State Charter Bill to the CA Senate

On April 19, the California State Assembly passed the California Credit Union League-sponsored AB 2862, authored by Assemblymember Monique Limon (D-Santa Barbara), with a vote of 71-0. The bill is an update to the state charter and includes five provisions to clean-up the code and give state-chartered credit unions parity with federally-chartered credit unions.

The provisions in the bill include:

  • Clear exemption for CUs in the escrow law
  • Charitable donation accounts
  • Whole loans
  • 4457(b) plans
  • Savings capital structure policies

Included below in the link is the text of the bill and the "additional information" includes a document with a summary of each provision. The bill will now move to the State Senate Banking and Financial Institutions Committee. 

Click here for additional information!

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