SB 269 Moves to CA Assembly; Destined for Banking Committee

Building pillars

Senate Bill 269 (authored by California Sen. Anthony Portantino) — the Credit Union State Charter Modernization Bill — was voted off the California State Senate floor this past week and will be sent to the Assembly Rules Committee.

The bill did not receive any “no” votes but garnered a bevy of bipartisan “aye” votes. It will sit in the rules committee until it’s referred to the Assembly Banking and Finance Committee.

The timing of this vote could not be better as the California Credit Union League's virtual 2021 Government Relations Rally (GRR) was held this past week.

A big “thank you” goes out to Senator Portantino for being a true champion for credit unions!

Senate Bill 269 Details
SB 269 details:

  • Credit unions can either be state or federally chartered.
  • Federally chartered credit unions are regulated by the National Credit Union Administration (NCUA). In California, state-chartered credit unions are regulated by the Department of Financial Protection and Innovation (DFPI).
  • Every couple of years, the League “runs” a bill to update the state charter so it mirrors changes to the federal charter (and to also help modernize the statute for state-chartered credit unions).
  • SB 269 will help state-chartered credit unions keep up with the changing times, and more importantly, assist credit unions in better serving their members.
  • The bill has numerous provisions — ranging from closing inactive accounts after the dormant property has been escheated to the state, to allowing state-chartered credit unions to expel members for abusive behavior.

View the League’s support letter for SB 269, addressed to Senator and Appropriations Committee Chair Anthony Portantino.

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