member in Nevada. Thank you for making this modernization a reality.”

Key provisions include

  • Enhanced flexibility for Low-Income Credit Unions;
  • Expanded credit union emergency powers for the state Financial Institutions Division commissioner;
  • Increased membership accessibility;
  • Streamlined branch expansion;
  • Modernized governance and operations;
  • Expanded participation in loans to non-members;
  • Broadened credit union investment horizons;
  • Flexible fixed asset investments;
  • Streamlined member onboarding;
  • Clarified geographic common bond; and
  • Federal alignment for regulatory reserves.

“The passage and signing of SB 375 is a win for credit unions and their members,” said Robert Wilson, senior vice president of state government affairs for Nevada’s Credit Unions. “It reflects an understanding of the role credit unions play in our communities and provides the necessary tools for them to continue offering accessible, member-focused financial services. We want to extend our sincere gratitude to Governor Lombardo for his commitment to a strong and vibrant financial ecosystem, as well as state legislators who helped make this legislation a reality.”