It's been four years now since lawyers from CUNA and the American Association of Credit Union Leagues drafted a so-called "Model Credit Union Act" for implementation by the leagues. But the 2011 project is off to a quick start with bills ready for introduction in several state legislatures.
"I guess you could call us the stewards of the state charter and on that we try to ensure that credit union laws are kept current to the times," explained Michael Lanotte, chair of the 2011 model credit union act working group and senior vice president/general counsel of the New York Credit Union Association.
The newest version, parts of which could within days get dropped into the hoppers of the New York legislature, reflects best practices and industry trends covering a wide spectrum ranging from field of membership issues to secondary capital concerns, said Lanotte.
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